Zillow Rolls Out Automated Mortgage Quotes
Real estate Web site Zillow.com said Thursday that it had rolled out Zillow Quote API, a new feature within the website's mortgage marketplace that allows participating lenders to automate custom quotes to borrowers who submit loan requests. Made possible through a newly-developed application programming interface, the new automation program will be rolling out in the coming weeks, starting with five technology providers: Leads360, Mortech, Mortgagebot, NYLX and Optimal Blue. Zillow officials said that 80,000 loan requests have been submitted through its mortgage marketplace in the past six months since its launch, more than a half million requests for loan quotes have been received within the platform. Zillow's mortgage quote API provides a way for lenders to streamline the process without compromising the customization of the quotes for borrowers, officials at the real estate dot-com said. Once a request is submitted by a borrower to the marketplace, lenders using the API will receive the full set of details the borrower entered in an automated fashion. They will use their pricing engines to instantly create custom loan quotes based on the detailed information the borrower has provided. Then, the quote is automatically sent back to Zillow where the borrower can view it. "We're excited to be announcing the Zillow Quote API today to enable the lenders within Zillow Mortgage Marketplace to more efficiently service a larger number of borrowers, ultimately helping them gain more business," said Lloyd Frink, president of Zillow.com. "We believe this new feature will also improve the experience for the borrowers on our site by providing a greater number of quotes, faster, as well as more options in rates and lenders to help them chose the right loan and lender for them." For lenders interested in using the Zillow Quote API, they can do so either directly through Zillow if they have the technical capabilities already in place, or through one of Zillow's five technology providers. With the help of these companies, small and large lending organizations, as well as individual brokers, can automate their quotes seamlessly. In addition, responding to an unlimited number of loan requests directly from borrowers remains free for lenders, whether done manually or through the Zillow Quote API. For more information, visit http://www.zillow.com.