The space for cellphone house search apps just got more crowded. Zillow just jumped in with one stop shopping for a home – finding a home and FINANCING the purchase!
Forbes – Need to buy, sell or finance a home? Zillow can now help with all of it.
Earlier this week, the company officially launched its Zillow Home Loans arm, solidifying Zillow’s place at virtually every touchpoint in the home buying and selling process.
Buyers can use its property listings—as well as those on partner sites Trulia and StreetEasy—to find homes, condos and co-ops for purchase. Then, when they’re ready to buy, Zillow Home Loans can help with mortgage financing. Finally, when the homeowner is ready to sell, Zillow Offers can give them an instant way to offload the home without the hassles of the open market.
Erin Lantz, vice president and general manager of mortgages for Zillow Group, said the move into mortgage loans is the company’s way of easing “the hardest, most complicated part of buying a home.”
The announcement isn’t completely out of the blue. Zillow Group acquired Mortgage Lenders of America last fall. The company had approximately 300 employees at the time and logged $54 million in revenues in 2017.
Let’s see if Quicken Loans ups the ante and purchases a home buying app like Huvvit to build on their Rocket Mortgage success.
Live agent? As opposed to a dead agent?
Fannie Mae and Freddie Mac’s stay in regulatory purgatory may be coming to an end.
President Trump announced his plan to recapitalize the GSEs Fannie Mae and Freddie Mac and release them into the wild.
The memorandum is short, both in length and details.
The President is directing the Secretary of the Treasury and the Secretary of Housing and Urban Development to craft administrative and legislative options for housing finance reform.
- Treasury will prepare a reform plan for Fannie Mae and Freddie Mac
- HUD will prepare a reform plan for the housing finance agencies it oversees.
What is left out of the memo is … whether Fannie and Freddie will carry a Federal guarantee or not. And where their capital will come from.
So, rather than shutting them down, Trump is “catching and releasing” like undersized lobsters. But these are not undersized (or “chicken” lobsters, but extremely large financial institutions.
For example, Fannie Mae has a loan book of 3.26 trillion …
while Freddie Mac’s loan book is $1.93 trillion.
This compares with Bank of America’s loan book of almost a trillion dollars.
Wells Fargo has a similar loan book to BofA.
So, how much capital will Fannie and Freddie have to raise to get released given their YUGE book of loans, given their interest rate exposure?
Its almost Supernatural that Fannie and Freddie are escaping purgatory.