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Credit Karma acquires mortgage platform Approved

It’s also no secret that Credit Karma’s largest user base is millennials. As they get older and start getting to the point where they consider buying a home (assuming they are in the financial position to do so), the company obviously wants to keep those users engaged on their platform and offer them more services.

Singhal also stressed that 80 percent of Credit Karma members are active on the service before they get a new mortgage — and Credit Karma obviously knows all of this because it is able to collect a lot of very detailed financial data about its users.

As Singhal noted, Credit Karma has been working on getting deeper into the mortgage business for about 18 months. “The acquisition is just the continuing effort of saying, ‘look, we’re serious about taking our scale and being that trusted destination for our members as it relates to helping them with their mortgage.'”

Credit Karma already offers some mortgage brokerage services,  and today’s acquisition is meant to help speed up this process with the help of Approved’s technology. “What approved has spent a lot of time doing is working with lenders to help them automate and make them more efficient,” Singhal explained. A more efficient process, Singhal expects, means the lenders can reduce rates and save Credit Karma members money.

Kenneth R. Harney: Frozen credit files can slow mortgage process

WASHINGTON — Nearly a year after the catastrophic Equifax hack exposed 147 million Americans' personal and financial data to cyber criminals, consumers are about to get a break — something especially useful for homebuyers and owners.

Starting Sept. 21, credit-file "security" freezes will no longer cost you money. For years, you had to pay fees that varied from state to state to enact freezes — which nail down your credit files, rendering them inaccessible not only to crooks but just about everybody else unless you unfreeze them.

In the wake of the Equifax debacle, consumers spent an estimated $1.4 billion on freeze fees, according to researchers.

Congressional legislation earlier this year removed that cost barrier and set some new guidelines for the credit bureaus and consumers, thereby opening the door to much wider use of the tool. This should be good news for homebuyers and owners since, on average, they tend to have greater assets and larger numbers of credit accounts to protect than others.

Can someone please explain the correlation between credit/mortgage fears and the stock market?

"Major gauges tumble on credit and mortgage market fears; Dow, Nasdaq, S&P 500 all down 10 percent off highs - reaching market correction levels."

This was the headline on CNN.


I work for one of the largest (still standing) mortgage banks in the county. I've been in and out of the industry for 10 years. I got out in the last crash in 1998. By the looks of things, it's a lot worse than it was 10 years ago.