RETECHNOLOGY PREMIUM MARKETPLACE RELATED PRODUCTS | WEBINARS | SPECIAL OFFERS
You are viewing our site as a Broker, Switch Your View:
Agent | Broker Reset Filters to Default Back to List
Due to the ongoing situation with Covid-19, we are offering 3 months free on the agent monthly membership with coupon code: COVID-19A
UNLIMITED ACCESS
With an RE Technology membership you'll be able to view as many articles as you like, from any device that has a valid web browser.
Purchase AccountNOT INTERESTED?
RE Technology lets you freely read 5 pieces of content a Month. If you don't want to purchase an account then you'll be able to read new content again once next month rolls around. In the meantime feel free to continue looking around at what type of content we do publish, you'll be able sign up at any time if you later decide you want to be a member.
Browse the siteARE YOU ALREADY A MEMBER?
Sign into your accountCFPB Investigating Zillow – Brokers Consider RESPA
May 12 2017
Inman News journalist Andrea Brambila broke the story on Thursday that Zillow is under investigation by the CFPB. Apparently this has been happening for two years.
According to Brambila, "The program, launched in June 2013, allows 'Premier Agents' who pay for advertising on Zillow Group's apps and websites to invite lenders to share marketing costs by paying Zillow Group to appear as 'Premier Lenders' in advertising alongside the agent."
What Should You Do?
Brokers should take immediate action. Agent activities are supposed to be supervised by the broker. We do not know who is going to become the target of the CFPB. That is the funny thing about regulators. Perhaps they find Zillow complicit, but I would expect that there is a possibility that they pursue the mortgage company and the real estate community who are also knowingly involved in the practice.
Brokers need to establish a defensible position, especially if you are a large firm. Here are a few ideas. Be sure to document your efforts in the even that you need to defend yourself against the wrath of the CFPB.
1. Send notice to your agents alerting them to the concern
2. Have office meetings to educate agents about the concern to educate agents on RESPA