This might seem like an odd time for a company to break into the mortgage lending business, but that is exactly what online real estate marketer Zillow.com is doing. The company announced that its Zillow Mortgage Marketplace will offer borrowers an open forum to request custom loan quotes directly from registered lenders, anonymously and without hassle. The Marketplace also includes a public feedback system where borrowers can rate the lenders they choose to contact. The process makes it easier for borrowers to compare multiple loan quotes and make more informed decisions about their lender and loan, the company says.
Borrowers complete an online Request for a Quote (RFQ) with their financial details, but are not required to provide any personal information about themselves, such as their name, address, phone number or Social Security number. Once they submit their request, lenders that are registered with Zillow can submit loan quotes. The borrower decides which lender(s) to contact, if any, thereby maintaining control of the entire process.