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A year after Zillow moved into the mortgage space by acquiring Mortgage Lenders of America, the company is still working out the kinks in its digital platform, Barton said. Zillow also lowered its revenue projections for the mortgage division for the rest of the year.
“We’re already testing the initial version of our digital mortgage software, but the full rollout is taking a bit longer than expected,” Barton said, according to a transcript of the call. “As we continue … to build out and test our own platform, we’ve slowed loan officer hiring until we feel we have the technology and operational infrastructure foundation that we need to scale, which you’ll see reflected in our updated outlook.”