Future of Real Estate Marketing - Latest Comments in Google Getting in to Mortgages?

Re: Google Getting in to Mortgages?

david — Wed, 04 Jun 2008 13:21:16 -0000

Beatyouthere -

Yes, exactly. I do think your mortgage marvel implementation is really cool and I like what those guys are doing but it's a long way from personalized, custom quotes, the loan applications go to only one lender and they're certainly not anonymous. Frankly, it's surprising that the teaser rates from MM ignore something as critical as credit scores and that speaks to the utility of the information borrowers are given before they're asked for their personal info. Zillow is still the only service that delivers on the promise of getting custom quotes anonymously.

VERY nice Zestimate API implementation btw. - have you checked out our neighborhood and city API's? And watch this space - we may soon have more detailed mortgage rate explorers for you to add to your site.

Re: Google Getting in to Mortgages?

Spencer Rascoff — Tue, 03 Jun 2008 11:27:38 -0000

Jon,
Spencer from Zillow here. I want to correct you -- Zillow Mortgage Marketplace and Bankrate couldn't be more different. Bankrate provides surveyed, generic rates. Zillow Mortgage Marketplace provides customized rates specific to each borrower's situation.
Regarding whether Zillow polices the offers which lenders provide to borrowers, we have a reputation system in which borrowers rate lenders, and we have a way for the community (including other borrowers) to flag questionable quotes (which we then investigate).

Re: Google Getting in to Mortgages?

Jonathan Christopher — Mon, 02 Jun 2008 21:32:35 -0000

Another reason why Google is preparing for world domination. I love Google as much as the next guy but when does it stop?

Re: Google Getting in to Mortgages?

Jon — Mon, 02 Jun 2008 20:52:44 -0000

I thought Zillow's mortgage service was going to be a great product. It is not in execution much different that Bankrate. The loan officers responding to consumers requests seem to be offering the garbage rates they do on Bankrate just to get the phone to ring. Without policing the offers Zillow or any lead service ends up creating garbage and nothing usable for end consumers.
I agree that Google makes a fortune from is PPC ads and mortgages are some of the most expensive clicks out there. Unless they stand to make more from a new product I can't see them messing with that gravy train.

Re: Google Getting in to Mortgages?

beatyouthere — Mon, 02 Jun 2008 20:02:57 -0000

Not exactly David G. If you would check out the Lenders/Financing tab over at http://www.beatyouthere.com, you will see the MortgageBot LLC technology where we users can view real time quotes that users can view without submitting personal information (lending tree). When the user is ready to lock in that quote or get more info, they can contact the mortgage company at their convenience.

Re: Google Getting in to Mortgages?

linkaz — Mon, 02 Jun 2008 17:33:41 -0000

Most lead generators are dependent upon Google for traffic. Re-routing searchers to a Google sponsored offering could be damaging, no question. Thankfully offering comparison shopping tools is probably too far in the content category for Google to really make a stand. More likely would be Yahoo, or MSN doing something like this for real. - Linda Ratezip.com

Re: Google Getting in to Mortgages?

david — Mon, 02 Jun 2008 15:06:45 -0000

Hi Joel, it's David G from Zillow.com,

If you check out the screenshots you'll notice that this service doesn't compete with custom mortgage quotes from Zillow Mortgage Marketplace. Google's service appears to be a lender directory with sample rates and sample fees. I commend any innovation in the mortgage industry but when you apply for a mortgage you quickly learn that you can't take sample rates to the bank.

On Zillow, borrowers receive customized loan quotes that are tailored to their specific transaction and to their personal finances. Zillow is still the only place borrowers can get anonymous custom loan quotes and compare them side-by-side. Borrowers on Zillow also uniquely rate and review lenders' performance which provides a valuable feedback loop for other borrowers trying to choose between lenders.

Re: Google Getting in to Mortgages?

Graeme — Mon, 02 Jun 2008 15:04:55 -0000

When does Google just buy it's "favorite" RE and loan website?