According to information released by the company, One Day Mortgages are available in all 50 states for customers who are salaried employees and are making a down payment of at least 3% on a conforming Fannie Mae or Freddie Mac mortgage. One Day Mortgages are fully underwritten to the investor criteria set by Better’s investors, as well as all the applicable criteria for conforming mortgages from Fannie Mae and Freddie Mac.
Better said it quietly rolled out the loan program in the second week of January to a small segment of customers. Since the beta stage, the company has seen strong interest in the offering and processed over $50 million in One Day Mortgage commitments.
“We spent the first seven years bringing the mortgage industry into the digital era and executing over $100 billion of fully digital online mortgages,” Better CEO Vishal Garg said. “Better’s offerings serve to kickstart the slow, opaque, and costly homeownership process. With One Day Mortgage, