Rich Barton, CEO of Zillow.com has launched what I have expected since inception – a mortgage platform. I have not got a chance to dig-in yet and check out the structure of how this works…but from the surface it looks similar to a LendingTree, but at a Loan Officer level instead of a corporate level.
I definitly see this to be a source to reckon with. The mortgage industry has been waiting for a major player to come down and transform the extreme inefficiencies that current retail and wholesale lending has. As much as we love our preferred lender, and they truely are special to us and our clients, the Zillow Marketplace may be able to scale and offer lower interest rates…we will see. We like the Zillow guys and will test this system shortly…but anyone else who dives in and applies through the Zillow Mortgage Marketplace…please let us know how it goes. We are very curious.
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