Zillow more than doubles mortgage originations in 2Q
National Mortgage News
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Zillow Home Loans purchase volume was up 125% year-over-year in the second quarter, as it looks to build on a business opportunity that company management said is now "wide open and large." That is in comparison with nearly three years ago, when the shuttering of the iBuyer unit was seen as a big detriment to the mortgage lending operation. Total originations in the second quarter were $759 million, all but $3 million of which was for consumers buying a home. This compared with $340 million during the second quarter of 2023, with just $4 million of refinance production.
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Better Home & Finance, coming off another quarterly loss, claims its running some of the most efficient sales operations in the mortgage industry. The digital lender, reporting earnings for just the fourth time as a public company, had a $42 million net loss in the second quarter, it said Thursday. That's an improvement over the $51 million deficit it posted to begin the year. Better's origination volume is far different from what it was doing during the refinance boom, when the firm claimed a 1-2% market share. The lender, like many, fell into a massive hole during the market's slowdown.
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Guild Mortgage is seeing the benefit of its efforts to gain market share, more than doubling its origination volume and seeing a 32% increase in its net income in the second quarter. And after several acquisitions in recent years, it continues to look for more opportunities to expand, executives said. The mortgage and servicer's origination volume rose to $6.5 billion, up from $3.9 billion in the first quarter this year, marking a 69% increase. The majority of that volume (92%) was purchase business, the company said.
Democratic lawmakers this week asked the Federal Home Loan Bank of New York to adopt modern credit scoring models to assess collateral that includes alternative data like rental payments, which they say would expand homeownership opportunities for underserved and historically marginalized communities. In a letter this week, House Democrats Ritchie Torres and Gregory Meeks — both of New York — said the Federal Home Loan Bank of New York could expand homeownership opportunities by incorporating new credit practices.
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EMS Ops Director, Consultant {LION}
3 个月200k a year not so near!
geodoma.com
3 个月Premier broker >>> 40% kickback to Zillow Flex + steers clients to Zillow Home Loans https://www.theinformation.com/articles/zillows-mortgage-push-has-some-critics-crying-foul "Zillow Group operates the Zillow Flex program as well as Zillow Home Loans. “Partner agents” who get leads from Zillow Flex are required not to “purposefully interfere” with existing relationship with Zillow Home Loans. This means that Zillow Flex agent cannot recommend another lender to consumers, if they are already using Zillow Home Loans. Not only does Zillow collects an unlawful kickback at 40% from Zillow Flex agent’s commissions, they also prevent the Zillow Flex agent from acting in consumers’ best interest to recommend an alternative lender. Zillow is the No. 1 real estate website in America, by traffic volume." https://www.regulations.gov/comment/CFPB-2024-0021-0948 This sums it up, I think.
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3 个月I wonder what the satisfaction rate of the client was, and how their rates compared to the rest of the market.
Next Trend Realty LLC./wwwHar.com/Chester-Swanson/agent_cbswan
3 个月Good to know!.