Better, which claims to be the first fintech lender to achieve $100 bln in funded loans, unveiled the launch of One Day Mortgage(™), which is described as “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.”
Vishal Garg, Founder & CEO of Better, said:
“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.”
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.”
Harit Talwar, Chairman of Better, said:
“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.”
One Day Mortgages are “available in all 50 states, for customers who are salaried employees and who are making a down payment 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. ”
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