Zillow Mortgage Leads Review: What Loan Officers Need to Know

The Platform That Owns Your Borrowers Before You Do

Two-thirds of all online real estate traffic goes through Zillow.

Not LendingTree. Not Realtor.com. Not Google.

Zillow.

And 97% of today's homebuyers use the internet somewhere in their home search — that's NAR's own data.

So when you're asking where your future borrowers are spending time online before they find a loan officer, the answer is Zillow.

That's the whole case for advertising there.

And it's a real case.

Zillow isn't some niche aggregator. It's the dominant consumer real estate platform in the United States, and it has been for over a decade.

When someone is browsing homes at 11pm on a Tuesday — dreaming, planning, getting serious — they're almost certainly doing it on Zillow.

The question isn't whether your borrowers are on Zillow.

They are.

The question is whether paying Zillow to reach them is good business for you specifically.

That answer is more complicated than their sales team will ever tell you.

How Zillow's Mortgage Products Actually Work

Zillow offers two distinct products for loan officers.

They're not interchangeable. They attract different borrowers at different points in the funnel. And they require very different strategies.

Custom Quotes — the rate table product

This is what most people mean when they say "Zillow mortgage leads."

A consumer lands on a Zillow property page or mortgage section. They see a rate comparison table. They go through a questionnaire — loan amount, property type, credit score range, contact information. They click on your rate. You get the lead.

Zillow describes these borrowers as "experienced homebuyers, relatively far along in their house hunting journey." That's real. Rate table shoppers are comparing numbers. They know what they're looking for.

The catch: you need Mortech as your pricing engine to participate. If your PPE isn't Mortech, you're not in the rate table. Full stop.

The minimum spend is $2,500 per month. That's not a trial. That's the floor.

Zillow Connect — the early-stage product

Zillow Connect is a different animal.

These are consumers who are earlier in the process. Often first-time buyers. Often still figuring out what they can afford. Often no agent yet.

Lower intent than the rate table crowd. Higher volume.

The play here isn't "close them this week." The play is relationship. Education. Getting booked on their calendar so you're the LO they call when they're actually ready.

Some LOs report booking 2–5 calendar appointments per month through Zillow Connect, then nurturing those relationships through the funnel.

It works — if you have the patience and the infrastructure.

What Zillow Mortgage Leads Actually Cost

Pricing is all over the place, so let's be specific.

The raw CPL range is $30–$300 depending on loan value.

Higher-value loans cost more. A $750,000 purchase lead is worth more to Zillow than a $250,000 refinance, and they price accordingly.

What typical lenders actually pay: $75–$120 per lead, based on Thunderbit's May 2025 analysis of active lenders on the platform.

The canonical range for planning purposes: $30–$150.

Source data comes from BankingBridge, Thunderbit (May 2025), HousingWire (December 2025), and Exclusive Leads Agency's lender surveys.

And then there's the floor: $2,500 per month minimum to participate on the rate table.

That means before you close a single loan, you've committed to spending $2,500.

If you're running a lean operation and that number makes you nervous, that's useful information.

For comparison: Bankrate's leads run $100–$250+, and LendingTree shared leads run $30–$100 — but LendingTree sells that same lead to five lenders simultaneously.

Zillow's model is different. The consumer chooses you from the rate table. That selectivity is part of what you're paying for.

The Conflict Nobody Talks About Plainly

In 2018, Zillow launched Zillow Home Loans.

They originate mortgages directly.

They compete with you.

And you pay them to advertise on a platform where they compete with you.

That's not a conspiracy theory. That's just what happened.

Here's the specific problem:

Zillow Home Loans appears on the same rate table as the lenders paying to advertise there. Zillow controls the algorithm that determines placement and visibility.

You're in a race that the track owner is also running.

The numbers from 2024 HMDA data tell part of the story. Zillow Home Loans averaged a total loan cost of $8,111 per loan that year, according to a LendingTree analysis. That's not a competitive number. But Zillow doesn't need to be the cheapest. They just need to be on the table — the table they control.

The Zillow Flex situation

Zillow Flex is their agent partnership program. Agents in the program get leads for free — but pay Zillow a referral fee when a deal closes.

Here's the part that matters to you:

Some Zillow Flex agents are contractually required to route a percentage of their deals to Zillow Home Loans.

This creates a specific problem for the co-marketing model.

You pay to partner with a Zillow Premier Agent. You split lead costs with that agent. You expect to be their preferred lender.

But if that agent is in the Flex program, some of those deals may be contractually obligated to go to Zillow Home Loans instead.

