Most homebuyers spend about as much time researching their next television purchase as they do their mortgage lender, compounding mortgage lenders’ struggles standing out from their competitors.
Listings portal site Zillow is telling investors it plans to build a “housing super app,” an ambition that rests in part on attracting more sellers to its platform.
It’s Banker & Tradesman’s annual Fast 50, where we rank the fastest-growing commercial and residential mortgage lenders in Massachusetts. Who’s on top? How’d they do it?
In its second quarter earnings call, Zillow announced it was hitting pause on plans to expand its mortgage business – for now.
Will Zillow take over the world? No. But recent experience shows it doesn’t pay to underestimate a large, tech-savvy company intent on disruption. The rise of Quicken Loans, through its Rocket Mortgage all-digital mortgage product, offers a stark example.
While online real estate giant Zillow’s foray into mortgage lending might seem scary initially, it is unlikely to have too much of a detrimental impact on local, more personalized lenders, those same lenders say.
This is fine. Everything is fine. There’s nothing to worry about here.
