Smalltownbanker

Zillow Aims to Disrupt Lending Market With Its Mortgage Marketplace

There will be lots of dissapointed potential borrowers. On-line mortgage lending leads to lots of frustrated consumers. This has been proven time and time again over the last several years. On-line lenders are known in the real estate community for delaying real estate closings. Borrowers in today's market place, if they have half a brain, will rely on personal referrals from people who have prior experience with a lender or the guidance of a professional.

The current crisis has lead to the implementation of tons of new laws and agency regulations, rate add ons and restrictions. It is impossible to give an accurate rate quote without the benefit of a credit report and full application. Sketchy basic information will lead to surprise after surprise and the consumer will lose confidence quickly.