We are excited to announce the Zillow Quote API today, a new feature within Zillow Mortgage Marketplace that makes it easier and more efficient for participating lenders to provide custom quotes to borrowers.
The Quote API automates quotes through an application programming interface (API). When a loan request is submitted by a borrower, lenders using the Quote API receive the full set of details the borrower provided. Lenders use their pricing engines to instantly create custom loan quotes based on the borrower’s detailed information. Then, the quote is automatically sent back to Zillow where the borrower can view it. With the Zillow Quote API, this process can happen almost instantaneously. 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, more than 83,000 loan requests have been submitted by borrowers, and lenders have responded with almost half a million custom loan quotes. The more than 3,600 participating lenders on Zillow Mortgage Marketplace have experienced much success with the borrowers they have the opportunity to connect with. However, they requested a more efficient way to provide quotes, so we developed the Zillow Quote API based on this feedback. As more lenders begin using the Zillow Quote API, borrowers will receive a greater number of custom quotes in a shorter length of time than they do today. This means they will have more options to chose from, more rates to compare, and more lenders to research and ultimately decide between.
Quotes provided by lenders who leverage the Zillow Quote API will remain customized to each borrower. Each quote provided will continue to be based on unique criteria borrowers enter on the loan request. The rates borrowers receive are real rates—not marketing rates—since they are based on a full set of unique borrower attributes.
Lenders interested in using the Zillow Quote API will be able to do so either directly through Zillow if they have the technical capabilities already in place, or through one of Zillow’s five technology providers: Leads360, Mortech, Mortgagebot, NYLX and Optimal Blue. With the help of these companies, small and large lending organizations, as well as individual brokers, will be able to automate their quotes seamlessly.
This new automation program is not yet live today, but it will be rolling out in the coming weeks. Stay tuned!