Zillow Is Now In The Mortgage Business With The Acquisition Of Mortgage Lenders Of America
The real estate web company Zillow announced that it has completed its acquisition of Mortgage Lenders of America. This marks the company’s first steps into the mortgage industry.
The internet company got into the home selling business last year when it launched, Zillow Instant Offers. The program allows prospective home sellers to receive offers for their home direct from investors.
But the company soon became an investor itself. They started another company called Zillow Offers. The company is now directly buying houses from sellers in several major test markets.
The company announced in August it was acquiring Mortgage Lenders of America.
The acquisition with MLOA is complete. The internet company will be announcing next year that it plans to rebrand the mortgage company.
Zillow Group President Greg Schwartz told the media:
Getting a mortgage is often the hardest and most complicated part of buying a home. We acquired MLOA so we could streamline, shorten and simplify the home-buying process for consumers who purchase homes through Zillow Offers.
The internet company also announced its acquisition will streamline the home buying process for Americans who purchase homes through Zillow Offers.
MLOA will also continue its current line of business including FHA loans. MLOA offers mortgages to consumers aside from Zillow’s marketplace.
Zillow explained that owning a mortgage lender will allow it to develop new tools and partnership opportunities, including for real estate brokers with existing in-house mortgage operations or mortgage affiliates and its existing mortgage advertisers.
MLOA was founded in 2000. It also has about 300 employees. The company is led by Philip Kneibert. Kneibert will continue to lead the company as vice president and general manager and will report to Greg Schwartz. The company plans to compete toe-to-toe with Dan Gilbert and Quicken Loans.