The mortgage lead generation market is a notoriously crowded and certainly not as strong as in past years. This is punctuated in recent Experian reports:
The share of U.S. subprime mortgages entering default in the first quarter was the highest in almost five years, according to the U.S. Mortgage Bankers Association, as the country had its biggest house-price decline since the 1930s.
“The hit from the subprime mortgage market in the U.S. is quite worrying,” Seymour Pierce’s Lapwood said.
LendingTree revenue fell 41 percent to $63 million because of the deteriorating mortgage market and a decline in real- estate values, IAC said. The unit posted an operating loss of $5.6 million and will have a loss in the fourth quarter, the company said.
“It will be a very steep mountain to climb to get back to any growth” at LendingTree, IAC Chief Financial Officer Tom McInerney said on a conference call with analysts and investors.
However, despite the gloom in the market Zillow appears to be headed headlong into this choppy water according to its brief teaser, "A New Opportunity for Mortgage Professionals," on the Zillow Blog.
Zillow’s announcement also seems to have a job opportunity attached to it. This has brought out a couple of bloggers that have put forward their best proposal (or rather a quest for good ideas) and opened discussion on what the "new opportunity" should be to interest mortgage professionals.
I won’t go into my thoughts on the topic here since you can read what I think is important to Zillow’s success in my comment to Morgan Brown’s excellent analysis. However, it sounds like you certainly should if you have ideas or are interested in the job since Drew Meyers and Zillow are paying attention and taking notes!
Seems like the right way to build a company, loyal and fanatical clients, and great products–IMHO.