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Zillow Marketplace Makes Home Loans More Transparent
April 2, 2008 — 06:56 PM PDT — by Kristen Nicole —
Zillow has launched the Mortgage Marketplace, which is an open, transparent lending marketplace for borrowers to request loans specific to their needs. Though this is a more direct process for both borrowers and lenders, it’s still a process that deals with registered lenders. On the lenders’ end, they get to receive an increased number of loan quote requests, which they can respond to.
In all, Zillow is looking to severely streamline the home buying process by making communication between borrowers and lenders as transparent as possible. And given Zillow’s position in the market, it’s quite necessary for it to provide such integral resources as part of its own larger service, as well as for the economy at large.
Additionally, the Zillow Mortgage Marketplace involves a lender feedback system where lenders can in fact be rated and reviewed. This adds to the transparency that Zillow is after, which is an extension of the Zestimate feature the company added nearly two years ago.
I’m sure this new Marketplace will face some push back, as most transparent-rendering processes do, but the time is ripe for such matters to come about. When it’s all said and done, every party benefits from such transparency, and it’s something that only a web-based platform can offer in such a far-reaching capacity.
As we’ve seen with services like Lending Club, the web is offering a number of transparent alternatives to the lending process, and this process will in fact be applied to a great number of other industries that can manifest within a web-based environment. From the company, some of the features:
* Apply and have their professional and employment status confirmed. Zillow is utilizing the help of a leading independent third party to support a confirmation process that may include identity authentication, employment verification, broker license confirmation and checking standard sources for complaints or comments. To cover the cost of this confirmation process, lenders pay a one-time registration fee of $25.
* Create a public profile and accept borrower feedback. Once lenders are confirmed, they automatically receive a public profile on Zillow, which lists their contact information and a link to their email address. Lenders are able to add a photo and other information about their credentials or service philosophy. Lender profiles will also display ratings submitted from borrowers who have contacted them. Through these personalized profiles, lenders are able to build a reputation on Zillow based on responsible lending practices, competitive and accurate rates, and great service.
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