RISMEDIA, Oct. 17, 2008-Real estate website Zillow.com announced Zillow Quote API, a new feature within Zillow Mortgage Marketplace that allows participating lenders to automate custom quotes to borrowers who submit loan requests. Made possible through an application programming interface (API), the new automation program will be rolling out in the coming weeks, starting with five technology providers: Leads360, Mortech, Mortgagebot, NYLX and Optimal Blue.
According to the company, in the past six months since the launch of Zillow Mortgage Marketplace, borrowers have anonymously submitted more than 80,000 loan requests, and received nearly a half a million custom loan quotes from lenders. Zillow Quote API provides a way for lenders to streamline the process without compromising the customization of the quotes for borrowers. 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. With Zillow Quote API, this process can happen almost instantaneously.
“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.
Since launching Zillow Mortgage Marketplace in April 2008, Zillow has added a number of new features to help consumers better understand mortgages and the changing mortgage landscape-including mortgage calculators, live interactive rate tables and Mortgages Unzipped, a multi-author blog written for consumers by industry experts. Currently, on average, borrowers receive their first customized loan quote in 12 minutes.
Two-thirds of participating lenders have been contacted by at least one borrower after submitting quotes.
For more information, visit http://www.zillow.com/mortgage/MortgageAPISignup.