The agreement with PHH Mortgage is likely to be viewed as a positive development for Zillow Home Loans, potentially leading to improved efficiency and customer service in their mortgage servicing operations. This can be perceived as a growth catalyst for Zillow Group, thus positively influencing investor sentiment and the stock price of Z in the short term.

The strategic partnership with PHH Mortgage is expected to enhance Zillow Home Loans' capabilities, which is a subsidiary of Zillow Group. This positive news is likely to influence Zillow Group's Class A common stock (ZG) similarly to its Class C capital stock, with an anticipated short-term increase in stock price due to optimistic investor outlook on the company's future performance.