Why Zillow mortgage reviews are crap

Why Zillow mortgage reviews are crap

I have been trying to post a negative review on Zillow about my experience with a mortgage broker, and the broker objected to my review to zillow because it was such a bad experience, and now Zillow keeps rejecting it. Which makes me wonder how many other times people have tried to post negative reviews and been denied. Since I am not sure zillow will keep the review, I am posting my own review here of Thomas Bepko and Total Mortgage.

UPDATE

It seems Thomas Bepko did not like my review again, and called me on the phone to tell me he didn’t like it and wants me to change my review! He insisted that I was wrong and that he did get me a loan. Lucky for me my phone records all calls, so I was able to find the call and confirm that what he told me at the time was that it wasn’t possible to close. I found it quite pushy to call someone over a bad review.

What did I try to post?

My original review looked like this:

Could NOT get me a loan when a normal bank could!

I contacted Total Mortgage because they offer Portfolio loans, and they assured me that they could close faster (under 30 days) and had less restrictive lending rules than other banks because they can offer portfolio loans (at a higher rate of course). Being self employed this was appealing to me (I have a harder time getting loans sometimes). Went through the process, and here it is after 45 days later and no loan. They verified everything, offered pre-qual, then gave me mortgage commitment, but could not get clear to close! Good thing I was working with another bank at the time, or I would have lost the house! In the end I used a normal lender from a fairly large bank and they got me a normal mortgage, not even a portfolio loan! I don’t understand how they couldn’t get me clear to close when a regular bank could. Speaks very poorly for their portfolio lending department. It is a good thing I didn’t send over their mortgage commitment letter or I could have risked losing my deposit!

Apparently this wasn’t specific enough about Thomas Bepko, so I revised my review to this:

Overpromised and did not deliver

I contacted Thomas 8 months ago, as I had trouble getting loans in the past and his background sounded like he could get my loan through. He informed me that his bank does portfolio loans in addition to regular mortgages so I should have no trouble getting a mortgage.

Thomas kept promising me he would get the loan and close the deal right up until 20min before they denied the loan. The bank technically offered me a loan, but it wasn’t usable. My impression of Thomas is that he is a slick salesperson that just promises whatever it takes to get you on the line. If he had just said from the beginning that he wasn’t sure but they were trying I wouldn’t be so negative now. Again and again he said he was going to get a mortgage for me.

In the end, the bank was only able to offer me a mortgage of approx 30% LTV of the property (I didn’t have the 70% cash for the rest to close). Luckily for me, I had also applied with a regular (large) bank that I won’t mention here, and they were able to secure me a regular mortgage (80% LTV like normal).

Note: This is a rewrite, my original review was too strongly worded. Thomas objected to zillow and got it removed.

And again my review was sent back as it wasn’t specific enough. So my current review looks like this:

I contacted Thomas 8 months ago, as I had trouble getting loans in the past and his background sounded like he could get my loan through. He informed me that his bank does portfolio loans in addition to regular mortgages so I should have no trouble getting a mortgage.

Thomas kept promising me he would get the loan and close the deal right up until 20min before the denied the loan. The bank technically offered me a loan, but it wasn’t usable (30% of purchase price). My impression of Thomas is that he is a slick salesperson that just promises whatever it takes to get you on the line. If he had just said from the beginning that he wasn’t sure but they were trying I wouldn’t be so negative now. Again and again he said he was going to get a regular mortgage for me and overpromised and did not deliver.
Luckily for me, I had also applied with a regular (large) bank that I won’t mention here, and they were able to secure me a regular mortgage.

Why is zillow so picky?

I can only guess, but I think it has to do with marketing overall. My only guess is that if there are only bad reviews nobody would use Zillow, so they favor good reviews. I know that Yelp does this. It takes a lot of work to apply for a mortgage, and in the process I learned that applying at multiple places can harm your credit report under certain circumstances. I don’t trust the Zillow rating system, it only rewards people who use them and doesn’t appear to reflect actual experiences.

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