The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Real Estate

Zillow slapped with $60 million lawsuit over hacked listing of Bel Air mansion

Seller sues listings giant for negligence after hackers post false sales info

Zillow Group is facing a $60 million lawsuit for negligence after a listing on its site was hacked last month.

The listing – for a $150 million property in Bel Air, California – was hijacked by someone using a Chinese internet protocol address who posted false sales information about the property, according to an article in The Washington Post.

The hackers claimed that the property had been sold multiple times for tens of millions of dollars below asking price – once for $110 million, then for $90.5 million and then $94.3 million. They also posted notice of an open house for the property, which would be unusual for a luxury listing at this price.

The new construction property is a 38,000-square-foot mansion overlooking the Pacific Ocean with 12 bedrooms, 21 bathrooms, three kitchens, five bars, a bowling alley, tennis courts, wine cellars and an infinity pool. (Check out photos here.)

According to a compliant filed in federal district court in Los Angeles by the seller of the property – a limited liability company controlled by luxury builder Bruce Makowsky – the false sales information inflicted damage on the sellers by dramatically corrupting the listing price.

According to the suit, the hackers were able to get past Zillow’s security questions to gain control of the listing. The plaintiffs also allege that Zillow ignored repeated requests over the course of a week from the seller’s attorneys to block the hacker’s access.

The suit claims that Zillow did not have appropriate safeguards in place to prevent hackers from logging into its system to post false information.

A Zillow spokesperson told the Post that the company is in the process of updating its verification system that grants owners access to their property’s page on the site.

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3d rendering of a row of luxury townhouses along a street

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