First-of-its-kind offering allows customers to go from application to full mortgage Commitment Letter within 24 hours vs. typical industry process of 30+ days
NEW YORK–(BUSINESS WIRE)–Better, the first fintech lender to achieve $100 bln in funded loans, today unveiled the launch of One Day Mortgage(™), a breakthrough innovation in the real estate industry. For the first time ever, Better customers will be able to go online, get pre-approved, lock their rate and get a mortgage Commitment Letter from Better, all within 24 hours.
Better quietly launched the One Day Mortgage program in beta in the second week of January to a small segment of its customers. The company has already seen strong interest in the offering due to its ability to provide prospective home buyers with a significantly higher degree of certainty and peace of mind, on top of Better's industry leading low rates. Better has already processed over $50 MM in One Day Mortgage commitments, with customers receiving a Commitment Letter in an average of 12 hours.
In today's rising interest rate environment, speed removes the headache of extended wait times for mortgage approvals, and saves customers money in the process. “This has been so fast,” said Kirk Tallman, a Better customer. “I don't do these often, but wow, the process has been wonderful! You guys are great and so easy to deal with!”
“We spent the first seven years bringing the mortgage industry into the digital era, and executing over $100 bln of fully digital online mortgages. Better's offerings serve to kickstart the slow, opaque, and costly homeownership process. With One Day Mortgage, Better is revolutionizing the mortgage industry once again by empowering its customers, making it not only cheaper, but also faster and easier to own a home, all in one day,” said Vishal Garg, Founder & CEO of Better.
Buying a home is the biggest purchase most Americans will ever make, and as a result the experience can create high levels of stress and anxiety. With One Day Mortgage, customers can receive a mortgage Commitment Letter to fund their home loan with only a few clicks in a matter of hours, removing the uncertainty around one of the most stressful parts of the home buying process.
“For my entire career, a one day mortgage has served as the holy grail for consumer finance companies to achieve and scale. With this launch, Better has developed its breakthrough offering. This milestone will add immense value to the consumer, create a significant strategic moat for Better, and be a near impossible act for competitors to follow,” said Harit Talwar, Chairman of Better.
“It is hard to overestimate the importance of One Day Mortgage to Better, its customers, and the real estate ecosystem as a whole,” said Prabhu Narasimhan, Partner at Novator Capital, which is a major Better shareholder. Mr. Narasimhan is set to join the company's Board of Directors. “One Day Mortgage unlocks it all. It takes away the weeks of uncertainty that permeate the entire real estate transaction. If we can execute mortgage commitments in one day and closings in three days, we can complete entire transactions in less than one week to make the entire process better.”
One Day Mortgages are available in all 50 states, for customers who are salaried employees and who are making a downpayment of at least 3% on a conforming Fannie Mae or Freddie Mac mortgage. One Day Mortgages are fully underwritten to the investor criteria set forth by Better's investors, including all applicable criteria for conforming mortgages from Fannie Mae and Freddie Mac. To apply, please visit https://better.com/b/one-day-mortgage
Terms apply. One Day Mortgage lets qualified customers receive a conditional underwriting decision within 24 hours of rate lock, which does not guarantee final underwriting approval. Better Mortgage Corp. NMLS #330511
Better is America's #1 online, commission-free home finance, insurance and realty company. In just six years since launch, Better has leveraged its commission-free service offering and Tinman™, its industry-leading technology platform, to fund more than $100 billion in home financing. In addition to being the first fintech to reach this milestone, Better has completed over $4.6 billion in real estate transaction volume through its realtor service Better Real Estate and agent network, as well as over $38 billion in coverage written through its insurance arm, Better Cover and Settlement Services. Better has earned countless awards for its work in making homeownership more affordable and accessible to all Americans. Better was ranked #1 on LinkedIn's Top Startups List for 2021 and 2020, #1 on Fortune's Best Small and Medium Workplaces in New York, #15 on CNBC's Disruptor 50 2020 list, and was listed on Forbes FinTech 50 for 2020. For more information, follow @betterdotcom.