Real estate web site Zillow.com is releasing 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.
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.