What Would Happen If Zillow Converted 5% of Your Bank's Website Traffic?

Home , Redfin, Zillow

What's the risk of a 46 million-visitor overlap in monthly website traffic between the top 50 U.S. lenders and Zillow-like platforms?

In recent years, mortgage lenders have lost more and more of their audiences to Zillow, Trulia, Redfin, Realtor.com, & others, resulting in significant harm to their businesses. Read on to learn how this trend could affect the lending space, and what lenders must do to reverse it.

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. INTRODUCTION

OVERVIEW

NestReady examined the top 50 US-based mortgage lenders to measure the impact of increasing competition from real estate marketplace platforms like Trulia, Zillow, Redfin, and Realtor.com.

The goal of this study was to determine the extent to which lenders' online audiences overlap with top real estate portals. In other words: how many consumers visit both a top-50 lender's website and a Zillow-like real estate portal during their mortgage search?

Finally, using the traffic overlap and potential website visitor loss to the above platforms, we've estimated the potential business losses the above platforms are causing for leading mortgage lending institutions in the United States.

SUMMARY

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

If Zillow converted just 5% of their audience The average monthly visitor overlap with overlap traffic (i.e., those who have buyer Zillow across the top 50 lenders increased intent) with top lenders in the US, they would from 35% in 2018 to 43% in 2019. 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% If Trulia, Redfin, Realtor.com were to join Zillow in 2018 to 20% in 2019. in giving mortgages to overlapping audiences, they could generate as much as $40 billion per In 2018, 38% of the top 50 US lenders had an month. 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.

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads What's The Website Audience Overlap Between Top 50 Banks & Zillow?

OVERVIEW

Even by the most conservative estimates, Zillow has the potential to become one of the largest lenders in the US.

The total overlap of Zillow with the top 50 lenders in the US (i.e., people that visit a lender's website, then visit Zillow) is over 21 million website visitors per month.

Even if just 5% of those visitors intend to purchase a home in the next 12 months, this amounts to 1.05 million potential buyers. If 10% of those 1.05M buyers were to get a mortgage through Zillow, banks would be losing out on 105,000 mortgages. With the average US home selling for around $226,000, that adds up to $23.7 billion worth of home sales/mortgages.

If Zillow were to issue 105,000 mortgages a month, they would become one of the largest lenders in the 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 25 17 21 15 20 17

15 10 8 8 8 10 4 5

0 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.

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

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads What's The Website Audience Overlap Between Top 50 Banks & Trulia?

OVERVIEW

The total overlap of Trulia with the top 50 If 5% of those potential homebuyers convert with lenders in the US is over 9 million website Trulia and not their bank, that's 22,500 visitors per month. mortgages per month. With the average US home selling for around $226,000, that adds up to $5 If Trulia were a lender: If just 5% of those billion of home sales per month. visitors intend to purchase a home in the next 12 months, this amounts to 450K potential homebuyers.

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

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

33 35 35 31

30 30

25 25

20 20

15 15 9 9 10 10 3 4 5 5 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.

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

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads DISCOVER YOUR COMPANY WEBSITE AUDIENCE OVERLAP

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NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads What's The Website Audience Overlap Between Top 50 Banks & Redfin?

OVERVIEW

The total audience overlap of Redfin with the top If 5% of those potential homebuyers convert with 50 lenders in the US is over 7 million website Redfin and not their bank, that's 17,500 visitors per month. mortgages per month. With the average US home selling for around $226,000, that adds up to If Redfin were a lender: If just 5% of those $3.95 billion of home sales per month. that's visitors intend to purchase a home in the next 12 17500 mortgages per month). months, this amounts to 350K potential homebuyers.

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

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

30 29 30 30

20 20

9 10 10 6 6 4 5 2

0 0 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.

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

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads What's The Website Audience Overlap Between Top 50 Banks & Realtor.com?

