{"id":2904,"date":"2008-04-05T11:46:20","date_gmt":"2008-04-05T18:46:20","guid":{"rendered":"http:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/?p=2904"},"modified":"2008-04-05T11:46:20","modified_gmt":"2008-04-05T18:46:20","slug":"zillow-mortgage-bourse-how-to-acquire-long-term-clients","status":"publish","type":"post","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2904\/zillow-mortgage-bourse-how-to-acquire-long-term-clients\/","title":{"rendered":"Zillow Mortgage Bourse: How To Acquire Long-Term Clients"},"content":{"rendered":"

I might have been hasty in my original assessment<\/a> of the Zillow Mortgage Bourse<\/a>. I sometimes suffer from TB; true believer disease. I’m one of the few guys in the mortgage business that actually wants to see the cost of loan acquisition, for the consumer, dramatically reduced. I have never seen my role as a middle-man. I see myself as part financial adviser and part trader.<\/p>\n

Permit me a digression:<\/p>\n

I have always considered yield spread premium<\/a> to be the borrower’s money. I have aggressively used it in serial no-cost refinances, throughout the late 90’s and early part of this decade. Critics, don’t bring up the issue of churning. I assure you that every transaction I funded has a tangible net benefit to the borrower.<\/em><\/p>\n

When a borrower gets “into my web”, by closing a loan transaction, I conduct periodic mortgage reviews. Jillayne Schlicke once commented that the periodic review is just an excuse to “sell a refinance”. My response is a bawld one<\/a>: “<\/em>Well, Duh!<\/strong>“. We should ALWAYS be looking for an excuse to refinance the borrower’s loan…IF…there is a tangible net benefit to the borrower AND I get paid. Call that the way of the trader. Traders look for opportunities to profit off market fluctuations.<\/em><\/p>\n

I digressed but I wanted to give you some background. My initial concerns about The Zillow Mortgage Bourse were two-fold:<\/p>\n

1- Customers don’t know what they don’t know. I pontificated that the customers would be EXTREMELY difficult<\/a>, focusing on price rather than suitability. I found the data byte, on the loan request form that distinguishes the client’s intent. This is the real Web 2.0 offering of the Zillow Mortgage Bourse.<\/p>\n

2- I felt that consumers could game the system, waste originators’ time, and damage our reputations<\/a> if they didn’t get exactly what they wanted when they wanted it. I also thought they would “steal” the advice we offer, and engage in a perpetual RFP process until they found the lowest price. That happened often in securities brokerage Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I might have been hasty in my original assessment of the Zillow Mortgage Bourse. I sometimes suffer from TB; true believer disease. I’m one of the few guys in the mortgage business that actually wants to see the cost of loan acquisition, for the consumer, dramatically reduced. I have never seen my role as a […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26,25],"tags":[],"class_list":{"0":"post-2904","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"hentry","6":"category-lending","7":"category-zillowcom","9":"no-featured-image"},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2967,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2967\/a-bourse-is-a-bourse-and-zillow-mortgage-is-a-marketplace-and-never-the-twain-shall-meet\/","url_meta":{"origin":2904,"position":0},"title":"A Bourse is a Bourse and Zillow Mortgage is a Marketplace and Never the Twain Shall Meet","author":"Sean Purcell","date":"April 15, 2008","format":false,"excerpt":"Bourse is a funny word isn\u2019t it?\u00a0 What exactly does it mean and why do people keep referring to the Zillow Mortgage Marketplace as a Bourse? Bourse: \\\u02c8burs\\ Function: noun Etymology: Middle French, literally, purse, from Medieval Latin bursa \u2014 more at purse Date: 1597 1:\u00a0exchange 5a; specifically :\u00a0a European\u2026","rel":"","context":"In "Zillow.com"","block_context":{"text":"Zillow.com","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/zillowcom\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2910,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2910\/the-odysseus-medal-competition-voting-for-the-peoples-choice-award-is-open-25\/","url_meta":{"origin":2904,"position":1},"title":"The Odysseus Medal competition — Voting for the People’s Choice Award is open","author":"Greg Swann","date":"April 6, 2008","format":false,"excerpt":"We have 14 entries on the short list this week, out of a long long list of 96 posts. I've already decided on the winner of the Odysseus Medal, so I'm not linking that way. This week's Short List is all Zillow Mortgage Marketplace posts, all of them written by\u2026","rel":"","context":"In "Blog Carnivals"","block_context":{"text":"Blog Carnivals","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/blog-carnivals\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3237,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/3237\/zillow-mortgage-must-verify-consumers-to-become-a-marketplace\/","url_meta":{"origin":2904,"position":2},"title":"Zillow Mortgage Must Verify Consumers To Become A Marketplace","author":"Brian Brady","date":"June 16, 2008","format":false,"excerpt":"Mike Mueller is leaving the Zillow Mortgage Marketplace. A poor consumer performance review drove him to do just that. From the consumer review on Zillow Mortgage: Rating: 1 \/ 5 Comment: I asked for conforming quote, got sent jumbo quote with huge fees. I even specifically noted the request in\u2026","rel":"","context":"In "Lending"","block_context":{"text":"Lending","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/lending\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2901,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2901\/zillow-mortgage-im-still-looking-for-the-yellow-brick-road\/","url_meta":{"origin":2904,"position":3},"title":"Zillow Mortgage: I’m Still Looking for the Yellow Brick Road","author":"Sean Purcell","date":"April 4, 2008","format":false,"excerpt":"There sure have been a lot of posts recently regarding Zillow Mortgage Marketplace.\u00a0 Greg Swann gave us a pre-opening preview here, the advertising aspect here, and the capitalist and cookie aspects here and here.\u00a0 Brian Brady takes a \u201cthe last shall be first\u201d attitude here and presents Zillow Mortgage as\u2026","rel":"","context":"In "Zillow.com"","block_context":{"text":"Zillow.com","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/zillowcom\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2892,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/2892\/zillow-mortgage-marketplace-one-way-transparency-like-a-bad-online-dating-site\/","url_meta":{"origin":2904,"position":4},"title":"Zillow Mortgage Marketplace: One Way Transparency Like A Bad Online Dating Site","author":"Brian Brady","date":"April 4, 2008","format":false,"excerpt":"Zillow Mortgage MarketPlace rang the opening bell and loan requests came flying in the door. I was pleasantly flabbergasted! It's no secret that I'm a Zillow-phile; I believe they are leading the way to transparent loan and real estate transactions. I'm tenuous, however, about spending too much time there. My\u2026","rel":"","context":"In "Disintermediation"","block_context":{"text":"Disintermediation","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/disintermediation\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6681,"url":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/6681\/david-bartels-redefines-mortgage-originators-as-borrower-advocates\/","url_meta":{"origin":2904,"position":5},"title":"David Bartels Redefines Mortgage Originators as “Borrower Advocates”","author":"Brian Brady","date":"January 23, 2009","format":false,"excerpt":"I had fun today because\u00a0 I got to hang out with a bunch of mortgage salespeople.\u00a0 I drove up the 5 to Irvine, epicenter of the sub-prime mortgage industry, to see the High Performance Strategies Seminar, hosted by David Bartels and Greg Frost.\u00a0 David Bartels is an executive with Loan\u2026","rel":"","context":"In "Real Estate"","block_context":{"text":"Real Estate","link":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/category\/real-estate\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/comments?post=2904"}],"version-history":[{"count":0,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/posts\/2904\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/media?parent=2904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/categories?post=2904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloodhoundrealty.com\/BloodhoundBlog\/wp-json\/wp\/v2\/tags?post=2904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}