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We cover the increase in conforming loan limits for Fannie and Freddie and what forbearance numbers and record-low rates could mean for the housing market.

Untying business growth from the housing market cycle

Lenders need business growth that is not linear and is not tied to the market cycles – leveraging automation technology can help.

The practical use of AI for LOs

The combination of tightly-packed schedules and intensive oversight means augmenting loan officer’s efforts with intelligent systems is more relevant than ever.

HousingWire's 2020 Tech Trendsetters

This year’s list of Tech Trendsetters certainly earned their status as the industry was met with incredible challenges and new opportunities.

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Zillow: There’s no going back from RON

Company gives digital tech shout-out in earnings report

In its most recent earnings report, Zillow revealed a significant number of its Zillow Offers users are turning to remote online notarization.

In fact, the company reports that more than 60% of its Zillow Offers customers closed on their home through RON. This increase in tech usage is now driving up the company’s earnings.

“The second win, maybe even mightier than the first, the technology tailwind,” Zillow CEO Rich Barton said in the earnings report. “Across every industry, there has been a COVID catalyzed and dramatic increase and reliance upon and adoption of technology. The concrete is setting on new digital habits for life and work, and it is highly unlikely that we go back to the old analog ways.

“We see the same technology acceleration in our residential real estate industry and Zillow as the digital leader is benefiting,” he continued. “There is increased shopping traffic at the top of the funnel and more adoption of the digital transaction at the bottom. Our customers are looking for more ways to reduce friction, and we have rallied quickly to bring to market products and services that have been in research and development.”

And this acceleration, he said, has led to an increase in RON usage, and the company says even after the pandemic subsides, there will be no going back.

“Virtual tour requests tripled when the stay-at-home orders began,” Barton said. “Now nearly 2/3 of our Zillow Offers home purchases are closed digitally with a remote notary. We are investing our dollars and smarts into building these solutions on behalf of our customers. These new tools are immediately relevant today, and there is just no going back. They will change the expectations for new generations of buyers and sellers in the future.”


How a pragmatic approach to eClosings helps lenders succeed during COVID-19 and beyond

An eClosing strategy that succeeds in any environment is built on two key concepts. Find out what those are here.

Presented by: Snapdocs

RON acceleration was not the only news to come out of Zillow’s third quarter earnings. As reported previously by HousingWire, the company also revealed that the company cashed in on low rates by accelerating its refinance business. Overall, Zillow’s mortgage revenue grew 114% to $54 million in the third quarter. Within the mortgage segment, its origination revenue grew more than 300% year over year and for the fourth quarter, Zillow estimates a range of between $49 million to $53 million.

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