OVERVIEW

The total audience overlap of Redfin with the top If 5% of those potential homebuyers convert with 50 lenders in the US is over 11 million website Redfin and not their bank, that's 27,500 visitors per month. mortgages per month. With the average US home selling for around $226,000, that adds up to $6.2 If Realtor.com were a lender: If just 5% of those billion of home sales per month. that's 17500 visitors intend to purchase a home in the next 12 mortgages per month). months, this amounts to 550K potential homebuyers.

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

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

30 30 26 25

15 15 10 9 8 8 6 2

0 0 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.

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

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads How Bank of America Is Fighting Homebuyer Audience Loss?

SUCCESS STORY: BANK OF AMERICA

From 2017 to 2019, Bank of America was able to successfully lower audience overlap with Zillow, Trulia, Redfin, and similar platforms by activating their own digital experience for homebuyers & BOA Real Estate Center

April 2018 September 2018 October 2019

Zillow - 34% Zillow - 28% Zillow - 22% Trulia - 15% Trulia - 11% Trulia - 7% Redfin - 16% Redfin - 13% Redfin - 9%

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

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

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%.

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Wells Fargo Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Wells Fargo's overlap with Redfin has remained 2019, Wells Fargo's audience overlap with Zillow relatively unchanged in the past year, with a has increased 5% from 17% to 22%. modest increase of 1% (from 5.2% to 6.3%).

Wells Fargo's overlap with Realtor.com has Wells Fargo's overlap with Trulia has increased 6% from 7.9% to 13.9%. increased from 7% to 9% — also a modest increase.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 50%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

Wells Fargo - Audience Overlap % Change

25 22.01%

20 17.19% 13.99% 15 7.98% 9.06% 10 7.11% 5.26% 6.34% 5

0 2018 2019

Zillow Realtor.com Redfin Trulia JPMorgan Chase

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads JPMorgan Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September JPMorgan Chase's overlap with Redfin 2019, JPMorgan Chase's overlap with Zillow has has remained unchanged at 7% within the increased from 19% to 22%. past year.

JPMorgan Chase's overlap with Realtor.com has JPMorgan Chase's overlap with Trulia has increased from 9% to 14%. increased from 7.8% to 9%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 52%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

JPMorgan Chase - Audience Overlap % Change

22.49% 25 19.94% 20 14.11% 15 9.06% 9.01% 7.85% 10 7.16% 7.02%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Quicken Loans Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Quicken Loans' overlap with Redfin has 2019, Quicken Loans' overlap with Zillow has increased from 6.8% to 13%. increased from 24% to 34.5%. Quicken Loans' overlap with Trulia has Quicken Loans' overlap with Realtor.com has increased from 12.8% to 17.7%. increased from 15.5% to 26.5%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 91%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

Quicken Loans - Audience Overlap % Change

34.53% 35 26.53% 30 24.33% 25 17.71% 20 15.52% 12.83% 13.10% 15 6.81% 10 5 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads LoanDepot Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Loan Depot's overlap with Redfin has increased loanDepot's overlap with Zillow has increased slightly from 9.9% to 12.4%. from 28.3% to 35%. Loan Depot's overlap with Trulia has increased Loan Depot's overlap with Realtor.com has slightly from 14.8% to 15.4%. increased from 17.4% to 22.8%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 84%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

Loan Depot - Audience Overlap % Change

40 35.06% 28.38% 30 22.84% 17.41% 20 14.87% 15.42% 12.41% 9.93% 10

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Guild Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Guild Guild Mortgage Company's overlap with Redfin Mortgage Company's overlap with Zillow has has decreased slightly from 23.5% to 20.3%. decreased from 44.3% to 43.4%. Guild Mortgage Company's overlap with Trulia Guild Mortgage Company's overlap with has remained unchanged at 13%. Realtor.com has increased from 22.2% to 28.7%.

If we combine the audience overlap across all 4 real estate platforms, we get a total overlap of 100%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

Guild Mortgage Company - Audience Overlap % Change

50 44.39% 43.49%

40 28.70% 30 23.58% 22.21% 20.32% 20 13.88% 13.44%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads PrimeLending Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September PrimeLending's overlap with Redfin has 2019, PrimeLending's overlap with Zillow has decreased from 15.9% to 12.4%. decreased slightly from 52% to 50%. PrimeLending's overlap with Trulia has PrimeLending's overlap with Realtor.com has increased from 30% to 38%. decreased 44% to 31.4%.

