Amid rising demand for mortgages, Zillow launches “Home Loans” division

The listing giant acquired the business, Mortgage Lenders of America, last year

National /
Apr.April 02, 2019 11:30 AM

Zillow CEO Rich Barton (Credit: Twitter and Zillow)

Zillow is rolling out its Home Loans division as the demand for residential mortgages ramps up.

The listing giant said it was moving into the mortgage origination business in August when it acquired Mortgage Lenders of America, a 300-person mortgage brokerage. Borrowers using Zillow’s Home Loans division don’t need to use Zillow Offers, its homebuying and selling business, to secure mortgages through Zillow, according to CNBC, which first reported the rollout.

Nationwide, the demand for mortgages has increased thanks in part to recent drops in mortgage rates.

In February, Seattle-based Zillow announced it was expanding its Zillow Offers to 14 markets by the end of this year, with a projected annual revenue of $20 billion within five years. The news wasn’t all good. Its fourth quarter earnings in November revealed an average profit of just $1,723 per home sold during that period. [CNBC]Katherine Kallergis


Related Articles

arrow_forward_ios
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hassan Whiteside and 528 Lakeview Court in Miami Beach (Getty, Joe Azar/Compass)
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
NBA’s Hassan Whiteside lists Miami home for $23M, triple what he paid for it
Frank Simone and Christina Pappas with the Miami skyline (Getty images)
Tighter lending standards foiling condo deals after Surfside collapse
Tighter lending standards foiling condo deals after Surfside collapse
Donald Trump and Grant Cardone (Cardone Enterprises)
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
Presidential surprise: Donald Trump kicks-off Grant Cardone’s 10X Growth Conference
(ONE Sotheby's Realty)
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Former mayor George “Bud” Scholl’s waterfront home hits market for $13.9M
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
Home prices notched record-shattering growth in 2021, but slowdown is likely
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...