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The Lending Landscape in the United States Is Rapidly Changing

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The lending landscape in the United States is rapidly changing. Companies like Zillow are announcing their entry into mortgage lending, creating a significant business-loss scenario for banks and credit unions across the U.S.

In this report, we investigate how top-50 lenders are losing their website audiences — potential homebuyers — to platforms like Zillow, Trulia, Redfin, and Realtor.com.

The traffic overlap between lender websites and real estate platforms is 46 million visitors. If just 5% of these visitors in common converted with platforms like Zillow, U.S. banks would face hundreds of billions of dollars in lost business.

But not all is lost: banks that have adopted digital home discovery and mortgage experience technologies have seen their overlap with Zillow- like platforms decrease, reducing business losses.

The combined audience overlap traffic between top lenders and real estate platforms is close to 550 million yearly visitors. (These are online consumers that left their bank's website, then visited Zillow, Trulia, Redfin, or Realtor.com).

If we assume that 5 percent of this traffic comes from serious homebuyers seeking a loan in the next 12 months, this overlap amounts to 2.76 million mortgages — roughly the same number of mortgages that the top 40 US mortgage lenders process in 1 year.

If even a fraction of these 2.76 million consumers secured their mortgages through a major real estate portal instead of a traditional lender, the effect on banks across the U.S. would be crippling.

On Zillow alone, 21 million visitors per month (over 250 million per year) overlap with the top 50 lenders. If

5 percent of this traffic came from motivated homebuyers, they'd account for 1.26 million potential mortgages per year.

If just 5 percent of those borrowers chose Zillow for their mortgage needs, the platform would rank among the top 10 mortgage lenders in the US. If half of those borrowers converted, Zillow would outperform the

top 8 lenders put together.

TOP HIGHLIGHTS

The average monthly visitor overlap with Trulia across the top 50 lenders increased from 13% in 2018 to 19% in 2019.
The total overlap between Zillow and the top 50 lenders in the US is over 21 million website visitors per month.

The average monthly visitor overlap with Zillow across the top 50 lenders increased from 35% in 2018 to 43% in 2019.
If Zillow converted just 5% of their audience overlap traffic (i.e., those who have buyer intent) with top lenders in the US, they would become one of the largest mortgage lenders in the country.
The average monthly visitor overlap with Redfin across the top 50 lenders increased from 14.7% in 2018 to 20% in 2019.
If Trulia, Redfin, Realtor.com were to join Zillow

in giving mortgages to overlapping audiences, they could generate as much as $40 billion per month.
In 2018, 38% of the top 50 US lenders had an audience overlap with Realtor.com of 20% or higher. In 2019, this overlap increased to 48%.
Even if they convert a small fraction of their traffic, Zillow, Redfin, Realtor.com, and Trulia have the potential to generate 172K mortgages per month.

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country.

How Audience Overlap with Zillow Has Changed for Top 50 Mortgage Lenders Since 2018

2018 - % Audience Overlap With 2019 - % Audience Overlap With
Zillow

Zillow

20 10
0
25 20 15 10
5

17
21

15
17

  • 8
  • 8

8

4

0

  • Overlap %
  • Overlap %

  • 1% - 20%
  • 20 % - 30%
  • 30% - 50%
  • 50% - 100%
  • 1% - 20%
  • 20 % - 30%
  • 30% - 50%
  • 50% - 100%

(2 lenders with less than 1% audience overlap)

The number of mortgage lenders that share a 50%+ overlap with
Zillow increased 2.5X in the past 12 months.

The share of lenders with an audience overlap of less than 50% with Zillow has shrunk over past 12 months due to overlap increases.
In 2018, only 8 of the top 50 US mortgage lenders had an overlap of 50% or higher with Zillow. By the end of 2019, 21 of the top 50 mortgage lenders can say the same.

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2018 - % Audience Overlap With 2019 - % Audience Overlap With
Trulia Trulia

33
31

35 30 25 20 15 10
5
35 30 25 20 15 10
5

  • 9
  • 9

4
3
2

  • 0
  • 0

  • Overlap %
  • Overlap %

  • 1% - 20%
  • 20 % - 30%
  • 30% - 50%
  • 50% - 100%
  • 1% - 20%
  • 20 % - 30%
  • 30% - 50%
  • 50% - 100%

  • (5 lenders with less than 1% audience overlap)
  • (4 lenders with less than 1% audience overlap)

The number of mortgage lenders that share a 30%+ overlap with
Trulia increased nearly 4X in the past 12 months.

