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Real estate website Zillow expands into mortgage business

CNBC logo CNBC 4/2/2019 Emma Newburger

    Real estate website Zillow on Tuesday announced a new Home Loans division that will allow users shopping for mortgages to receive financing directly from the company.

    It's Zillow's latest push toward having customers directly buy and sell homes. The company said in February it was doubling down on its homebuying and selling business, projecting annual revenue of $20 billion over the next five years.

    The new business is designed to work with Zillow Offers, the company's direct home sales operation, with the goal of streamlining and simplifying real estate transactions. Customers don't need to use Zillow Offers, however, to get home financing through Zillow, the company said.

    Related video: Zillow wants to get into home-flipping


    "Home Loans" is the renamed mortgage origination business, formerly known as Mortgage Lenders of America, which Zillow acquired in 2018.

    "With Zillow Home Loans we are taking an incredible step forward to deliver an integrated payments platform to complete the financing for Zillow Offers that delivers a more seamless, on-demand real estate experience today's consumers expect," Erin Lantz, Zillow's vice president and general manager of mortgages, said in a statement.

    The launch of Zillow Home Loans is in conjunction with a change in the company's mobile apps and website design. The real estate giant also launched a new ad campaign with a new design logo.


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