One of the Fastest Growing Home-Ownership Companies Will Now Serve
Customers in Montana, New Mexico, Rhode Island, Nebraska
and Wyoming
NEW YORK–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/FHA?src=hash” target=”_blank”gt;#FHAlt;/agt;–Better.com today announced it has expanded into several new markets,
including Montana, New Mexico, Rhode Island, Nebraska and Wyoming. The
expansion follows a $85M Series C capital raise and a record-breaking
year in which the digital mortgage disruptor reported 3x year-over-year
growth, bringing the total number of funded loans since inception to $3B.
“Buying a home is not only the biggest financial transaction most people
take, but also one of the most cumbersome, stressful and antiquated.
Mountains of paper being faxed all across the country containing
sensitive consumer data is a thing of the past and we strive to make
every point for the borrowers home-buying journey seamless, digital and
convenient,” said Vishal Garg, CEO and Founder of Better.com. “With our
market expansion into several key states, we’re pleased we can now offer
borrowers in 36 states home loans that are cheaper, quicker and
commission-free.”
Thanks to Better.com’s commission-free model, each customer saves an
average of $3,500 in fees.
The news of the expansion follows a strategic partnership announcement
where Better.com will offer customers of Ally Financial (ALLY) a
streamlined mortgage experience, including pre-approval for a home loan
in minutes through its website. At $194 million in revenues the mortgage
division is a small but growing business at Ally, which has $180 billion
in assets.
The new partnership speaks to Better.com’s cutting-edge innovation:
Better.com not only closes loans 25% faster than the industry average1
(33.6 days vs. the industry average of 42 days), its proprietary
technology also allows its non-commissioned loan officers to outpace the
industry by 1084%, originating 45 loans per month vs. the industry
standard2 of 3.8 loans per month.
With the new expansion Better.com is now live in 36 states, representing
approximately 80% of the United States mortgage volume.
In the last year, the fintech startup tripled the company headcount to
over 600 people, opened new offices in Oakland and Irvine and moved
headquarters to the World Trade Center in downtown Manhattan.
Earlier this year, Better.com closed on $85M in Series C funding, led by
Ally Financial, Goldman Sachs, American Express Ventures, Citigroup,
Kleiner Perkins, Pine Brook and the Healthcare of Ontario Pension Plan
(HOOPP). The funding was allocated towards driving continued growth,
filling key management positions and increasing investment in the
company’s innovative technology platform.
About Better.com:
Backed by Ally, Citigroup, Goldman Sachs, American Express Ventures,
Kleiner Perkins, Pine Brook and Healthcare of Ontario Pension Plan
(HOOPP), Better.com is one of the fastest growing home finance
disruptors in America, leveraging machine learning and AI to digitize
and automate every step of the home financing process to make
homeownership more affordable and accessible. Since inception in 2016,
Better.com has funded more than $3B in loans. The company was recognized
as one of Forbes FinTech
50 2018, and one of Crain’s Best Places to Work in New York City.
For more information, follow @betterdotcom.
1 Ellie Mae Origination Insight Report – March 2019
2 MBA Economic and Mortgage Finance Outlook Prepared for
Midwinter Conference – March 2019
Contacts
Media Contact: Tanya Hayre, Head of PR ([email protected])
