SEATTLE and OVERLAND PARK, Kan., Aug. 6, 2018 /PRNewswire/ -- Zillow
Group, Inc. (NASDAQ: Z and ZG), which houses a portfolio of the
largest and most vibrant real estate and home-related brands on
mobile and the web, today announced that it has entered into a
definitive agreement to acquire Mortgage Lenders of America, a
national mortgage lender, headquartered in Overland Park, Kan. The transaction, which is
subject to the satisfaction of customary closing conditions,
including mortgage regulatory approvals, is expected to close
during the fourth quarter of 2018. Terms of the deal were not
disclosed.
The acquisition of Mortgage Lenders of America will allow Zillow
Group to streamline and shorten the home-buying process for
consumers who purchase homes through Zillow Offers. This is
consistent with Zillow Group's strategy to create a better
home-buying experience by building products that ease and simplify
the transaction.
In addition, Mortgage Lenders of America will continue its
current line of business, offering mortgages to consumers and
participating in Zillow's mortgage marketplace. Owning a mortgage
lender will allow Zillow Group to develop new tools and partnership
opportunities, including for real estate brokers with existing
in-house mortgage operations or mortgage affiliates.
Zillow Group's current advertising products for lenders –
Connect, Custom Quotes and lender co-marketing – remain an
important part of the business, and the company intends to support
and grow that marketplace for years to come. In 2017, consumers
submitted 23 million loan information requests through Zillow
Group's consumer brands. Zillow's lender advertising partners
are vital to fulfilling the needs of those consumers going forward.
Mortgage Lenders of America is an existing advertising client
and, in 2017, originated 4,400 mortgage loans – leaving plenty of
opportunity for independent lenders to continue to advertise and
build their businesses on the Zillow Group platform.
"Getting a mortgage can be the toughest, most painstaking and
time-consuming part of the home-buying process," said Greg Schwartz, president of media and
marketplaces at Zillow Group. "Now that we are buying and selling
homes through Zillow Offers, we believe that having our own
mortgage origination service as an option for consumers will allow
us to streamline the process for people who buy a Zillow-owned
home. Over time, we expect the work we do in conjunction with this
new line of business will help us expand our offerings to our
partners – including real estate brokers with existing in-house
mortgage operations and third-party lenders who co-market with
Premier Agents."
"At Mortgage Lenders of America, we are focused on helping home
buyers make informed, confident decisions about their mortgage
selection," said Philip Kneibert,
President of Mortgage Lenders of America. "We are excited to be
joining Zillow Group and look forward to working together to
develop an innovative new mortgage experience to better serve
buyers."
Mortgage Lenders of America was founded in 2000 and has
approximately 300 employees. The company is led by Philip Kneibert. After the transaction closes,
Kneibert will continue to lead the company as general manager of
Mortgage Lenders of America reporting to Greg Schwartz.
Mortgage Lenders of America will continue to operate from its
Kansas headquarters.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 that involve
risks and uncertainties, including, without limitation, statements
regarding the proposed acquisition of MLOA, Zillow Group's business
and financial outlook, strategic priorities, and operational plans
for 2018. Statements containing words such as "may," "believe,"
"anticipate," "expect," "intend," "plan," "project," "will,"
"projections," "continue," "business outlook," "forecast,"
"estimate," "outlook," "guidance," or similar expressions
constitute forward-looking statements. Differences in Zillow
Group's actual results from those described in these
forward-looking statements may result from actions taken by Zillow
Group as well as from risks and uncertainties beyond Zillow Group's
control, including but not limited to, the satisfaction of
conditions precedent to the closing of Zillow Group's proposed
acquisition of MLOA. For more information about potential factors
that could affect Zillow Group's business and financial results,
please review the "Risk Factors" described in Zillow Group's
Quarterly Report on Form 10-Q for the quarterly period ended
March 31, 2018 filed with the
Securities and Exchange Commission, or SEC, and in Zillow Group's
other filings with the SEC. Except as may be required by law,
Zillow Group does not intend, and undertakes no duty, to update
this information to reflect future events or circumstances.
About Zillow Group, Inc.
Zillow Group (NASDAQ:Z) (NASDAQ:ZG) houses a portfolio of
the largest real estate and home-related brands on mobile and the
web, which focus on all stages of the home lifecycle: renting,
buying, selling and financing. Zillow Group is committed
to empowering consumers with unparalleled data, inspiration and
knowledge around homes, and connecting them with great real estate
professionals. The Zillow Group portfolio of consumer
brands includes real estate and rental marketplaces
Zillow®, Trulia®,
StreetEasy®, HotPads®, Naked
Apartments®, RealEstate.com and Out
East®. In addition, Zillow Group provides a
comprehensive suite of marketing software and technology solutions
to help real estate professionals maximize business opportunities
and connect with millions of consumers. Zillow Offers™ provides
homeowners in some metropolitan areas with the opportunity to
receive offers to purchase their home from Zillow. When Zillow buys
a home, it will make necessary updates and list the home for resale
on the open market. The company operates a number of business
brands for real estate, rental and mortgage professionals,
including Mortech®, dotloop®, Bridge
Interactive® and New Home Feed®. The
company is headquartered in Seattle, Washington.
Zillow, Mortech, Bridge Interactive, StreetEasy, HotPads, Out
East and New Home Feed are registered trademarks of Zillow,
Inc. Zillow Offers is a trademark of Zillow,
Inc. Trulia is a registered trademark of Trulia,
LLC. dotloop is a registered trademark of DotLoop,
LLC. Naked Apartments is a registered trademark
of Naked Apartments, LLC.
About Mortgage Lenders of America, L.L.C.
Mortgage Lenders of America, L.L.C. (MLOA), NMLS #10287 is a
rapidly growing, national provider of online mortgage lending
services, headquartered in Overland Park,
KS. Founded in 2000, MLOA has funded over 30,000 loans in
the United States and consistently
achieves customer satisfaction ratings above 96%. The company
employs over 300 loan professionals who are trained to help buyers
make informed, confident decisions about their mortgage selection –
whether it's a first time home purchase, refinance or veteran
product. With the ability to handle all aspects of the loan
in-house, borrowers can expect a quicker, more efficient path to
closing when working with MLOA. This customer-centric approach has
earned MLOA industry recognition for customer satisfaction and
best-in-class online lending. Learn more about the company and
these recognitions here:
https://www.mortgagelendersofamerica.com/accolades.
(ZFIN)
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SOURCE Zillow Group