On the day it announced second-quarter earnings, Zillow Group also announced its first move into mortgage originations, detailing its purchase of Kansas-based online lender Mortgage Lenders of America.
Zillow said the acquisition would allow the company to streamline and shorten the homebuying process for consumers who use Zillow Offers.
Yet the deal comes with risk, as CEO Spencer Rascoff said Zillow’s “compliance bill is going up.” Read on for more details on the acquisition.