Zillow announced ongoing CFPB investigation

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With the what-ifs already being heavily debated throughout the industry and the CFPB remaining quiet on the issue, Zillow Group announced at the end of its earnings call that the CFPB had quietly been investigating its co-marketing program for compliance with the Real Estate Settlement Procedures Act (RESPA) for the past two years.

The program, which launched in June 2013, allows “Premier Agents” who pay for advertising on Zillow Group’s apps and websites to invite lenders to share marketing costs by paying Zillow Group to appear as “Premier Lenders” in advertising alongside the agent.