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Zillow launches mortgage marketplacePosted on Thu, Apr. 03, 2008
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By J.W. ELPHINSTONEAP Business Writer
Joseph Barratt, 55, and others demonstrate outside a HOPE NOW home ownership preservation workshop at the University of Pennsylvania in Philadelphia, Tuesday, April 1, 2008. Demonstrators hoped to draw attention subprime mortgage crisis.
NEW YORK -- Armed with market research that showed Americans spend as much time researching a vacation as they do a mortgage loan (answer: five hours), Zillow.com is launching a mortgage marketplace that allows consumers to anonymously receive custom loan quotes and rate their lenders.Zillow.com, which created a buzz in the real estate industry two years ago with its online home value "zestimates", hopes to add transparency and information to the mortgage application process, while making it easier and faster to get mortgage quotes. On its Web site, potential borrowers can fill out a detailed loan request form, which doesn't ask for any identifiable information. Registered lenders can respond with quotes and rates, which are displayed on Zillow's standardized quote form aimed at making comparisons easier. The borrower then has the option to contact lenders about their quotes. Zillow said it verifies every lender's identity, employment and broker license. Each lender will have a public profile on the site with contact information, an e-mail link and ratings submitted by borrowers who contacted them. Zillow.com receives about 2 million unique U.S. visitors each month and was the 10th most visited U.S. real estate Web site in February, according to Web site tracker comScore Inc.
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