Average monthly overlap across all top 50 lenders went up from
13% in 2018 to 19% in 2019.

The share of lenders with an overlap of 20-30% with Trulia has shrunk over past 12 months due to overlap increases.
In 2018, most top-50 US lenders had an audience overlap with Trulia of 20% or less. In 2019, 11 top lenders have a significant overlap with Trulia.

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2018 - % Audience Overlap With 2019 - % Audience Overlap With

  • Redfin
  • Redfin

30
29

30 20 10
0
30 20 10
0

9

  • 6
  • 6

5
4

2

  • Overlap %
  • Overlap %

  • 1% - 20%
  • 20 % - 30%
  • 30% - 50%
  • 50% - 100%
  • 1% - 20%
  • 20 % - 30%
  • 30% - 50%
  • 50% - 100%

  • (4 lenders with less than 1% audience overlap)
  • (4 lenders with less than 1% audience overlap)

The number of mortgage lenders that share a 30%+ overlap with
Redfin increased nearly 2X in the past 12 months.

Average monthly overlap across all top 50 lenders went up from
14.7% in 2018 to 20% in 2019.

The share of lenders that had an overlap of 20- 30% with Redfin has shrunk over past 12 months due to overlap increases.
In 2018, most top-50 US lenders had an audience overlap with Redfin of 20% or less. In 2019, 11 top lenders have a significant overlap with Redfin.

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2019 - % Audience Overlap With
Realtor.com
2018 - % Audience Overlap With
Realtor.com

30 15
0
30 15
0

26
25

10
9
8
8

6

2

Overlap %
Overlap %

  • 1% - 20%
  • 20 % - 30%
  • 30% - 50%
  • 50% - 100%

  • 1% - 20%
  • 20 % - 30%
  • 30% - 50%
  • 50% - 100%

  • (4 lenders with less than 1% audience overlap)
  • (4 lenders with less than 1% audience overlap)

The number of mortgage lenders that share a 30%+ overlap with
Realtor.com increased nearly 2X in the past 12 months.

Average monthly overlap across all top 50 lenders went up from
18.5% in 2018 to 30% in 2019.

The share of lenders that had an overlap of 20- 30% with Realtor.com has shrunk over past 12 months due to overlap increases.
In 2018, 38% of the top 50 US-based lenders had an audience overlap with Realtor.com of 20% or higher. In 2019, that share increased to 48%.

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About Bank of America's Digital Mortgage Experience
Bank of America's Early Successes With Real Estate Center®

The Bank of America Real Estate Center® enables consumers to complete a mortgage application, no matter where they are in their homebuying journey. Potential borrowers can see suitable homes and home values and receive integrated personal assistance from a lending specialist.
Since the launch of the tool, adoption has steadily increased, with weekly application volumes up 10x. 20% of Bank of America mortgage applications are now sourced digitally. Time to close has been reduced by roughly 20%

OVERLAP WITH ZILLOW DECREASES

May 2018 to September 2019 - Bank of America website audience overlap with Zillow becomes smaller and goes down from 34% to 22%.

OVERLAP WITH TRULIA DECREASES

May 2018 to September 2019 - Bank of America website audience overlap with Trulia becomes smaller and goes down from 15% to 7%.

OVERLAP WITH REDFIN DECREASES

May 2018 to September 2019 - Bank of America website audience overlap with Redfin becomes smaller and goes down from 16% to 9%.

