The online mortgage platform Better has entered into a strategic partnership with OpenAI to unveil an innovative app within ChatGPT, exclusively reported by CNBC. This groundbreaking tool is set to significantly expedite the mortgage and home equity loan underwriting process for banks, mortgage brokers, and fintech firms.
Officially announced on Thursday, the new app combines Better's state-of-the-art mortgage engine with OpenAI's sophisticated models to dramatically cut down the underwriting time, according to Better CEO Vishal Garg in an interview.
OpenAI's Chief Commercial Officer, Giancarlo Lionetti, expressed enthusiasm about the partnership, highlighting the app's potential to transform the traditional mortgage process. "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," Lionetti stated in a release provided to CNBC.
He added, "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."
Historically, securing a mortgage has been one of the most protracted processes in American finance, involving numerous steps that could take weeks to finalize. Following the 2008 financial crisis, major banks like JPMorgan Chase withdrew from the U.S. mortgage market, paving the way for the emergence of non-bank entities such as Rocket Mortgage and United Wholesale Mortgage.
Following the announcement, Better's stock rose by up to 5%, while shares of competitors Rocket Mortgage and UWM saw declines of up to 6% and nearly 4%, respectively.