Zillow has launched a new platform allowing users to compare mortgage rate quotes alongside their already popular home valuation tools.
The mortgage rate-quote platform will not only help buyers shop for the best mortgage rates, but will also be a lead source for mortgage service providers. And while users’ contact information is not released directly to these mortgage groups, enough information is supplied to enable mortgage professionals to determine the best rate quotes for buyers.
Zillow CFO and VP of Marketing, Spencer Rascoff said that the new platform is intended to protect the privacy of consumers while providing a more accurate and transparent process for quoted loan rates.
It seems that this tool seems will be a great coup for buyers and mortgage professionals alike. For buyers, it will take the pressure out of shopping for the best quotes in person. For mortgage professionals—who pay a one-time fee of $25 to participate—it will provide an excellent lead source.
This new platform will compete with others already available in the loan industry, such as MortgageMarvel.com and LendingTree.com, both of which allow mortgage professionals access to customer information. Both companies list fewer than 280 lenders in their network, while Zillow received over 300 registrations last week alone.
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