WASHINGTON—The Consumer Financial Protection Bureau has concluded its investigation into whether or not Zillow violated Section 8 of the Real Estate Settlement Procedures Act and Section 1036 of the Consumer Financial Protection Act.
According to Zillow, which offered an update on the investigation during its earnings call on Tuesday, the CFPB wants to discuss a settlement with the company, HousingWire reported.
“Based on correspondence from the CFPB in August 2017, we understand that it has concluded its investigation. The CFPB has invited us to discuss a possible settlement and indicated that it intends to pursue further action if those discussions do not result in a settlement,” reported HousingWire, quoting from the earnings release.
During the call, Kathleen Philips, Zillow chief financial officer, answered a question on the exact timing of the decision, saying, “We expect things to move quickly.” Philips added that she is actually about to head to Washington, D.C., in order to work with the bureau on a settlement and thinks that it will be a fast process, HousingWire reported.
However, Zillow noted that a settlement is not guaranteed. Philips stated that if it does turn into a regular legal procedure, the resolution would take more time, the publication noted.
HousingWire added that despite the CFPB’s conclusions in the investigation, Zillow still stands by its real estate practices.
“As noted in its first-quarter earnings call, Zillow said, ‘We continue to believe that our acts and practices are lawful and that our co-marketing program allows lenders and agents to comply with RESPA, and we will vigorously defend against any allegations to the contrary,’” reported HousingWire.