It may take even longer to build a mortgage service that meets his expectations. Getting a mortgage is a painful and unpredictable process that requires reams of paperwork and also scares away homeowners who would benefit from refinancing. A basic mortgage-shopping service is up and running, for residents of fewer than half of U.S. states. Lin wants to do much more to streamline the process.
“If you reimagine mortgages, and you actually took a bunch of the friction out, people would spend the time to refinance and get themselves into a better situation,” Lin said.
That will require working with lenders to overhaul their mortgage processes. Changing the way the U.S. banking system handles $9 trillion in mortgage debt is an ambitious goal. It’s only imaginable because of the clout that comes from Credit Karma’s membership.
This article was provided by Bloomberg News.