Loan officers with mortgage bank New American Mortgage will be present in all ZipRealty company-owned offices in 20 markets around the country under the terms of a strategic alliance between the two companies announced today.
"New American Mortgage has an agent-centric model and is focused on creating a strong and trusted relationship with the real estate agent first," ZipRealty CEO Lanny Baker said in a statement. "This side-by-side connection and New American’s commitment to industry-leading loan approval turn times will greatly benefit ZipRealty buyers."
In announcing second quarter earnings Aug. 8, ZipRealty said it had recently entered into a marketing agreement with Citibank N.A., a subsidiary of Citigroup, "which augments our existing mortgage lender relationship with New American Mortgage."
In its subsequent quarterly earnings report, ZipRealty said it terminated a mortgage services marketing agreement with Bank of America in April that had paid the brokerage a flat monthly marketing fee.
ZipRealty disclosed that it had since entered into "new non-exclusive marketing agreements with other mortgage lenders in which we are paid either a flat marketing fee or on a cost-per-click basis, and we expect these arrangements to offset fully the revenues we received previously from Bank of America."
A spokeswoman for ZipRealty said the company was making a formal announcement today of the previously disclosed relationship with New American Mortgage, which has not been expanded.