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Mortgage Shopping, Incognito
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Spencer Rascoff, chief financial officer for Seattle-based Zillow, said the company guards against low-balling by encouraging consumers to give brokers ratings, much like the reputation rankings sellers rack up on auction giant eBay.
"All those [dubious] loan requests, they can be flagged by the community," Rascoff said.
Zillow's online forums buzz with posts from users discussing favorable and negative experiences with brokers. The site also highlights which brokers have amassed the highest positive ratings.
Since launching its mortgage search product in April, Zillow has reviewed hundreds of red flags and barred more than a dozen lenders for employing bait-and-switch tactics with their loan rates, Rascoff said.
That system has worked well on eBay, where a bad reputation can make it tough to unload even the most-prized items.
While not handing out personal information willy-nilly may be a relief, experts say it's best to keep shopping away from the computer.
"There is a plus in not having to give personal information, but you still have to ask yourself who's in and who's not included in the system," said Gail Hillebrand, a senior attorney for Consumers Union, the publisher of Consumer Reports.
"Just like some of the big travel sites don't have Southwest," she said. "You have to ask the same question. Who else is out there?"