You're funding a pipeline that routes away from you.

One LO on r/loanoriginators put it plainly in July 2025:

"They are blurring the lines with their mandate for Zillow Flex accounts to refer X% of deals to Zillow mortgage. It really hurts the realtors' numbers in actuality because Zillow mortgage LOs suck."

Worth noting: Bankrate doesn't originate mortgages. Their only revenue comes from lender advertising. Their incentives and yours are fully aligned.

Zillow's incentives are split.

That's not a reason to automatically walk away. But it is something you should price into the decision.

Conversion Rates and What a Loan Actually Costs You

Here's where most Zillow lead discussions go wrong.

Everyone talks about CPL. Nobody talks about cost per funded loan.

CPL is what you pay per contact. CPFL is what you pay per closed deal.

Those numbers are wildly different — and the gap between them is your conversion rate.

Tier 1 — What average operations experience:

Conversion: 0.5–2% Typical CPL: $75–$150 CPFL: $3,750–$30,000

This is the "try it and quit" cohort. They buy Zillow leads. Leads come in. Nobody calls within 5 minutes. CRM automation doesn't exist. Competing against Zillow Home Loans on price without knowing it. Numbers don't pencil. They cancel after 90 days and tell their friends Zillow doesn't work.

Tier 2 — What well-run operations experience:

Conversion: 3–5% Typical CPL: $75–$150 CPFL: $1,500–$5,000

Same CPL. Completely different outcome.

Calendar-booked appointments. Sub-5-minute speed-to-lead. CRM follow-up sequences. Competitive pricing on the rate table. Co-marketing with agents who aren't in the Flex program.

The LO who reported 2.5–3x ROI in February 2024 on r/loanoriginators was running roughly $2,000–$2,500 CPFL at the time — that tracks with Tier 2.

The caveat you need to hear:

Give 100 Zillow leads to two different loan officers.

One books 8 appointments. One books zero.

Same leads. Different results.

Speed-to-call, pricing competitiveness, and whether Zillow Home Loans is competing for that exact borrower all drive the gap.

Your systems determine your results more than the lead source.

What Real Loan Officers Say About Zillow Leads

These are from r/loanoriginators. Attributed with dates because the market has changed.

People who made it work:

"2.5-3.0x ROI but it was a huge time commitment." — r/loanoriginators, February 2024

That's a real result. But notice: huge time commitment. This wasn't passive income. This was operations built around working the leads hard.

"We get 2-5 appointments booked on our calendar from Zillow leads and continue to convert them at a rate that makes sense for us." — r/loanoriginators, July 2025

This is the Zillow Connect use case working as designed. Lower intent leads, longer nurture, calendar-booked pipeline.

"Zillow, LendingTree, etc leads are mostly good but needs heavy cash flow." — r/loanoriginators, May 2024

Accurate. $2,500/month minimum plus actual CPL spend means you need runway. If you're month-to-month on cash flow, this is the wrong channel.

People who walked:

"Do not buy Zillow leads." — r/loanoriginators, January 2025

Context matters. This was advice to a new LO. The recommendation: build agent relationships instead. That's not wrong — but it's a different strategy, not a verdict on Zillow for every operator.

"I stopped because Zillow launched their own mortgage group and it didn't make sense to fund a competitor." — r/loanoriginators, February 2024

This is the most common reason experienced LOs cited for pulling out. Not that the leads were garbage. That the structural setup felt wrong.

"They are blurring the lines with their mandate for Zillow Flex accounts to refer X% of deals to Zillow mortgage. It really hurts the realtors' numbers in actuality because Zillow mortgage LOs suck." — r/loanoriginators, July 2025

The takeaway: Zillow leads work for some people and don't for others. That's not a fence-sitter answer. It's an honest one.

The Co-Marketing Play — And Why It Gets Complicated

There's a version of Zillow advertising that works differently than pure lead buying.

Instead of buying leads directly, you partner with a specific Zillow Premier Agent.

You split the lead cost with that agent. They route their buyers to you as the preferred lender. Your conversion is higher because you're pre-endorsed — not a cold name on a rate table.

This is the co-marketing model.

It's real. It works. And in theory, it solves a lot of the conversion problems with pure lead buying.

But the Flex mandate complicates it.

If your target agent is in the Zillow Flex program, they may be contractually required to route a portion of deals to Zillow Home Loans.

Not because they prefer Zillow Home Loans. Not because their clients asked for it. Because the contract says so.

