Aug 06, 2018
Overland Park-based home loan provider, Mortgage Lenders of America LLC, agrees to sell to well known Seattle real estate company, Zillow Group. Mortgage Lenders of America was named one of Kansas City area's fastest-growing companies in 2018 by Kansas City Business Journal, was ranked No. 107 on the Kansas City Business Journal's Top Private Companies List and was named one of the Kansas City area's Best Places to Work in 2017.
Zillow, one of the largest real-estate brands, launched a new line of business: buying and selling homes directly. Zillow purchased 19 homes in Phoenix in the second quarter of 2018. By acquiring a Mortgage Lenders of America, Zillow is positioning itself to serve customers at all stages of the home buying process. In 2017, Zillow recorded $1.07 billion in revenue.
“This quarter also marked a major milestone in Zillow Group’s history, as we launched our Homes business and began buying houses directly from homeowners in two cities through Zillow Offers,” said Zillow CEO Spencer Rascoff in a statement. “At this exciting time in the real estate industry, Zillow Group is committed to developing innovative technology and services, like Zillow Offers and, with today’s announcement, potential for mortgage originations, that help our partners meet evolving consumer expectations, while generating more revenue opportunities.”
Mortgage Lenders of America will still continue to operate out of the Overland Park office and maintain Philip Kneibert as President of Mortgage Lenders of America. Kneibert will report to president of media and marketplaces at Zillow Group, Greg Schwartz.
"At Mortgage Lenders of America, we are focused on helping home buyers make informed, confident decisions about their mortgage selection,"Philip Kneibert, president of Mortgage Lenders of America, said in a release. "We are excited to be joining Zillow Group and look forward to working together to develop an innovative new mortgage experience to better serve buyers."