Online mortgage firm Better has announced the launch of a new ChatGPT app developed in partnership with OpenAI, aimed at transforming the mortgage underwriting process by reducing approval times from approximately 21 days to as little as 47 seconds. This innovative tool combines Better’s mortgage engine with OpenAI’s models to automate the numerous checks involved in underwriting, which have traditionally been time-consuming and labor-intensive. The app specifically targets major players in the industry, such as Rocket Mortgage and United Wholesale Mortgage, as it allows lenders to expedite loan approvals and lower costs. The move comes in a post-2008 financial landscape where non-bank entities like Rocket and UWM have come to dominate, filling the void left by large banks’ withdrawal from the mortgage market.
Better partners with OpenAI to launch ChatGPT app for mortgages