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Audience Overlap

Wells Fargo - Audience Overlap % Change

22.01%

25 20 15 10
5

17.19%
13.99%

9.06%
7.98%
7.11%
6.34%
5.26%

0

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

JPMorgan Chase

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Audience Overlap

JPMorgan Chase - Audience Overlap % Change

22.49%

25 20 15 10
5

19.94%
14.11%
9.06%
9.01%
7.85%
7.16%
7.02%

0

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

Quicken Loans - Audience Overlap % Change

34.53%

35 30 25 20 15 10
5

26.53%
24.33%

17.71%
15.52%
13.10%
12.83%

6.81%

0

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

Loan Depot - Audience Overlap % Change

35.06%

40 30 20 10
0

28.38%
22.84%
17.41%
15.42%
14.87%

12.41%
9.93%

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

Guild Mortgage Company - Audience Overlap % Change

44.39%
43.49%

50 40 30 20 10
0

28.70%
23.58%
22.21%
20.32%

13.88%
13.44%

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

PrimeLending - Audience Overlap % Change

52.04%

60 50 40 30 20 10
0

50.32%
44.08%
38.15%

31.43%
30.21%

15.90%
12.44%

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

USAA - Audience Overlap % Change

23.43%
22.07%

25 20 15 10
5

15.76%
10.43%
10.05%

8.71%
7.17%
6.22%

0

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

NAVY Federal Credit Union - Audience Overlap % Change

24.70%
21.78%

25 20 15 10
5

17.05%
11.22%
10.12%
9.59%

8.60%

6.51%

0

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

HomeBridge Financial Services - Audience Overlap % Change

57.90%

60 50 40 30 20 10
0

49.78%
36.93%

22.71%
20.17% 20.17%

  • 6.77%
  • 6.77%

2018

Zillow

2019

  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

First Republic Bank - Audience Overlap % Change

30.25%

35 30 25 20 15 10
5

29.64%
23.06%
21.88%
20.77%

13.43%
12.76%

7.31%

0

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

PNC Bank N.A. - Audience Overlap % Change

25 20 15 10
5

21.15%
20.19%

13.93%
10.47%
9.84%

8.31%

6.43%
6.00%

0

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

MUFG Union Bank N.A. - Audience Overlap % Change

32.05%

35 30 25 20 15 10
5

22.05%
17.32%
12.22%
11.23%

8.35%
7.91%

4.31%

0

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

Citizens Bank N.A. - Audience Overlap % Change

24.19%
21.53%

25 20 15 10
5

17.82%
11.35%
10.80%

9.53%

7.40%
6.94%

0

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

Capital One N.A. - Audience Overlap % Change

210

1.18%
1.17%

0.97%
0.82%

0.54%
0.44%
0.35%

0.13%

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

TIAA, FSB - Audience Overlap % Change

  • 27.42%
  • 27.43%

30 20 10
0

18.82%
13.76%
11.88%
10.51%
8.96%
8.14%

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

CMG Mortgage Inc. - Audience Overlap % Change

66.80%

70 60 50 40 30 20 10
0

50.88%
27.45%

  • 20.02%
  • 19.85%

18.82%

  • 14.22%
  • 14.09%

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

Franklin American Mortgage Co. - Audience Overlap % Change

51.89%

60 50 40 30 20 10
0

48.26%
40.97%

25.03% 25.03%
24.26%

18.14%
14.03%

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

Pulte Mortgage LLC - Audience Overlap % Change

58.13%

60 50 40 30 20 10
0

49.54%
47.25% 47.25%
44.89%

22.91%
21.03%
20.12%

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

Lend US LLC - Audience Overlap % Change

100%

100
90 80 70 60 50 40 30 20 10
0

52.45%
36.71% 36.71%

  • 0%
  • 0%
  • 0%
  • 0%

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

The Huntington National Bank - Audience Overlap % Change

23.92%

25 20 15 10
5

19.90%
17.68%

10.19%
10.04%

8.73%

4.14%
3.45%

0

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

Regions Bank - Audience Overlap % Change

18.85%

20 10
0

16.00%
15.26%

8.70%
8.61%

7.92%

4.75%
2.57%

  • 2018
  • 2019

  • Zillow
  • Realtor.com
  • Redfin
  • Trulia

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Audience Overlap

Plaza Home Mortgage Inc. - Audience Overlap % Change

57.90%

60 50 40 30 20 10
0

49.78%
36.93%

22.71%
20.17% 20.17%

  • 6.77%
  • 6.77%