Audience Overlap

PrimeLending - Audience Overlap % Change

60 52.04% 50.32% 44.08% 50 38.15% 40 30.21% 31.43% 30 15.90% 20 12.44% 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads USAA Federal Savings Bank Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, USAA's USAA's overlap with Redfin has increased overlap with Zillow has increased slightly from slightly from 6.2% to 7.1%. 22% to 23.4%. USAA's overlap with Trulia has increased USAA's overlap with Realtor.com has increased slightly from 8.7% to 10%. from 10.4% to 15.7%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 55%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

USAA - Audience Overlap % Change

23.43% 25 22.07%

20 15.76%

15 10.43% 10.05% 8.71% 10 6.22% 7.17%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Navy Federal CU Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Navy Navy's overlap with Redfin has increased Federal Credit Union's overlap with Zillow has slightly from 6.5% to 8.6%. increased from 21.7% to 24.7%. Navy's overlap with Trulia has remained Navy's overlap with Realtor.com has increased unchanged at 13%. from 10% to 17%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 60%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

NAVY Federal Credit Union - Audience Overlap % Change

24.70% 25 21.78%

20 17.05%

15 11.22% 10.12% 9.59% 8.60% 10 6.51%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads HomeBridge Financial Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September HomeBridge Financial Services' overlap with 2019, HomeBridge Financial Services' overlap with Redfin has decreased from 20% to 6.7%. Zillow has increased from 36.9% to 57.9%. HomeBridge Financial Services' overlap with HomeBridge Financial Services' overlap with Trulia has increased from 22.7% to 49.7%. Realtor.com has decreased from 20% to 6.7%.

If we combine the audience audience overlap across all 4 real estate platforms, we get a total overlap of 100%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

HomeBridge Financial Services - Audience Overlap % Change

57.90% 60 49.78% 50 36.93% 40

30 20.17% 20.17% 22.71% 20 6.77% 6.77% 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads First Republic Bank Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, First First Republic Bank's overlap with Redfin has Republic Bank's overlap with Zillow has decreased decreased slightly from 21.8% to 20.7%. slightly from 30% to 29.6%. First Republic Bank's overlap with Trulia has First Republic Bank's overlap with Realtor.com has decreased from 13.4% to 7.3%. increased from 12.7% to 23%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 79%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

First Republic Bank - Audience Overlap % Change

35 30.25% 29.64% 30 21.88% 23.06% 25 20.77% 20 12.76% 13.43% 15 7.31% 10 5 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads PNC Bank Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, PNC PNC Bank N.A.'s overlap with Redfin has Bank N.A.'s overlap with Zillow has increased remained unchanged at 6%. slightly from 20% to 21% (Comparing September 2018 to September 2019 stats). PNC Bank N.A.'s overlap with Trulia has increased from 8.3% to 9.8%. PNC Bank N.A.'s overlap with Realtor.com has increased from 10.4% to 13.9%.

Audience Overlap

PNC Bank N.A. - Audience Overlap % Change

25 20.19% 21.15% 20 13.93% 15 10.47% 9.84% 8.31% 10 6.00% 6.43%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads MUFG Union Bank Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, MUFG MUFG Union Bank N.A.'s overlap with Redfin has Union Bank N.A.'s overlap with Zillow has decreased slightly from 12% to 11%. increased from 22% to 32%. MUFG Union Bank N.A.'s overlap with Trulia has MUFG Union Bank N.A.'s overlap with Realtor.com decreased from 8.3% to 4.3%. has increased from 7.9% to 17%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 64%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

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

32.05% 35 30 22.05% 25 17.32% 20 12.22% 15 11.23% 7.91% 8.35% 10 4.31% 5 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Citizens Bank Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Citizens Bank, N.A.'s overlap with Redfin has 2019, Citizens Bank, N.A.'s overlap with Zillow has remained unchanged at 7%. increased from 21.5% to 24%. Citizens Bank, N.A.'s overlap with Trulia has Citizens Bank, N.A.'s overlap with Realtor.com has decreased from 8.3% to 4.3%. increased from 11.3% to 17.8%.

