Two Democratic senators, Cory Booker and Elizabeth Warren, asked the FTC last week to investigate "anticompetitive and deceptive" practices by dominant real estate platforms, heavily alluding to Zillow. They say platform-affiliated agents often steer buyers to affiliated lenders with higher rates and worse loan terms, without disclosing referral fees or commission-sharing arrangements, and criticize the anticompetitive use of private listings. The FTC sued Redfin and Zillow last year over Zillow's $100 million payment for Redfin to shutter its apartment listings, and the sides reached a deal in August. The letter cites a national median home price of around $440,600 per NAR this summer, and notes that rates once under 6% are now in the 7% range. The article suggests mortgage lenders with co-marketing or referral ties to such platforms may want to review their RESPA exposure; neither the FTC nor Zillow responded to requests for comment.
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