Zillow Mortgage Marketplace Borrowers Have Spoken

It’s been just under 2 months since we officially launched Zillow Mortgage Marketplace, and in that time we’ve seen some great results. More than 28,000 loan requests have been submitted by borrowers, and over 2,000 confirmed lenders have responded with more than 115,000 loan quotes! We’ve also begun to hear some very positive anecdotal feedback that loans are closing and both lenders and borrowers seem pretty happy. To obtain even more feedback, we recently conducted a survey with some of the first borrowers who received quotes to learn about their experiences so far. Below are some interesting facts we learned from them:

Numbers show that Zillow Mortgage Marketplace is working:

• 84% received 3 or more quotes from lenders, while 18% received more than 6 quotes.
• More than 40% of borrowers contacted at least 1 lender who provided them with a quote, with e-mail being the most popular method used to make contact.
• 30% of borrowers surveyed have either closed or plan to close a loan soon with a lender from Zillow Mortgage Marketplace.
• Almost 30% have provided a rating or feedback on lenders they interacted with in the marketplace.
• 80% of borrowers were satisfied to very satisfied with the timeliness of quotes received.

What borrowers like about Zillow Mortgage Marketplace:

• Submitting loan requests anonymously
• Being in control of how “I contact lenders and how they contact me”
• Getting multiple quotes from competing lenders
• Being able to compare quotes

Comments from borrowers who took the survey:

• “This is the ideal way to shop for mortgages. Thanks for giving the power to the consumer.”
• “Quick, easy, on my time schedule with no pressure or junk mail/phone calls.”
• “I enjoyed being able to get and compare quotes anonymously. It would have been nice to receive more quotes, but I am very pleased with the broker that I contacted.”
• “The ease of use was simply amazing and being able to remain anonymous was highly appreciated, knowing there would not be endless follow-up phone calls.”
• “It’s simply the fact that I can request and compare current loan rates from multiple lenders without having to give out my contact info that I use Zillow Mortgage Marketplace.”
• “I love that Zillow Mortgage Marketplace is anonymous. I don’t feel comfortable giving out my personal information and the fact that I can tell the lenders what my finances and credit scores are without giving up my social security number is great! Other sites don’t keep your info so private, which has always deterred me from inquiring about quotes in the first place.

We’re extremely encouraged by the feedback we’ve received, and will continue to make improvements to Zillow Mortgage Marketplace to make the experience even better. We love hearing from you, so please don’t hesitate to share your experiences and feedback with us.