Better.com has radically overhauled the analog mortgage process, which still involves commissioned loan officers, 2,000 pages of paperwork and manual intervention at every step. Better.com replaced it with a digitized process that eliminates commissions, unnecessary steps and time-wasting appointments. The company matches its borrowers with the investors who are most interested in buying their loans (and are therefore willing to pay a good price for them). This, in turn, allows it to offer the lowest possible rates to the borrower. It also allows the company to easily find personalized discounts that the borrower may be eligible for, like CRA discounts.
- Customers close in 21 days and save $3,500
- Grown 3.5 times year-over-year and is funding over $700 million in mortgages a month
- Hired more than 900 employees and launched major partnerships with both Ally Financial and American Express