I also realize that Zillow will be paid for delivering these leads, whether it’s on a per-lead basis or some percentage, it’s just basic affiliate marketing and one can’t blame them for trying to better their revenue, although this whole “banks compete” philosophy is a bit overrated.

They don’t actually compete, it’s just a matter of whether you fit into their lending criteria or not, and a good mortgage broker does all this comparison work for you and advises you on the right solution based on your personal scenario but should also give you the options to let you choose between what’s available to you.

I’ve not taken the time (nor will I) to complete a request through Zillow or bankrate.com or lendingtree.com, etc for a quote for precisely the reasons Greg describes one should use a reputable broker.

Thanks for taking time to reply. It seems you and I disagree on the notion that a loan officer is to be an advisor to his client. I pay good money for real-time rate quotes and charting tools so that I can best advise my clients on when to lock. That, to me, is the true value of a mortgage planner.

As a recent example, I am in the process of refinancing a client’s mortgage into a 30-year fixed product. I was able to call her up Friday afternoon and tell her the rate was likely to touch 5.5% on Monday morning before climbing rapidly again, and I suggested that we lock. She took my advice, and now that same product can’t be had for less than 5.75% – only a week and a half later.

If you spent as much time as you did with lenders putting the loan request form together, then you know how volatile rates are right now. I frankly think you are doing a disservice to your clients by suggesting they pick a loan officer based on an anonymous rate offer alone. There are a lot of hungry loan officers out there right now who will quote anything to make the phone ring.

Since borrowers are anonymous on Zillow, there’s obviously no risk in using this system. And since lenders compete on Zillow, there’s a far better chance of receiving a competitive quote.

We had the help of many lenders in our design of the loan request form on Zillow – the data we collect is certainly sufficient for a competent lender to provide a detailed and accurate quote.

Lets flip the scenario around. If I was buying a home and my friends recommended you and I come to you and ask for your help with my mortgage, how would I know that your quote is the best value I can find?