NEW YORK—Mortgage underwriting in as little as 47 seconds? Two companies are reporting they will be able to do just that.
The online mortgage platform Better said it has partnered with OpenAI to launch an app within ChatGPT that the companies said will dramatically reduce the time it takes to underwrite a mortgage or home equity loan, according to CNBC.
The app takes Better’s mortgage engine and combines it with OpenAI’s models to speed up the underwriting process for loan officers working at banks, mortgage brokers and fintech firms, Better CEO Vishal Garg told CNBC in an interview.
“Taking the mortgage underwriting process, which so many of us have experienced personally, from 21 days to as little as 47 seconds and enabling it via ChatGPT is a huge unlock for everyone,” Giancarlo Lionetti, OpenAI’s chief commercial officer, said in a statement provided to CNBC. “OpenAI is proud to partner with Better to build technology that revolutionizes the mortgage industry and makes it cheaper, faster, and easier for American families to finance a home.”
‘Mortgage-as-a-Service’
Garg told the news outlet the new app is part of Better’s pivot from being primarily a lender to consumers to also becoming a “mortgage-as-a-service” tech platform for other mortgage players.
The companies are taking direct aim at the dominant mortgage players by enabling competitors to move faster, Garg said. According to Better, lenders can save 21 days of time on average, reducing the costs to underwrite loans and ultimately saving consumers money as well, CNBC reported.
“AI is now doing mortgages,” Garg told CNBC. “Rocket, UWM, Pennymac, a bunch of guys that are large public companies, make their money by effectively charging a tax of one and half percent to underwrite mortgages. … That’s $20 billion that’s paid by the American public in a typical year.”
OpenAI’s models, fed with Better’s mortgage data, save time by simultaneously running parallel workflows on dozens of checkpoints, including appraisals, title reports, income, credit reports and other metrics, according to Garg.
NEW YORK—Mortgage underwriting in as little as 47seconds? Two companies are reporting they will be able to do just that.
The online mortgage platform Better said it has partnered with OpenAI to launch an app within ChatGPT that the companies said will dramatically reduce the time it takes to underwrite a mortgage or home equity loan, according to CNBC.
The app takes Better’s mortgage engine and combines it with OpenAI’s models to speed up the underwriting process for loan officers working at banks, mortgage brokers and fintech firms, Better CEO Vishal Garg told CNBC in an interview.
“Taking the mortgage underwriting process, which so many of us have experienced personally, from 21 days to as little as 47 seconds and enabling it via ChatGPT is a huge unlock for everyone,” Giancarlo Lionetti, OpenAI’s chief commercial officer, said in a statement provided to CNBC. “OpenAI is proud to partner with Better to build technology that revolutionizes the mortgage industry and makes it cheaper, faster, and easier for American families to finance a home.”
‘Mortgage-as-a-Service’
Garg told the news outlet the new app is part of Better’s pivot from being primarily a lender to consumers to also becoming a “mortgage-as-a-service” tech platform for other mortgage players.
The companies are taking direct aim at the dominant mortgage players by enabling competitors to move faster, Garg said. According to Better, lenders can save 21 days of time on average, reducing the costs to underwrite loans and ultimately saving consumers money as well, CNBC reported.
“AI is now doing mortgages,” Garg told CNBC. “Rocket, UWM, Pennymac, a bunch of guys that are large public companies, make their money by effectively charging a tax of one and half percent to underwrite mortgages. … That’s $20 billion that’s paid by the American public in a typical year.”
OpenAI’s models, fed with Better’s mortgage data, save time by simultaneously running parallel workflows on dozens of checkpoints, including appraisals, title reports, income, credit reports and other metrics, according to Garg.
