Zillow now originating loans with text

Ask someone what Zillow is and they will inevitably tell you it is an online resource for consumers looking to buy or sell a home. However, seemingly in response a drop it its stock value, Zillow Group is moving from being a marketing/advertising resource to originating loans. Zillow has acquired Mortgage Lenders of America.

Shares of Zillow Group Inc. tumbled Tuesday toward their biggest one-day selloff in nearly six years, as the real estate information marketplace’s disappointing earnings report and outlook prompted a host of Wall Street analysts to slash their price targets, according to online source, Market Extra.

WITH TEXT Mortgage Rates Migrate Upwards

The highest interest rates in about a month and high home prices took their toll on the mortgage business last week.

Trend has been no friend

The sales trend has hardly been our friend this year.

The trend in existing-home sales is down. Sales decreased for a third consecutive month in June. Sales posted at 5.38 million on an annualized rate. Existing-home sales are down 2.2% year over year.

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