Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
690,015-16,539
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.91%-0.02
Real EstateTechnologyTitle

Zillow shuts down Closing Services

The listing giant is not writing off title and escrow services forever, though

Zillow Group’s attempt to streamline the home buying experience by offering all facets of the transaction process on one platform has hit a road bump. The real estate listing giant announced on Monday that it is sunsetting its title and escrow provider, Zillow Closing Services.

“Integrating the real estate transaction to make buying and selling simpler for customers remains our core strategy and we believe offering title and escrow is a critical component,” a Zillow spokesperson wrote in an email. “However, we determined our current offering through Zillow Closing Services isn’t the integrated product we believe customers and partners need, so we are sunsetting our current Zillow Closing Services operations while we explore more tech-forward solutions.” 

The company previously noted that it is exploring both acquisitions and in-house builds as it looks to bring its housing super app vision to life.

Zillow Closing Services had been operational in an undisclosed number of markets nationwide, with the Zillow “enhanced markets” of Raleigh, Denver, Atlanta, Phoenix, Durham and Charlotte as its primary markets. The firm will finish processing all of the title and closing orders in its queue before fully shuttering.

As a result of the shutdown, Zillow is cutting 80 positions. All impacted employees will receive eight weeks of pay, plus one addition week of pay for each year of completed service at Zillow Group. The affected employees will also receive three paid months of COBRA premiums, a lump sum in consideration of the next equity vest, and outplacement services through Waldron.

This is Zillow’s largest round of layoffs since it cut 300 positions in late October 2022, a move that occurred as the firm pivoted to focus on its housing super app.

During the first quarter of 2023, Zillow reported revenue of $469 million, down 13% year over year, for a net loss for the quarter of $22 million.

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles

Latest Articles

Home equity gains slowed in Q3. Are prices stabilizing? 

U.S. mortgage holders experienced a home equity increase in the third quarter of 2024 — up 2.5% year over year to a total of $17.5 trillion nationwide. But that was down from 8% growth in the second quarter, and negative equity also ramped up for the first time in two years, according to a CoreLogic report.

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

Log In

Forgot Password?

Don't have an account? Please