Audience Overlap

Citizens Bank N.A. - Audience Overlap % Change

24.19% 25 21.53% 17.82% 20

15 11.35% 10.80% 9.53% 10 6.94% 7.40%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Capital One Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Capital Capital One N.A.'s overlap with Redfin has One N.A.'s overlap with Zillow has increased increased slightly from .1% to .35%. slightly from .8% to 1.1%. Capital One N.A.'s overlap with Trulia has Capital One N.A.'s overlap with Realtor.com has increased slightly from .44% to .97%. increased slightly from .5% to 1.1%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 3%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

Capital One N.A. - Audience Overlap % Change

1.17% 1.18% 0.97% 0.82% 1 0.54% 0.44% 0.35% 0.13%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads TIAA Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, TIAA, TIAA, FSB's overlap with Redfin has remained FSB's overlap with Zillow has remained unchanged at 8%. unchanged at 27%. TIAA, FSB's overlap with Trulia has increased TIAA, FSB's overlap with Realtor.com has slightly from 10.5% to 11.8% . increased from 13.7% to 18.8%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 66%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

TIAA, FSB - Audience Overlap % Change

27.42% 27.43% 30

18.82% 20 13.76% 11.88% 10.51% 8.96% 8.14% 10

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads CMG Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, CMG CMG Mortgage Inc.'s overlap with Redfin has Mortgage Inc.'s overlap with Zillow has increased decreased from 8.3% to 4.3%. 50.8% to 66.8%. CMG Mortgage Inc.'s overlap with Trulia has CMG Mortgage Inc.'s overlap with Realtor.com has remained unchanged at 20%. increased from 14% to 18.8%.

Audience Overlap

CMG Mortgage Inc. - Audience Overlap % Change

66.80% 70 60 50.88% 50

40 27.45% 30 20.02% 18.82% 19.85% 14.22% 14.09% 20 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Franklin American Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Franklin American Mortgage Co.'s overlap with 2019, Franklin American Mortgage Co.'s overlap Redfin has increased from 18% to 25%. with Zillow has increased from 40.9% to 51.8%. Franklin American Mortgage Co.'s overlap with Franklin American Mortgage Co.'s overlap with Trulia has increased from 14% to 25%. Realtor.com has doubled from 24% to 48%.

Audience Overlap

Franklin American Mortgage Co. - Audience Overlap % Change

60 51.89% 48.26% 50 40.97% 40 24.26% 25.03% 25.03% 30 18.14% 14.03% 20 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Pulte Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Pulte Pulte Mortgage LLC's overlap with Redfin has Mortgage LLC's overlap with Zillow has increased increased from 22.9% to 47%. 44.8% to 58%. Pulte Mortgage LLC's overlap with Trulia has Pulte Mortgage LLC's overlap with Realtor.com has increased from 20% to 49.5%. more than doubled from 21% to 47%.

Audience Overlap

Pulte Mortgage LLC - Audience Overlap % Change

58.13% 60 49.54% 44.89% 47.25% 47.25% 50 40 22.91% 30 21.03% 20.12% 20 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Lend US LLC Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Lend Lend US LLC's overlap with Redfin currently has US LLC's overlap with Zillow has increased from no overlap with Redfin. 36.7% to 100%. Lend US LLC's overlap with Trulia currently has Lend US LLC's overlap with Realtor.com has no overlap with Trulia. increased from 36.7% to 52%.