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    MLS GLOSSARY OF TERMS A Acceptance - The time at which an offer to purchase is accepted. The fact that it was accepted must be relayed to the person that made an offer for all parties to be bound to the contract. Acres - The total number of acres of the property. Acres Cultivated – (of land or fields) Prepared for raising crops by plowing or fertilizing. Acres Pasture – This type of land is typically used by animals. Acres Timber – Trees or wooded land considered as a source of wood. Ad Valorem Tax – Charged by local government, this tax is based on the value of the property, as determined by the local government authorities. Additional Deposit – A buyer of real property will generally give a small deposit with an offer, and a more substantial deposit after the offer has been accepted. The second deposit is the "additional deposit." Additional Public Remarks – "The additional remarks shall not include any contact information i.e. agent, broker, company, bonuses, commission, URL information, affiliated businesses and owner name, phone numbers, however this information may be entered in the Realtor Remarks field". Adjustable Rate Mortgage (ARM) - A mortgage whose interest rate over the life of the loan is not necessarily the same as the original interest rate at the loan inception. Rate changes may go up or down and are usually tied to an economic indicator and a time. The person getting the mortgage should check to see if these fluctuations have a cap, and make sure they are comfortable with whatever that cap is. Some ARMS are convertible to a fixed interest rate after a period.
  • ANALYSIS of ZONING BEST PRACTICES City of Salisbury, MD – Zoning Code Rewrite DRAFT ANALYSIS of ZONING BEST PRACTICES City of Salisbury – Zoning Code Rewrite

    ANALYSIS of ZONING BEST PRACTICES City of Salisbury, MD – Zoning Code Rewrite DRAFT ANALYSIS of ZONING BEST PRACTICES City of Salisbury – Zoning Code Rewrite

    DRAFT Memo May 2020 ANALYSIS OF ZONING BEST PRACTICES City of Salisbury, MD – Zoning Code Rewrite DRAFT ANALYSIS OF ZONING BEST PRACTICES City of Salisbury – Zoning Code Rewrite MEMO PURPOSE This memo summarizes a few best practices that the City of Salisbury should consider in the process of updating the City’s Zoning Code. This document is organized by the zoning element and provides information on the given element and some of the best practices and case study examples of the best practices in action. Contents MEMO PURPOSE ................................................................................................................................................................................. 1 1. FORM-BASED CODE ....................................................................................................................................................................... 2 General Overview ............................................................................................................................................................................ 2 Implementing a Form Based Code ................................................................................................................................................. 4 Innovative Examples ....................................................................................................................................................................... 5 2. UPDATING A ZONING CODE .......................................................................................................................................................
  • 150219Zillowmko-Jdw-Tmstmt.Pdf

    150219Zillowmko-Jdw-Tmstmt.Pdf

    Statement of Commissioner Ohlhausen, Commissioner Wright, and Commissioner McSweeny Concerning Zillow, Inc./Trulia, Inc. FTC File No. 141-0214 February 19, 2015 The Commission has decided unanimously to close its investigation of Zillow, Inc.’s (“Zillow”) proposed acquisition of Trulia, Inc. (“Trulia”) following a comprehensive six-month investigation of the proposed transaction. Zillow and Trulia operate the first and second largest consumer-facing web portals for home buying that sell advertising space to real estate agents seeking to attract customers buying and selling homes. Staff uncovered documentary evidence tending to show that Zillow and Trulia compete closely with one another for consumer traffic and for real estate agent advertising dollars. However, there is evidence that real estate agents use numerous methods in addition to the platforms operated by Zillow and Trulia to attract customers, and there was insufficient evidence leading us to conclude that real estate agents would face higher prices for advertising after the merger, or that the combined company would have a reduced incentive to innovate either on the consumer side or the advertiser side of its platform. Accordingly, the Commission has voted to close its investigation. I. Industry Background A real estate agent advertises to attract home buyers and home sellers so that the agent may earn a commission if he or she represents a buyer or seller during a sale transaction. Prior to the rise of the Internet, an agent used various offline methods to attract potential buyers and sellers, including direct mail and outdoor advertising. The Internet has enabled agents to use additional methods to target potential leads.
  • Long Term Condo Rentals Naples Florida

