Zillow Group has completed its previously announced acquisition of Mortgage Lenders of America, a national mortgage lender based in Overland Park, Kan.
Zillow said owning a mortgage lender will allow it to develop new tools and partnership opportunities, including for real estate brokers with existing in-house mortgage operations or mortgage affiliates and its existing mortgage advertisers.
Mortgage Lenders of America will continue its current line of business, offering mortgages to consumers and participating in Zillow's mortgage marketplace. The company has approximately 300 employees.
Philip Kneibert will continue to lead the company as vice president and general manager of Mortgage Lenders of America. He will report to Greg Schwartz, president of media and marketplaces at Zillow. The company will continue to operate from its Kansas headquarters.
Zillow said the acquisition will streamline and shorten the home-buying process for consumers who purchase homes through Zillow Offers.
"Getting a mortgage is often the hardest, most complicated part of buying a home," Schwartz said. "We acquired MLOA, which we will rebrand in 2019, so we could streamline, shorten, and simplify the home-buying process for consumers who purchase homes through Zillow Offers."