Before you pursue a co-marketing relationship with a Zillow Premier Agent, ask one question directly:

Are you in the Zillow Flex program?

If they say yes, understand what that means for your deal flow before you sign anything.

If they say no — or if they're a high-volume producer who operates outside Flex — the co-marketing model can still be a legitimate way into Zillow's buyer funnel without the direct Zillow Home Loans conflict you'd face on the rate table.

Who Zillow Leads Actually Work For

This channel is right for you if:

• You have a $2,500+/month budget you can commit for 90+ days without needing immediate returns
• You're running Mortech as your pricing engine — non-negotiable for the rate table
• You have CRM automation and sub-5-minute speed-to-lead infrastructure
• Your rates are competitive — the rate table is a direct comparison tool
• You're interested in co-marketing with agents who are not in the Zillow Flex program
• You understand you're advertising on a platform that competes with you

This channel is wrong for you if:

• You're a solo LO without speed-to-lead infrastructure
• Your rates are above-market
• $2,500/month is a stretch for your cash flow
• You're not comfortable funding a platform that originates mortgages and competes with you for the same borrowers

That last one is a values question as much as a financial one. Some LOs are fine with it. Others aren't. Neither answer is wrong.

The Long Game: Building What Zillow Can't Take From You

Here's the reality of buying leads from any platform.

Whether it's Zillow or LendingTree or Bankrate — you're renting access to borrowers who found someone else first.

That's not a terrible thing. Third-party leads have funded a lot of mortgage businesses.

But platforms change their terms. Zillow launched a competing mortgage company. Zillow Flex created mandates that route deals away from you.

Things that seemed stable in 2022 look different in 2026.

The LOs who are most insulated from all of that are the ones generating their own leads.

Not through cold calls. Not through buying names from data brokers.

Through owned digital infrastructure — landing pages that convert, ad funnels that capture first-party data, borrower relationships that start with you and stay with you.

That's what LeadPops builds for mortgage lenders.

You stop competing on someone else's platform. You stop funding a company that competes with you. You build a pipeline that Zillow can't restructure out from under you.

If you're serious about diversifying away from third-party lead dependence — or you want to run the math on what first-party leads would actually cost your operation — start here.

The mortgage leads landscape is competitive. The LOs who win it are the ones who understand their numbers — and don't outsource the math to the platform selling them the leads.

FAQ

How much do Zillow mortgage leads cost?

Zillow mortgage leads typically cost between $30 and $150 per lead depending on loan value and market. Higher-value loans cost more — you can pay up to $300 for premium tiers. The rate table product requires a $2,500/month minimum spend. Typical CPL runs $75–$120 based on 2025 data. The number that actually matters is cost per funded loan, which ranges from $1,500–$5,000 for well-run operations and $3,750–$30,000 for average ops.

Does Zillow have its own mortgage company?

Yes. Zillow launched Zillow Home Loans in 2018. They originate mortgages directly and compete with the lenders who advertise on their platform. Zillow Home Loans appears on the same rate table as paying lender advertisers, and Zillow controls the algorithm that determines placement. This is the most important thing to understand before buying Zillow leads.

Are Zillow mortgage leads worth it for loan officers?

It depends on your infrastructure. Well-run operations with CRM automation, fast follow-up, Mortech as their pricing engine, and competitive rates can see CPFL of $1,500–$5,000. Average ops without those systems see CPFL of $3,750–$30,000 — and often quit before they figure out why. The $2,500/month minimum commitment and competition from Zillow Home Loans make this a high-stakes channel that rewards sophisticated operators.

What is the conversion rate for Zillow mortgage leads?

Conversion rates split sharply by operational sophistication. Average operations convert 0.5–2% of Zillow leads to funded loans. Well-run operations with calendar-booked appointments and fast follow-up convert 3–5%. Same 100 leads can mean 0 closings or 8 appointments depending on your speed-to-lead, pricing competitiveness, and whether Zillow Home Loans is competing with you for that specific borrower.

What is Zillow Connect for mortgage lenders?

Zillow Connect is Zillow's early-stage lead product targeting consumers who haven't yet chosen an agent or committed to a purchase timeline. Unlike the rate table product (Custom Quotes), these leads are lower intent — often first-time buyers just starting their search. Volume is higher. Conversion is lower. The play is relationship and education, not immediate application. Some LOs use it to book calendar appointments for follow-up sequences.

Related: Where to Buy Mortgage Leads in 2026 | Bankrate Mortgage Leads Review | LendingTree Mortgage Leads Review | Cost Per Funded Loan