NEW YORK--(BUSINESS WIRE)--Better Mortgage, a digital mortgage company focused on improving access to home financing for a new generation of homeowners, announced that it has funded over $1 billion dollars in mortgage loans to date. Better launched in January 2016, making it the third fastest online lender to reach this $1B milestone -- per research published by Lend Academy in July 2017.
“I started Better with the downpayment I’d saved to buy my first home but wasn’t able to. Why? Because of an inefficient, antiquated mortgage process which functioned as if the internet had never been invented and caused us to lose the home to an all-cash buyer. I knew then that the entire industry needed to dramatically change,” Better CEO and Founder Vishal Garg expressed. “Many believed that we were crazy for trying to build an online, commission-free, direct-to-consumer mortgage company when so many well-capitalized companies were abandoning their origination business. I saw it as an opportunity, however, to reimagine home finance from the ground up. Hitting this milestone is proof that we are onto something. That you can build a successful mortgage company and get to scale when you focus on improving the process for the consumer. We’re helping people afford more home by leveraging technology, benefits from pass-through savings, and benefit from the certainty provided by our awesome support and education from our non-commissioned loan consultants.”
In 2017, Better saw a 400% increase in its user base year over year, expanding its operations to 13 states plus Washington DC, which allows Better to cover more than half of the home financing market. Better has continued to prioritize its customers, who save over $3,000 in transaction costs alone and receive the lowest prices available, backed by the Better Price Guarantee.
Recently ranking in the Forbes Fintech 50, for lending, Better has also launched partnership initiatives with several major consumer-focused companies to help empower better homeownership, including Samsung and Airbnb.
About Better: Launched in 2016, Better is a full stack mortgage lender re-engineering every step of the home financing process to make homeownership more affordable and accessible. Backed by Kleiner Perkins, Goldman Sachs, and Pinebrook, Better is focused on customer advocacy, putting consumers back in control of the most important financial decision of their lives. Recently named Best Mortgage Lender for Customer Service by Nerdwallet, Better has an intuitive online platform, complemented by non-commissioned staff that guides customers through the process starting with how much house they can afford or how much they can save through to close, completely jargon-free, with airtight certainty and the best rate possible.