Last week’s news that Lower has acquired Movoto – a top 5 real estate portal with over 150 million visits in 2024 – signals more than just a headline transaction. It’s another domino in a bigger shift: mortgage banks are moving upstream, acquiring direct access to consumer demand, and merging search with finance under one roof.
To help make sense of it all, we invited Chris Heller to join us for a conversation on a WAV Group podcast. Chris is not only a longtime friend – he’s someone who’s led transformative change across the industry. His track record spans brokerage, tech, and mortgage, including key roles as CEO of Keller Williams, CEO of LoanDepot’s mellohome, and most recently President at OJO Labs and Movoto.
This isn’t a one-off – it’s a pattern
Lower’s acquisition of Movoto comes just weeks after Rocket announced it would acquire Redfin. Both of these deals mirror what Zillow has already done by internalizing its lending operation and driving profitability through Zillow Home Loans.
The distinction here is important: Realtor.com and Homes.com still operate under an ad-driven model – renting consumer attention to mortgage companies. In contrast, Lower is following the Rocket and Zillow path by aligning the consumer experience under one brand.
Chris summed it up well:
“The future isn’t just about leads – it’s about control. Whoever owns the customer journey from search to close and beyond, wins. And that means integrating mortgage and real estate in a way that feels seamless to the consumer.”
A mortgage veteran’s view
Chris is in a unique position to offer perspective. During his time at loanDepot, he helped build the company’s national real estate strategy, giving him first-hand experience on what it takes to bridge mortgage and real estate at scale. That background informed his work at OJO Labs and Movoto, where the goal has always been to deliver value earlier in the funnel – long before someone fills out a mortgage app or calls an agent.
Now, through the lens of this acquisition, Chris sees a clearer path forward:
“This isn’t about disintermediation. It’s about intelligent coordination. Lenders and agents working together, supported by tech, create better outcomes – not just for the consumer, but for the professionals as well.”
Movoto’s role in the new model
Movoto has long flown under the radar compared to Zillow or Redfin, but it’s quietly built one of the largest digital audiences in real estate. Lower sees that audience as a key growth engine for its lending platform and retail network.
But this isn’t a lead gen play. It’s about building an ecosystem where local loan officers and top-performing agents are matched with high-intent buyers from day one.
“We’re not just layering mortgage on top of a portal,” Chris said. “We’re creating a platform where the first click leads to a relationship – not just a redirect.”
Brokers: time to reassess
For brokers and team leaders, the takeaway is clear: the economics of “renting” consumer attention are under pressure. Lower, Rocket, and Zillow are vertically integrating the funnel and turning it into a conversion machine. That has real implications for how agents acquire clients, how they compete, and where they get their deal flow.
Chris pointed out that many brokers still depend on portals for buyer leads, but they may find themselves competing against the very platforms they’re paying. The companies building end-to-end ownership of the consumer journey – across search, finance, and transaction – are gaining leverage.
What’s ahead
Lower says it will move quickly to integrate Movoto into its platform, giving buyers early access to loan officers and pairing them with trusted agents – creating “super teams” with a shared stake in customer success. It’s the kind of structural alignment that’s long been discussed but rarely executed well.
With Adam Wiener (ex-Redfin) now leading growth at Lower, and Chris continuing to lend his strategic guidance, expect more momentum.
“The companies that put the consumer at the center, and support professionals with the right tools and partnerships, are the ones that will lead the next era,” Chris said.
Watch the interview below!
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