You Won’t Believe What’s Happening to ZILLOW!
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You Won’t Believe What’s Happening to ZILLOW!


What is going on friends in the mortgage industry this is Ken Perry from The Knowledge Coop. I’ve got a kinda breaking news type video for you and it’s the only reason I’m releasing a video on Friday which I think is the day that you release videos that you don’t want to be seen but I’m doing it on Friday because it’s really important you get this message and it deals with Zillow so there’s been so much going on around Zillow we’ve look at just different cases um that where people are getting it for MSAs and for RESPA violations we’ve always asked the question is Zillow doing something illegal or more importantly are people who use Zillow doing something illegal the big problem we’ve always had is the CFPB has never really made a giant statement specifically about Zillow or about what they’re doing or whatever so what happens is realtors are going out and getting loan officers to pay way too much for the advertising of the Loan Officer which then or of the Realtors which than offset the cost the realtor would have otherwise incurred and if you off set a cost for somebody in a position to refer you business that referral comes over that’s where you have a RESPA violation so the big question is are people violating RESPA using Zillow? The big problem CFPB hasn’t said. Well guess what you guys it is now going to be fairly public. Gonna grab my laptop here I just looked because we don’t have anything from the CFPB on this yet if you look at the 10Q that is filed by Zillow and that is filed to tell investors and the like what’s going on and what’s going on financially and all that, if you read it you will see that they let me just read from it. In April two thousand 17 we received a civil investigative demand which is by the way the first thing you get The when they’re investigating you you get a CID or civil investigative demand it says we receive the civil investigative demand from the CFPB requesting information related to our March 2017 response to the CFPB’s February 2017 notice and opportunity to respond or advise, which is the NORA letter so they giving this letter like respond tells what’s going on zillow told them and they launch an investigation against zillow further in this report filed it says cuz they have to tell you what to expect It says there is a reasonable possibility that a loss may be incurred however the possible loss or range of loss is not estimable which I would have called “estimatable” apparently estimable is a word now I look a little bit like a dummy I’m not gonna do that out there you go so it is a huge thing going on that Zillow is currently under investigation by the CFPB according to their release that they just did so what do you do about this? Well first of all there’s nothing you can do about things you’ve been doing so if you’ve been using Zillow and over paying for a realtors spend then you’re there like they’ll get that data that information one thing that you can do though at this point is take Look at what you’re doing knowing like look at it through the lens of whatever I’m doing right now I’m doing right in front of the CFPB and that way you can make a decision knowing that you will pay for any sort of bad activity Could potentially pay for that so look at this in it there’s never been a more important time for you to sit down find out of you’re violating RESPA by using Zillow and if you are make the decision right now to not do that anymore remember like I say all the time I’m not saying Zillow is doing something illegal I’m not an attorney I’m not saying Zillow is an illegal company I’m saying that Zillow like any other company uh that sells software is a tool and the tool of Zillow can be used for good or evil If you’re using it for evil looks likes the CFPB is about to find out so there’s your message for Friday afternoon hope I didn’t ruin your weekend although if you’re using it illegally I’m actually okay with that so go out there be good do ethical business and if you lost business to a monster that was paying too much for Zillow um this may help you out in the future because you won’t be competing in things that are not okay there’s your message this Friday have a great weekend and I will see you in the Coop or I’ll see you on my normal Wednesday videos if you’re not signed up for those good Knowledgecoop.com give us your name and email and sign up and if you’re not going to our CE classes we do Continuing Education all over the nation and now we have CE available online NMLS continuing education eight hours and every single state that requires it uh and we’re just adding Florida now cuz they added an extra hour so definitely go to Knowledgecoop.com and take our CE you have a great day and we’ll see you next time

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