Zillow Mortgage Marketplace announced today that it has partnered with Closing.com to provide borrowers access to real-time estimates of closing costs such as title insurance, escrow and settlement fees, and home inspections.
Loan quotes provided to borrowers through the Zillow Mortgage Marketplace now included Closing.com’s closing-cost estimates, and a link to Closing.com’s SmartClosing Calculator, which breaks down costs to include details such as local transfer taxes and recording fees.
Closing.com has similar partnerships with Roost.com and ZipRealty, and loan originators using Calyx Point software can access the rates of participating Closing.com settlement service providers.
Another online mortgage platform, Google’s AdWords Comparison Ads for mortgage, is now available to borrowers in 38 states, although no major lenders are participating, the New York Times reports.
Comparison Ads for mortgage — which allows consumers to compare multiple offers from mortgage lenders — was available in 15 states when Google moved the service out of beta test mode in January.
The service uses pricing engines to generate loan quotes automatically when prospective borrowers enter information about the loan they are seeking along with their credit rating.
Google serves as an intermediary between consumers and lenders, forwarding their calls and e-mails and keeping their street address confidential until they are willing to accept a loan offer.
The pricing engines are provided by Mortech, OpenClose, Optimal Blue and PriceMyLoan, with Mortech and OpenClose also providing lead management systems for lenders along with three other companies: Kaleidico, LeadMailbox and Leads360.
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