Audience Overlap

Lend US LLC - Audience Overlap % Change 100% 100 90 80 70 52.45% 60 50 36.71% 36.71% 40 30 20 0% 0% 0% 0% 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Huntington National Bank Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, The The Huntington National Bank's overlap with Huntington National Bank's overlap with Zillow Redfin has decreased slightly from 4% to 3.4%. has increased from 19.9% to 23.9%. The Huntington National Bank's overlap with The Huntington National Bank's overlap with Trulia has increased slightly from 8.7% to 10%. Realtor.com has increased from 10% to 17.6%.

Audience Overlap

The Huntington National Bank - Audience Overlap % Change

23.92% 25 19.90% 17.68% 20

15 10.19% 10.04% 8.73% 10 4.14% 3.45% 5

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Regions Bank Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Regions Bank's overlap with Redfin has 2019, Regions Bank's overlap with Zillow has increased from 2.5% to 4.7%. increased slightly from 16% to 18.8%. Regions Bank's overlap with Trulia has Regions Bank's overlap with Realtor.com has increased slightly from 7.9% to 8.7%. increased from 8.6% to 15.2%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 47%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

Regions Bank - Audience Overlap % Change

18.85% 20 16.00% 15.26%

8.61% 8.70% 10 7.92% 4.75% 2.57%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Plaza Home Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Plaza Plaza Home Mortgage Inc.'s overlap with Home Mortgage Inc.'s overlap with Zillow has Redfin has decreased from 20% to 6.7%. increased from 36.9% to 57.9%. Plaza Home Mortgage Inc.'s overlap with Trulia Plaza Home Mortgage Inc.'s overlap with has increased from 22.7% to 49.7%. Realtor.com has decreased from 20% to 6.7%.

Audience Overlap

Plaza Home Mortgage Inc. - Audience Overlap % Change

57.90% 60 49.78% 50 36.93% 40

30 20.17% 20.17% 22.71% 20 6.77% 6.77% 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Umpqua Bank Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Umpqua Bank's overlap with Redfin has 2019, Umpqua Bank's overlap with Zillow has increased slightly from 9% to 10%. remained unchanged at 21%. Umpqua Bank's overlap with Trulia has Umpqua Bank's overlap with Realtor.com has also decreased slightly from 7% to 5.8%. remained unchanged at 8%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 45%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

Umpqua Bank - Audience Overlap % Change

25 21.34% 20.70% 20

15 9.25% 10.21% 7.92% 7.43% 8.42% 10 5.87%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Paramount Residential Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Paramount Residential Mortgage's overlap with 2019, Paramount Residential Mortgage's overlap Redfin has increased slightly from 51% to 52%. with Zillow has decreased from 67.7% to 58%. Paramount Residential Mortgage's overlap with Paramount Residential Mortgage's overlap with Trulia has decreased from 27.5% to 7.5%. Realtor.com has increased from 43.6% to 92%.

Audience Overlap

Paramount Residential Mortgage - Audience Overlap % Change

92.15% 100 90 80 67.74% 70 58.03% 51.02% 53.32% 60 43.67% 50 40 27.52% 30 20 7.58% 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Pacific Union Financial Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Pacific Pacific Union Financial, LLC's overlap with Union Financial, LLC's overlap with Zillow has Redfin has decreased slightly from 9.5% to 8%. remained unchanged at 21%. Pacific Union Financial, LLC's overlap with Trulia Pacific Union Financial, LLC's overlap with has increased from 8.2% to 11.5%. Realtor.com has increased from 12.7% to 17.2%.

If we combine the audience overlap across all 4 platforms, we get a total overlap of roughly 62%. (Total overlap is even higher if we include additional real estate marketplace platforms and property search tools.)

Audience Overlap

Pacific Union Financial, LLC - Audience Overlap % Change

30 25.55% 25.28%

17.29% 20 12.78% 11.52% 9.57% 8.21% 8.06% 10

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Sierra Pacific Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Sierra Sierra Pacific Mortgage Co. Inc's overlap with Pacific Mortgage Co. Inc's overlap with Zillow has Redfin has increased from 16% to 55%. increased from 41% to 69%. Sierra Pacific Mortgage Co. Inc's overlap with Sierra Pacific Mortgage Co. Inc's overlap with Trulia has increased from 3% to 35%. Realtor.com has increased from 0% to 44.9%.

