Disqus - Latest Comments for JeffX

Re: Google Mortgage

JeffX — Mon, 19 Oct 2009 15:16:21 -0000

Hey Fabio-

I'm pretty well versed on ZMM and pricing engines...

I agree that ZMM is more than rate quoting (regardless of how its primarily used) and appreciate their attention to consumer service by offering Lender reviews.

Zillow offering their own integrateable pricing engine, instead of API's that speak to other pricing engines, could actually be quite beneficial to all parties...Lenders could either tie their raw feeds into the engine, Brokers/Bankers could have the feeds of the lenders they are approved with tie directly into the engine under their specific accounts, considering relative adjustments for volume and other such variables. Brokers, bankers, retail, wholesale, credit unions, etc etc etc adjustments and margins would all be considered and as accurate as the source of the data...and consumers would get to see raw wholesale mortgage information.

By flipping rate and margin face-up, with no ability to manipulate the information, all parties would be forced to compete primarily on service.

API's provide information that is only as good as the source (or Third Party Provider) they are pulling from. If you make the source of the data the institution that is providing the loan rather than a TPP, there is actually less margin for error or other potentially egregious activity...not to mention the information could be delivered in real time. Latent information delivery is a big problem in the mortgage industry and causes alot of unnecessary grief for the consumer and professional.

A TPP (Brokers/Bankers/Lenders) could still effectively be represented, since it is through their relationships with lending institutions that they are granted access to rate and margin info they would be providing to and through a community like ZMM.

Hope that clarifies my position a bit...thx for the comment.

Re: Drug Cartels, Cancerous Growth and The F*cked Mortgage Industry

JeffX — Wed, 26 Aug 2009 18:11:18 -0000

AAA, AA, B....C ya later! ;-)

Re: Roost’s 50 RE People You Should Follow on Twitter for August 2009

JeffX — Wed, 12 Aug 2009 19:20:38 -0000

I Haz 5 @mizzle stickers...

Re: I’m Selling Intelligence?

JeffX — Mon, 27 Jul 2009 16:57:54 -0000

Thanks George...the respect is mutual. Your initiatives with SmartHippo are inspiring :)

Re: I’m Selling Intelligence?

JeffX — Sat, 25 Jul 2009 14:02:22 -0000

Thx Trace! We got big plans :-)

Re: CondoDomain Sued By Minority Shareholders

JeffX — Sun, 25 Jan 2009 22:50:21 -0000

Rule 11 sanctions against the plaintiffs for a frivolous lawsuit...

Re: A Post of Appeasement

JeffX — Fri, 12 Sep 2008 12:10:40 -0000

I'm on it Sean!!

Re: A Post of Appeasement

JeffX — Fri, 12 Sep 2008 12:10:14 -0000

Thx Loren :)

Re: Mortgage Industry Shock and Awe

JeffX — Tue, 26 Aug 2008 13:00:19 -0000

If you read my post you would understand that TV can paint you anyway they want to. For further explanation see:
http://mediatransparent.com/2008/08/25/how-soci...

I don't have a book to sell..? and I never 'screwed' anyone. The spot was set-up to identify poor practices and educate consumers on how to avoid them. The final product came across as if I actually engaged in such practices, unfortunate for me, but I knew what I was potentially getting into.

The only 'less than genuine' practice I engaged in (early in my career) was quoting the lowest interest rate on my rate sheet to consumers who repeatedly demanded to know what my lowest rate was. As I learned the industry, I steadfastly refused to quote a rate until I received required information to do so with far greater accuracy.
In the end, I educated my clients 10 fold better than most mortgage professionals. I'm sure you could explain 50 different 'sneaky' practices employed by mortgage professionals, yet this doesn't mean you practiced them as well.

As far as the company I keep, I've personally met Daniel Martin and he understands the state of this industry as well as anyone. The latter part of my post talks of unique branding and marketing...Daniel is part of this new breed, not widely accepted by incumbents...yet I suspect this is just fine with him. Daniel consciously chooses this unique angle to brand and market himself...differentiating himself from the crowd.
Like it or not, Daniel will identify with large groups of consumers who are tired of the traditionalist mortgage professional.

The mortgage industry is forever changing, the professional who rides this wave of change will maintain and thrive, those who attempt to hold on to antiquated practices will get swallowed whole and spit out to a different industry, IMHO of course...

Re: Apparently Zillow Wants All The Cake

JeffX — Tue, 12 Aug 2008 19:41:30 -0000

The ING ad is selling a 5 Yr ARM @ 5.5%/ 5.66% APR again today....guess rates and pricing don't change in ING world...

I'm going to go out on a limb and say that, that rate and APR aren't deliverable...unless a consumer paid a boat load of money to buy it down to that level.

The cheapest 5 Yr ARM's, without buying down the rate, I see on the wholesale market are ~5.75% under the best of borrower and property conditions.

Re: Apparently Zillow Wants All The Cake

JeffX — Tue, 12 Aug 2008 15:43:30 -0000

""Don't sell mortgage advertising" is hardly constructive criticism."

That statement is a gross over simplification of what my point is David...

At no point have I suggested Zillow not sell ads...targeted ads selling complimentary products and services can be very useful for all parties...credit services, real estate professionals, home repair products and services, home furnishings, landscaping, even 3rd party services like title and escrow and insurance etc etc etc...

Selling advertising to a very specific vendor type who doesn't align with your (consumer-centric) business philosophy, and potentially takes away from your current marketplaces contingency, will ultimately reduce credibility and participation.

Don't take my word for it, ask any mortgage professional who swims in your lead pool (under your rules) what they think about ZMM allowing another mortgage company to slickly advertise their wares and roll with impunity at the gates of entry.

