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The popular real estate listing service has announced its buying Mortgage Lenders of American, a move that will expose Zillow to a new revenue stream but also has been a historically risky industry.
“Getting a mortgage can be the toughest, most painstaking and time-consuming part of the home-buying process,” Greg Schwartz, president of media and marketplaces at Zillow, said in a statement. “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.” Zillow investors greeted the news with more than a sense of caution. The company’s stock fell as much as 18.4% on the news, although it had stabilized somewhat and was trading down 16.3% at $48.67 a share in after-hours trading Monday.
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