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Zillow.com(R) Introduces Automated Quotes Within Zillow(R) Mortgage Marketplace

custom quotes to borrowers

SEATTLE, Oct. 16 /PRNewswire/ -- Real estate Web site Zillow.com today 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.

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.

Lenders interested in utilizing the Zillow Quote API can visit www.zillow.com/mortgage/MortgageAPISignup for more information. Web sites for Zillow Quote API technology providers include the following: Leads360 (www.leads360.com), Mortech (www.mortech-inc.com), Mortgagebot (www.mortgagebot.com), NYLX (www.nylx.com) and Optimal Blue (www.optimalblue.com).

About Zillow Mortgage Marketplace

Zillow Mortgage Marketplace is an online mortgage resource allowing borrowers to anonymously request an unlimited number of personalized loan quotes from confirmed mortgage professionals, for free. Zillow Mortgage Marketplace educates borrowers with tools such as mortgage calculators, rate tables, and informational resources on obtaining a home loan. In April 2008, Zillow Mortgage Marketplace launched in affiliation with Zillow.com, one of the most visited U.S. real estate Web sites. Zillow's goal is to help people become smarter about real estate in every stage of the home ownership process -- buying, selling, remodeling and financing. The company is headquartered inSeattle and has raised $87 million in funding.

Zillow.com and Zillow are registered trademarks of Zillow, Inc.

SOURCE Zillow.com