Better.com launches Betsy™, the First Voice-Based AI Loan Assistant for the US Mortgage Industry
October 17 2024 - 8:00AM
Business Wire
Betsy leverages true generative AI to enable
Better’s Loan Officers to dramatically increase efficiency and
customer satisfaction
Better Home & Finance Holding Company (NASDAQ: BETR)
(“Better.com”), the leading digital homeownership company, today
announced the launch of Betsy™, the first voice-based AI Loan
Assistant for the US mortgage industry. As the latest innovation
built through Tinman™, the company’s proprietary loan origination
platform, Betsy enhances the operational efficiency of Better.com’s
licensed Loan Officers, Processors and Closers and improves its
customer experience with more intelligent, timely and accurate
answers to customer inquiries on an instant basis.
Betsy leverages AI and large language models (LLMs) to
accelerate a customer’s entire mortgage journey from pre-approval
start to closed loan. The platform is programmed to communicate
with prospective and existing Better.com customers to answer
mortgage application inquiries and to collect and verify
outstanding application data, all while interfacing with Tinman™ in
real-time. Uniquely, Tinman is a single, unified system where all
relevant facts of a loan application are stored within one
comprehensive data structure. This contrasts with traditional
mortgage industry software, where information is spread across
multiple systems and datasets such as Point of Sale, CRM, Loan
Origination System, Document Management System, and Pricing Engine.
Tinman’s centralized and context-rich data environment is organized
in a hierarchical, tree-like structure that is easily understood by
LLMs like Betsy. This allows her to access and interpret
information with full context, enabling her to understand the
nuances of each customer's loan application. As a result, Betsy can
accurately answer questions in great detail and assist with
outstanding tasks efficiently. The results enable faster service
times, enhanced self-service capabilities, improved customer
engagement, and greater sales efficiency.
“This launch is a seismic moment for Better and the entire
mortgage industry,” said Vishal Garg, CEO & Founder of
Better.com. “Fulfilling a mortgage loan is labor-intensive and
rules-driven, and Betsy serves as a highly intelligent front end
enabling customers to automate the process with the full power of
our proprietary loan engine, Tinman. This isn’t just another text
chatbot or document processing service launched through a
traditional CRM or OCR vendor, this is true disruption of the
non-licensed tasks performed by armies of traditional customer
service reps, Loan Officers and Processors in the mortgage
industry. We believe that Betsy will catalyze our growth over the
coming years by making our existing Loan Officers, Processors,
Coordinators and Closers far more efficient. We are only beginning
to witness how AI will disrupt the traditional mortgage industry,
and our technology is setting the standard in delivering maximum
value, savings and service to American homeowners.”
With access to a repository of customer-provided application
data, Betsy enables Loan Officers to focus their time on discussing
interest rate details and other licensed activity with a seamless
transition of information.
“The average cost to sell and process a mortgage in the United
States is nearly $9,000 per loan,” said Kevin Ryan, CFO of
Better.com. “Utilizing Tinman’s capabilities, we have been able to
automate time and labor-intensive components of the mortgage
process and reduce that cost by over 35% of the industry average.
As we continue to supplement Betsy’s capabilities, we believe this
technology will significantly drive down our costs further,
resulting in lowered rates and superior service for our
customers.”
Better.com plans to develop additional components to Betsy’s AI
technology to bolster its consumer offerings and make its Loan
Officers even more productive in the near future. Betsy is live on
the Better.com website and a demonstration of Betsy's capabilities
is available at: better.com/betsy.
About Better Home & Finance Holding Company
Since 2016, Better Home & Finance Holding Company (NASDAQ:
BETR; BETRW) has leveraged its industry-leading technology
platform, Tinman™, to fund more than $100 billion in mortgage
volume. Tinman™ allows customers to see their rate options in
seconds, get pre-approved in minutes, lock in rates and close their
loan all entirely online. Better’s mortgage offerings include
GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage
loans. Better launched its "One Day Mortgage" program in January
2023, which allows eligible customers to go from click to
Commitment Letter within 24 hours. Better was named Best Online
Mortgage Lender by Forbes and Best Mortgage Lender for
Affordability by WSJ in 2023, ranked #1 on LinkedIn’s Top Startups
List for 2021 and 2020, #1 on Fortune’s Best Small and Medium
Workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, and
was listed on Forbes FinTech 50 for 2020. Better serves customers
in all 50 US states and the United Kingdom.
Forward-Looking Statements
This press release contains forward-looking statements related
to, among other things, the development and use of artificial
intelligence by Better.com. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this communication, including
Better.com’s ability to effectively manage the risks, challenges
and efficiencies presented by using artificial Intelligence in its
business. Such factors can be found in Better.com’s annual report
on Form 10-K and Better.com’s quarterly reports on Form 10-Q, which
are available, free of charge, at the SEC’s website at www.sec.gov.
New risks and uncertainties arise from time to time, and it is
impossible for Better.com to predict these events or how they may
affect Better.com. You are cautioned not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made, and Better.com undertakes no obligation, except as
required by law, to update or revise the forward-looking
statements, whether as a result of new information, changes in
expectations, future events or otherwise.
For more information, follow @betterdotcom.
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Nneka Etoniru better@avenuez.com
Better Home and Finance (NASDAQ:BETR)
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