Audience Overlap

Sierra Pacific Mortgage Co. Inc - Audience Overlap % Change

69.09% 70 55.03% 60 44.92% 50 41.09% 35.06% 40 30 16.07% 20 3.31% 10 0% 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Bay Equity Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Bay Bay Equity LLC 's overlap with Redfin has Equity LLC 's overlap with Zillow has increased increased from 11.8% to 18%. from 66.7% to 86%. Bay Equity LLC 's overlap with Trulia has Bay Equity LLC 's overlap with Realtor.com has increased from 16% to 73.8%. increased from 39% to 71.7%.

Audience Overlap

Bay Equity LLC - Audience Overlap % Change

86.18% 90 71.76% 73.85% 80 66.70% 70 60 50 39.37% 40 30 16.21% 18.43% 11.80% 20 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Residential Mortgage Services Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Residential Mortgage Services' overlap with 2019, Residential Mortgage Services' overlap with Redfin has decreased from 37% to 10%. Zillow has increased from 49% to 76%. Residential Mortgage Services' overlap with Residential Mortgage Services' overlap with Trulia has decreased from 33.5% to 19%. Realtor.com has decreased from 45.7% to 16%.

Audience Overlap

Residential Mortgage Services - Audience Overlap % Change

76.86% 80 70 49.31% 60 45.79% 50 37.14% 33.56% 40 30 16.27% 19.28% 20 10.11% 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads KeyBank Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September KeyBank National Association's overlap with 2019, KeyBank National Association's overlap with Redfin remained unchanged at 6%. Zillow has increased slightly from 19.7% to 20.9%. KeyBank National Association's overlap with KeyBank National Association's overlap with Trulia has increased slightly from 7.8% to 9%. Realtor.com has increased from 10% to 16%.

Audience Overlap

KeyBank National Association - Audience Overlap % Change

25 20.92% 19.72% 20 16.28%

15 10.10% 9.05% 7.81% 10 5.74% 6.55% 5

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Prosperity Home Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Prosperity Home Mortgage, LLC's overlap with 2019, Prosperity Home Mortgage, LLC's overlap Redfin has remained unchanged at 39%. with Zillow has decreased from 72.8% to 59.9%. Prosperity Home Mortgage, LLC's overlap with Prosperity Home Mortgage, LLC's overlap with Trulia has remained unchanged at 47%. Realtor.com has increased from 44.8% to 59.9%.

Audience Overlap

Prosperity Home Mortgage, LLC - Audience Overlap % Change

72.82% 80 70 59.93% 59.93% 60 44.82% 47.23% 46.80% 50 39.41% 39.17% 40 30 20 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads FBC Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, FBC FBC Mortgage, LLC's overlap with Redfin has Mortgage, LLC's overlap with Zillow has increased increased from 0% to 35.9%. from 39% to 57.8%. FBC Mortgage, LLC's overlap with Trulia has FBC Mortgage, LLC's overlap with Realtor.com has increased from 20% to 24.6%. increased from 27% to 57.8%.

Audience Overlap

FBC Mortgage, LLC - Audience Overlap % Change

57.85% 57.85% 60

50 39.37% 35.97% 40 27.45% 24.66% 30 20.31% 20

10 0% 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Envoy Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Envoy Envoy Mortgage, LTD's overlap with Redfin has Mortgage, LTD's overlap with Zillow has decreased increased slightly from 24% to 26%. from 56% to 43.9%. Envoy Mortgage, LTD's overlap with Trulia has Envoy Mortgage, LTD's overlap with Realtor.com increased from 24.8% to 38%. has increased from 21.6% to 43.9%.

Audience Overlap

Envoy Mortgage, LTD - Audience Overlap % Change

56.26% 60 43.99% 43.99% 50 38.10% 40 24.02% 24.89% 26.12% 30 21.66% 20 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Gateway Mortgage Group Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Gateway Mortgage Group, LLC's overlap with 2019, Gateway Mortgage Group, LLC's overlap with Redfin has decreased from 15.6% to 7%. Zillow has increased from 30% to 34%. Gateway Mortgage Group, LLC's overlap with Gateway Mortgage Group, LLC's overlap with Trulia has decreased slightly from 11% to 9%. Realtor.com has increased from 13.9% to 33%.

