Lending > Best Lending Platform
Better.com has digitized the entire mortgage process, eliminating origination fees, halving the average time it takes to close a loan, and allowing the customer complete control of the process.
78% of homes were purchased with a mortgage in 2018, but the process of actually getting a mortgage is plagued with inefficiencies and frustrations: paper processing/faxing, trip after trip to brick and mortar banks, an opaque pricing structure that many homebuyers don’t understand, hidden costs, and jargon.
Other “digital” providers simply mask the underlying problems, using an online form to funnel you into a traditional manual and paper document-based experience that they shepherd you through by phone. Better.com’s platform uses AI to truly digitize the end-to-end experience, allowing our Mortgage Experts to focus on providing guidance and support, not document processing.
Customers are able to upload and eSign documents, get loan estimates in seconds and a pre-approval letter within minutes. They can reach us for guidance and support whenever they need - through email, text, phone, or chat. Our top-notch customer service pays off - we have an industry leading NPS of 67, similar to beloved brands like Google and Apple.
The end result? Our process gets customers home faster, with more certainty, and with more of their money going to their home, not to fund an outdated process. Better.com is able to close 50% quicker than the industry average (21 days vs. industry average of 44 days). And our commission-free business model, made possible by the efficiencies in our process, allows our borrowers to save an average of $3500 in transaction costs/upfront fees.
Since inception in 2016, Better.com has funded nearly $4B in loans and grown 3x year-over-year. In Q2 of 2019 alone, Better.com funded $1B of loans, more than all of 2016 and 2017 combined.