Earlier this week, Zillow Mortgage Marketplace reached a major milestone: Since the service launched in April 2008, more than 100,000 mortgage requests have been submitted by borrowers who are looking for a mortgage. The 3,832 lenders who participate on Zillow Mortgage Marketplace have responded to these requests with more than 600,000 mortgage quotes.
Zillow Mortgage Marketplace has proven to be successful in helping borrowers find the right loan and connecting them with lenders. In a recent survey, 30% of borrowers stated that they have either closed a loan or expect to close a loan soon with a lender they connected to through Zillow Mortgage Marketplace. Borrowers who have used other online lending sites rated Zillow 30% higher than Lending Tree and 40% higher than Lower My Bills in terms of overall satisfaction.
Almost 70% of of lenders have been contacted by borrowers, and close to one-third of all lenders have closed loans with borrowers they quoted on Zillow Mortgage Marketplace. Lenders really like the quantity of free leads that are available on Zillow and the ease of submitting quotes to borrowers. Lenders rated Zillow Mortgage Marketplace 50% higher than Lending Tree and 60% higher than Bankrate and Lower My Bills in terms of overall satisfaction.
In addition to providing custom quotes to borrowers, Zillow Mortgage Marketplace also shows up-to-the-minute mortgage rates which are computed using real quotes borrowers receive from lenders on Zillow. These loan rates are also available in the form of 4 mortgage rate widgets that anyone can add to their own website or blog, for free. Zillow also provides a free mortgage calculator widget that helps users calculate their monthly payment.
These are just some of the resources Zillow provides to borrowers who are shopping for home loans. Stay tuned as we continue to add enhancements and improve Zillow Mortgage Marketplace for borrowers and lenders alike.