Better Mortgage raises the industry standard for pre-approval

NEW YORK, April 7, 2017 /PRNewswire/ -- On March 13, 2017, Better Mortgage rolled out their new Verified Pre-Approval Letter giving customers and their realtors a greater level of confidence to go shopping for their new home. Unlike other mortgage providers, the Better Verified Pre-Approval Letter is reviewed by underwriters and can be delivered online to qualified borrowers in as little as 24 hours.

"Because the mortgage industry has no standard for pre-approval letters, customers could have very different experiences in both securing the pre-approval letter and understanding the level of commitment the letter affords them from their their potential lender," explains Shawn Low, Head of Business Operations. "At Better we're hoping to create more certainty in a very volatile and stressful process. Our Verified Pre-Approval Letter increases the certainty the customer will be able to get a loan from us because we underwrite the borrower's income, assets and credit based on documentation provided or extracted from a valid third party dataset, not just the stated values."

Sellers also stand to benefit from increased quality in pre-approval letters, giving them confidence in selecting a buyer by measuring their likely ability to secure a loan.

This feature release demonstrates an investment Better Mortgage is making to grow the company's purchase loan business. Previously, Better was focused on attacking the refinance market, providing transparency, speed, and affordability to existing mortgage borrowers.

What makes it better:

• Free
• Accessible online 24/7
• Comprehensive review of borrower's income, asset and credit documentation
• Underwriter reviewed
• Qualified borrowers can receive a Verified Pre-Approval letter within 24 hours

About Better: Launched in 2016, Better is a full stack mortgage lender digitizing every step of the financing process. Backed by Kleiner Perkins and Goldman Sachs, Better was created by a group of engineers from Google and Spotify committed to putting consumers back in control of the most important financial decision of their lives. In our first year of operations we funded over $500 million of loans and we're just getting started.

SOURCE Better Mortgage

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