Today in Inman News, real estate freelance writer Steve Bergsman wrote an in-depth review of Zillow Mortgage Marketplace as the two-year anniversary of the product launch nears.
By allowing borrowers to submit loan requests to Zillow’s network of lenders nationwide — without having to share any personal contact information — and then giving them a way to “slice and dice the offers so a potential borrower can judge one mortgage offer against the other to see which loan is more appropriate and at what price,” Steve writes that Zillow Mortgage Marketplace is “one cool way to find a home loan.” Borrowers agree, submitting over 50,000 loan requests each month.
The lender response has been equally enthusiastic with lenders writing more than 10 million quotes against loans requested. These stats mean that borrowers are getting a lot of choices, and lenders are getting a lot of borrower contacts.
Kathy Whitman, president of Whitman Metropolitan, Inc., told Steve, “Over the past year we’ve done in excess of $100 million in volume. And that includes ’second generation’ where one Zillow customer referred another to Metropolitan. It’s not only been fantastic for us, but it is now one of our main sources of generating customers.”
As Steve writes, the time has come to comparatively shop for that new mortgage and Zillow Mortgage Marketplace is one cool place to do so. We think so, too.
Thanks for the great review, Steve!