Better launches ChatGPT-based mortgage underwriting engine

Better.com launched a conversational credit decision engine in ChatGPT for mortgage and home equity lenders, giving enterprise users access to its Tinman AI platform through a custom connector built with OpenAI.

The company claims the tool can underwrite loans in as little as 47 seconds, with a median time of 2 minutes and 24 seconds, compared to an industry average of 21 days. Better said the platform is trained on more than $110 billion in funded loans, 12 million recorded customer calls, and over 5 billion pages of mortgage-related documentation, and can evaluate loans against guidelines from more than 45 institutional investors, including Fannie Mae, Freddie Mac, FHA, and major banks.

“The mortgage industry is riddled with inefficiencies that hurt consumers, as well as the loan officers and lenders who serve them. Big mortgage aggregators in the broker and correspondent channel charge what is essentially a 1-2% tax on each loan just to underwrite a mortgage and deliver it to an institutional investor. That ends now. Loan officer teams and banks can simply log into their ChatGPT Enterprise account, download the Tinman AI credit decision engine app, connect their guidelines, pricing, and CRM to process, underwrite, and fulfill loans nearly instantly; passing thousands of dollars in savings to consumers. We’ve put the full power of Tinman inside ChatGPT, a platform more than 100 million Americans already know and trust. This is a total game changer.” – Leah Price, General Manager of Tinman AI Platform.