Finding it hard to believe that you don't see the issue here David...its not about advertising, its about who you let advertise and where.

Re: Apparently Zillow Wants All The Cake

JeffX — Tue, 12 Aug 2008 11:47:20 -0000

I have no real beef (ING just happened to be the ad I came across, though I do notice Quicken banner ads floating around as well), just confused as to what ZMM is trying to accomplish here for the consumer and/or the mortgage professional. Hence the title of my post...it appears Zillow wants its cake and to eat it too...

"All loans on Zillow are competed for and lenders choose how to compete; either by quoting loans or by purchasing advertising or both."
So, if you're a paying advertiser, there are one set of rules...if you're 'in' the ZMC and quoting there is another set..?

"the message in that ad is quite precise and extremely clear yet you accuse it of being "generalized, ambiguous"

Would you (or Joe consumer) qualify for The Orange Mortgage and the rate shown? How do you know?
Advertising a rate without any indication to what the criteria are required to acquire such a rate is ambiguous.

IMHO, Zillow shouldn't allow mortgage lenders to advertise their services within and around ZMM that (at least) don't follow it's prescribed processes around rate quoting...its confusing to a consumer and misaligned with mortgage pros who participate in ZMM.

From an internal business, short term 'bottom line' perspective, allowing Lenders to advertise here makes great sense. From a long term philosophical, sustainable business perspective, it's disjointed...ZMM has far more potential than becoming Bankrate 2.0...

David, you know I'm a fan of what you guys are trying to do...and you say that criticism is an opportunity to improve (in so many words)...know that my criticism is shared by many.

Re: Apparently Zillow Wants All The Cake

JeffX — Mon, 11 Aug 2008 22:54:46 -0000

No issues with advertising David, I just don't think that particular advertiser (or those of similar ilk) helps the Zillow Mortgage Market place and/or those participating in it.

For one, its direct competition to those professionals in the community.

Second, you (Zillow) have created a community where consumers can come and shop without fear of repercussion (spam marketing for giving up personal info)...ZMC has a set a precedent for how information is exchanged.
Now I'm not saying ING is a bad lender necessarily, but they don't do business under the conditions ZMC mandates...this just seems misdirected to me.

Credit and other ancillary product and service vendors are on the mark...competing lenders who don't follow the rules of your community, not so much.

Re: REBlogWorld, Be Part of The Worlds Largest New Media Expo

JeffX — Wed, 06 Aug 2008 11:40:26 -0000

You rock Matt...

Re: Freddie Mac may raise $10 billion

JeffX — Fri, 18 Jul 2008 14:56:05 -0000

"diluting the hell out of the rest of the shareholders"

I believe 'they' saw this coming Morgan, which is why the stocks 'inexplicably' tanked...they got out before they got diluted...

Re: Risk Based Pricing. How Mortgage Rates are Determined Property Type and Property Use

JeffX — Tue, 08 Jul 2008 00:15:07 -0000

Are you a broker or a banker?
I see price and rate differences across the country quite frequently, off the top of my head I recently saw a PA based bank had a .25% price for the worse if the property was located in New Jersey.

Lower LTV underwriting criteria req's has caused a price for the worse for those who now exceed it, from what I've seen.

Re: Risk Based Pricing. How Mortgage Rates are Determined Property Type and Property Use

JeffX — Mon, 07 Jul 2008 22:53:23 -0000

Thx Lender Police...I can appreciate your product so i'll leave the comment, however, my comment thread isn't a place to advertise your services. A simple mention is more than adequate.

J-

Re: Release Early and Often

JeffX — Fri, 04 Jul 2008 01:01:05 -0000

That is such a good question ill dedicate the next post to answering it in great detail...

Re: It’s an Anonymous, Automated, Transparent, Customizable Wholesale Mortgage Program and Interest Rate Pricing Pre-Qualification Search Engine, Dummy!

JeffX — Mon, 16 Jun 2008 18:03:38 -0000

It's available in every market across the USA Bob...

Within the next few days we'll be launching a campaign to select 25 quality mortgage professionals as pioneer RateSpeed beta testers before we blow the doors open with version 2.0.

Its important to note that RateSpeed is an application that maintains the integrity of the information flow from wholesaler to consumer to guarantee its remains transparent and pure.

The mortgage professional (broker or banker) who licenses RateSpeed must still service the consumer, answer questions, close the loan and gets paid a fair fee...

Thx for stopping by!

Re: It’s an Anonymous, Automated, Transparent, Customizable Wholesale Mortgage Program and Interest Rate Pricing Pre-Qualification Search Engine, Dummy!

JeffX — Tue, 10 Jun 2008 16:04:04 -0000

Thanks for the feedback Trace!
We'll probably shelve the flash intro shortly, if you bookmark www.ratespeed.com/home or /blog (when it launches) you won't have to see it again :)
Sent from my BlackBerryÂ® wireless device

Re: Zillow Mortgage Marketplace, Cultivating a Better Crop

JeffX — Wed, 21 May 2008 20:53:03 -0000

You're the best David, and I love your company's courage to innovate :)

Re: What’s My Mortgage Rate And How Much Is It Going To Cost Me?

JeffX — Sat, 17 May 2008 17:20:18 -0000

interesting...where do you get your figures from?

Re: What’s My Mortgage Rate And How Much Is It Going To Cost Me?

JeffX — Sat, 17 May 2008 17:18:09 -0000

agreed!...the mortgage industry needs a prescribed cure that is less like chemotherapy and more like gene therapy...

Re: The Big Squeeze - Countrywide Limits Broker Compensation

JeffX — Tue, 01 Apr 2008 00:52:24 -0000

This has been North Carolina law for a few years...I see the greater industry adopting North Carolina and Georgia state level regulations...