Not Sure, But Will Try It

Recently Zillow announced it's Mortgage Marketplace. I have to admit, I am not crazy about the idea of pitting lenders against each other for "blind" annonymous rate quotes. The whole idea of comparing my services against another lender with at best half the facts makes me nervous. Long term I see this giving the lending industry more of a black eye as the "rate shopper" begins to further feel as they have been mislead or lied to.

With rates changing 5 to 6 times a day it only compounds the problem.

That being said, I decided to test the Mortgage Marketplace, first as a "borrower."

I created a profile as John Q Public and submitted a request. I did not get much by way of response and the ones I did get were all over the place. As a borrower I would wonder why that is.

As a lender, I see where a potential borrower would quickly contact the "best rate" offer, even if that may not be the best rate.

I blasted Zillow for this product and claimed I would not be part of this. However, after discovering that the responses left much to be desired, I felt maybe I should try it before completely dimissing it. So to be fair, I have signed up as a Lender and once they have verified my information I will work a few leads and see how things go.

I am reluctant in some ways as I don't like typical "rate shoppers." Not that I can't compete... I usually win. But the borrower usually comes away with a bad taste in their mouth feeling as if they still got taken.

I will give this a little time and then come back and give my honest opinion as to my thoughts. I am sharing this with you all so you don't think I talk out of both sides of my mouth... and if I was wrong, I will admit it.