Zillow Group, which houses the largest portfolio of real estate brands on mobile and Web, has launched a mortgage division called Zillow Home Loans. The company hopes to capture home buyers who visit Zillow with what it deems an easier and streamlined mortgage application process.
The website Mortgage Professional America said the real estate listing giant had already dipped its toes into the homebuying business with Zillow Offers, which allowed sellers to sell their home directly to Zillow. Zillow Offers is currently available in nine markets around the US. Zillow Home Loans can be used in conjunction with Zillow Offers to streamline the homebuying process.
Zillow Group, parent company of Zillow Home Loans, said in a statement that homeowners using Zillow Offers to sell their home can secure their financing through Zillow Home Loans, giving them the certainty to sell their existing home and shop for a new home simultaneously. Home shoppers who want to purchase a Zillow-owned home may use the mortgage program to finance their home purchase, giving them a way to get into their new home on their timetable.
The use of Zillow Home Loans is not restricted to Zillow Offers' home sales just as borrowers may still use Zillow's mortgage marketplace to shop for a lender and loan for any home purchase or refinanced loan.
Zillow Home Loans is the former Mortgage Lenders of America, a mortgage origination business acquired by Zillow in 2018. It is currently headquartered in Overland Park, Kansas, and has more than 300 employees.