Audience Overlap

Gateway Mortgage Group, LLC - Audience Overlap % Change

34.05% 33.41% 35 30.47% 30 25 15.62% 20 13.97% 11.10% 15 9.47% 7.42% 10 5 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Atlantic Bay Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Atlantic Bay Mortgage Group LLC's overlap with 2019, Atlantic Bay Mortgage Group LLC's overlap Redfin has decreased from 20.9% to 10.7%. with Zillow has decreased from 47.9% to 29.9%. Atlantic Bay Mortgage Group LLC's overlap with Atlantic Bay Mortgage Group LLC's overlap with Trulia has decreased from 24.8% to 18.6%. Realtor.com has increased from 23.5% to 65%. Overall increase of 41.5% within the past year.

Audience Overlap

Atlantic Bay Mortgage Group LLC - Audience Overlap % Change

65.02% 70 60 47.93% 50 40 29.98% 23.56% 24.87% 30 20.91% 18.63% 20 10.78% 10 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads George Mason Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, George George Mason Mortgage, LLC's overlap with Mason Mortgage, LLC's overlap with Zillow has Redfin has increased from 0% to 52%. increased from 27.8% to 52%. George Mason Mortgage, LLC's overlap with George Mason Mortgage, LLC's overlap with Trulia has remained unchanged at 0%. Realtor.com has increased from 0% to 52%.

Audience Overlap

George Mason Mortgage, LLC - Audience Overlap % Change

60 52.45% 52.45% 52.45% 50 40 27.86% 30 20

10 0% 0% 0% 0% 0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Cherry Creek Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, Cherry Cherry Creek Mortgage Co., Inc's overlap with Creek Mortgage Co., Inc's overlap with Zillow has Redfin has increased from 11.7% to 26%. decreased from 43% to 32.9%. Cherry Creek Mortgage Co., Inc's overlap with Cherry Creek Mortgage Co., Inc's overlap with Trulia has increased from 11.7% to 26%. Realtor.com has increased from 11.7% to 32.9%.

Audience Overlap

Cherry Creek Mortgage Co., Inc - Audience Overlap % Change

50 43.08%

40 32.95% 32.95% 26.77% 26.77% 30

20 11.71% 11.71% 11.71%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads George Mason Mortgage Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September 2019, George George Mason Mortgage, LLC's overlap with Mason Mortgage, LLC's overlap with Zillow has Redfin has increased from 11.7% to 26%. decreased from 43% to 32.9%. George Mason Mortgage, LLC's overlap with George Mason Mortgage, LLC's overlap with Trulia has increased from 11.7% to 26%. Realtor.com has increased from 11.7% to 32.9%.

Audience Overlap

Cherry Creek Mortgage Co., Inc - Audience Overlap % Change

50 43.08%

40 32.95% 32.95% 26.77% 26.77% 30

20 11.71% 11.71% 11.71%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads Associated Bank Website Audience Overlap With Zillow, Trulia, & Redfin

Top Insights

From September 2018 to September Associated Bank N.A.'s overlap with Redfin has 2019, Associated Bank N.A.'s overlap with Zillow remained unchanged at 5.5%. has remained unchanged at 18.7%. Associated Bank N.A.'s overlap with Trulia has Associated Bank N.A.'s overlap with Realtor.com increased slightly from 7% to 9%. has increased from 9% to 14.5%.

Audience Overlap

Associated Bank N.A. - Audience Overlap % Change

18.77% 18.96% 20 14.53%

9.26% 9.04% 10 7.26% 5.57% 5.43%

0 2018 2019

Zillow Realtor.com Redfin Trulia

NestReady.ai - Own the End-to-end Homebuying Journey & Generate Leads ABOUT US LEARN MORE ABOUT NESTREADY

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