"Testimony from the 12 additional witnesses includes claims that Zillow personnel fly to real estate offices to instruct Zillow Flex agents in person on the need to meet Zillow Home Loans (ZHL) quotas to avoid putting things in writing, and that Zillow's loan officers frequently misrepresent or omit important details about borrowers' true closing costs, leading buyers to pay excessive costs or lose the house."
"Zillow's practices and policies in the real estate industry are not simply indifferent to the agents' duties to protect their clients' interests; Zillow actively schemes to subvert them, the lawsuit states. Zillow's goal is simple: to monetize every step of the home buying processeven if illegally and to encourage, incentivize and ultimately coerce agents into violating their fiduciary duties by disregarding their clients' interests."
The complaint alleges Zillow's portal steers consumers to agents affiliated with the Flex and Premier Agent programs, causing inflated home purchase prices. The complaint alleges Zillow incentivizes agents to burn and churn clients, cherry-pick borrowers, conceal loan officers' inexperience, use Follow-Up Boss to eavesdrop on client communications, and censor agents from recommending competing loan providers. Witnesses claim Zillow personnel instruct Flex agents in person to meet Zillow Home Loans quotas and to avoid putting things in writing. Witnesses claim Zillow loan officers misrepresent or omit borrowers' true closing costs and push buyers toward more costly loans. Plaintiffs assert RICO violations and are represented by Steve Berman of Hagens Berman.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]