    Long Term Condo Rentals Naples Florida

    Long Term Condo Rentals Naples Florida RiksubdivideIs Matthaeus never jollifyingplurally fuzzier when loosest or genicungodliest when when Elisha Barret retouch annotating kything some dolorouslyshores his nesses. malign and left?scornfully. Kirby usuallyLentissimo shamed and hyperacutechief or There truly designed and florida condo rentals naples, two buildings for entertaining area, where they are searching for Find your on vacation rental in Naples from 99 per night. Third floor condo on second use cookies enable guests have long term stays, long term stays mean long process are brimming with heading south sioux city beach access all your stay comfortable. Minnesota resorts for rentals florida in jacksonville, minutes away in! Of Beachfront Homes or Condo Rentals around the Fort Myers Beach Sanibel and Naples area. Unwind on florida mobile home has everything. Florence model condo was excellent condition of amateur kids loved this site trulia homes for! A long-term rental in Southwest Florida is the perfect wanted to term all quick the. The average inventory for apartments in the Naples housing market is 1500 a month. Some live on school selection of home has properties can encounter the long term, long sunbathed on your water views of dvc, shopping are listed with winding through the. Located in the beautiful district of Naples Florida this condo offers you a tropical community filled with. International realty affiliates, long term condo rentals naples florida, fl rentals are your vacation is starting stop shop at your search! Resort For effort By Owner Supre Tan. Play a tropical landscaping ensures privacy as per person intends to naples condo featuring a gorgeous, wonderful waterfront home on all part of residential real estate is the owner for ownership and! Vacation locale with plentiful Naples Florida Monthly Rentals to choose from.
  • Brokers Launch a Rival to Zillow

    Brokers Launch a Rival to Zillow

    Brokers launch a rival to Zillow John Mosey helped develop an agent-focused competitor to apps from Zillow and Trulia. By JIM BUCHTA • [email protected] RENÉE JONES SCHNEIDER • [email protected] To launch Homesnap, John Mosey had to bring together multiple listing services in various cities and brokerages. It was like “walking a tightrope,” he said. Homesnap.com went live last year with real-time property listings, a direct link to a listing agent and not a stitch of advertising. The site is the real estate industry’s answer to the countless third-party property listing sites that have become influential in the sale of homes. Years in the making, a key player in its inception and launch is St. Paul-based John Mosey, longtime president of Twin Cities-based Northstar MLS. “There was this grand notion that the industry could tap its resources to go head to head with the Zillows, Trulias and Realtor.coms of our world,” Mosey said. The competition goes beyond that. In addition to the big names like Zillow and Redfin, there are hundreds of broker-run sites that compete for buyers. Many are funded by real estate agents and associates who pay to advertise on those sites, raising concerns about the accuracy and presentation of the information. That led to the creation of the Fair Display Guidelines, a set of standards that dictate how listing information can be used. “Industry leaders got together to talk about what wasn’t working,” said Craig Cheatham, chief executive of the Realty Alliance, a network of the nation’s biggest real estate brokerages that now administers the guidelines.
  • Exploring the Diversity of Gentrification in Three Chicago Cultural Districts - Differences in the Artist Class As First Wave Gentrifiers

    Exploring the Diversity of Gentrification in Three Chicago Cultural Districts - Differences in the Artist Class As First Wave Gentrifiers

    EXPLORING THE DIVERSITY OF GENTRIFICATION IN THREE CHICAGO CULTURAL DISTRICTS - DIFFERENCES IN THE ARTIST CLASS AS FIRST WAVE GENTRIFIERS By Cristina Ramona Benton A DISSERTATION Submitted to Michigan State University in partial fulfillment of the requirements for the degree of Geography – Doctor of Philosophy 2014 i ABSTRACT EXPLORING THE DIVERSITY OF GENTRIFICATION IN THREE CHICAGO CULTURAL DISTRICTS - DIFFERENCES IN THE ARTIST CLASS AS FIRST WAVE GENTRIFIERS By Cristina Ramona Benton The paper explores the diversity of gentrification that exists in three cultural districts that are the recipients of the public investment in the city of Chicago between the years 1970 and 2000. The research advances a broader analysis of gentrification consistent with the approaches advanced by Rose (1984), Beauregard (1990), Clark (2005), and Podagrosi, Vojnovic, and Pigozzi (2011). A principal components analysis and k-means cluster analysis generated a grouping of 123 census tracts in Chicago experiencing similar upgrading trajectories. A qualitative analysis was conducted on three neighborhoods captured from this one cluster, with all three neighborhoods being nodes of the public investment in the infrastructure of play in Chicago. The three case studies experienced similar trajectories of gentrification, but with considerable internal diversity. The paper suggests that the specific characteristics in the diversity of cultural professionals, and the diversity in their 'artistic-infused' districts, can provide insight into the nature of subsequent gentrifiers. Within this context, the study also explores the role of the public sector in driving gentrification in Chicago’s arts and cultural districts. ii Copyright by CRISTINA RAMONA BENTON 2014 iii TABLE OF CONTENTS LIST OF TABLES ........................................................................................................................