Comments on: Is a Zil-Loan in Your Future? http://www.repdx.com/2008/04/03/is-a-zil-loan-in-your-future/ Portland Oregon Real Estate Resources Fri, 21 Nov 2008 21:58:22 +0000 http://wordpress.org/?v=2.6.3 By: Eric Hamilton http://www.repdx.com/2008/04/03/is-a-zil-loan-in-your-future/#comment-44667 Eric Hamilton Sun, 06 Apr 2008 15:51:55 +0000 http://www.repdx.com/2008/04/03/is-a-zil-loan-in-your-future/#comment-44667 Good post! I filled out a loan request form to test it out from the borrower's perspective. I'll write up my impressions on my new <a href="http://equitylineblog.com/" rel="nofollow">equity line blog</a>. I'm interested to see how this works out, but it looks like somebody's paying attention. They've already dished out over 6,000 quotes. =) Good post! I filled out a loan request form to test it out from the borrower’s perspective. I’ll write up my impressions on my new equity line blog.

I’m interested to see how this works out, but it looks like somebody’s paying attention. They’ve already dished out over 6,000 quotes. =)

]]> By: Is a Zil-Loan in Your Future? | The Long List of Odysseus Medal Nominees | Realtors and real estate, mortgages, lending, investments http://www.repdx.com/2008/04/03/is-a-zil-loan-in-your-future/#comment-44626 Is a Zil-Loan in Your Future? | The Long List of Odysseus Medal Nominees | Realtors and real estate, mortgages, lending, investments Fri, 04 Apr 2008 01:34:00 +0000 http://www.repdx.com/2008/04/03/is-a-zil-loan-in-your-future/#comment-44626 [...] Is a Zil-Loan in Your Future?, by Ron Ares. [...] [...] Is a Zil-Loan in Your Future?, by Ron Ares. [...]

]]> By: Corri Klebaum http://www.repdx.com/2008/04/03/is-a-zil-loan-in-your-future/#comment-44625 Corri Klebaum Fri, 04 Apr 2008 00:33:55 +0000 http://www.repdx.com/2008/04/03/is-a-zil-loan-in-your-future/#comment-44625 You asked for it Ron : ) There was another backward sort of lead farm introduced a while back, I can't remember the site, it might have even been you giving it press... I had looked into it then and found it to be rather pricy. And no matter how you look at it you were still buying leads, which I just have issues with... RESPA! But for a $25 application fee I just might bite... Exposure is a good thing in this market. I ldo ove thier definition of a "Mortgage Quote" though... "What is a mortgage quote? Lenders review mortgage requests from anonymous borrowers and submit mortgage quotes for those requests. A mortgage quote consists of an interest rate with specific lender fees, easily broken down into average monthly payments that meet the requirements of a particular loan product (e.g., 30-year fixed rate). We expect a lender will offer accurate mortgage quotes based on the information provided by the borrower. A mortgage quote on Zillow is not a binding Good Faith Estimate. While we expect a lender's loan quote to be as accurate as possible based on the information provided by the borrower, the lender has not yet had an opportunity to verify the borrower's identity, credit rating, and other information in order to provide a Good Faith Estimate." I would definately be very careful as not to violate any Truth in Lending laws and disclose the required mid-score, DTI, etc. It would also be very easy to low ball the fees as it is on a Good Faith Estimate so pay close attention to the ratings left by others. Foremost, buyer beware you will never get an accurate Mortgage Rate quote without a full application and a credit report. You asked for it Ron : )

There was another backward sort of lead farm introduced a while back, I can’t remember the site, it might have even been you giving it press… I had looked into it then and found it to be rather pricy. And no matter how you look at it you were still buying leads, which I just have issues with… RESPA! But for a $25 application fee I just might bite… Exposure is a good thing in this market. I ldo ove thier definition of a “Mortgage Quote” though…

“What is a mortgage quote? Lenders review mortgage requests from anonymous borrowers and submit mortgage quotes for those requests. A mortgage quote consists of an interest rate with specific lender fees, easily broken down into average monthly payments that meet the requirements of a particular loan product (e.g., 30-year fixed rate). We expect a lender will offer accurate mortgage quotes based on the information provided by the borrower. A mortgage quote on Zillow is not a binding Good Faith Estimate. While we expect a lender’s loan quote to be as accurate as possible based on the information provided by the borrower, the lender has not yet had an opportunity to verify the borrower’s identity, credit rating, and other information in order to provide a Good Faith Estimate.”

I would definately be very careful as not to violate any Truth in Lending laws and disclose the required mid-score, DTI, etc. It would also be very easy to low ball the fees as it is on a Good Faith Estimate so pay close attention to the ratings left by others.

Foremost, buyer beware you will never get an accurate Mortgage Rate quote without a full application and a credit report.

]]>