Seattle-based real estate Web site Zillow.com has launched Zillow Mortgage Marketplace, an open and transparent lending marketplace designed to offer borrowers an anonymous and hassle-free way to request custom loan quotes directly from registered lenders. In turn, lenders can respond to an unlimited number of loan quote requests directly from borrowers.
Zillow adds that Mortgage Marketplace extends the company into another crucial facet of homeownership and includes the industry's first-ever lender public feedback system where borrowers rate the lenders they choose to contact.
Potential borrowers can then request customized loan quotes by filling out a detailed loan request form. Borrowers do not provide any personally identifiable information to the lender. While identity is omitted, lenders are provided enough detail to generate quotes with real rates, customized to the borrower's circumstances. Once the borrower submits a request, any lender visiting Zillow can browse among outstanding requests and view competing quotes offered by other lenders.
Only lenders who have registered on Zillow and been confirmed as mortgage professionals may participate in Mortgage Marketplace and submit quotes, the company notes.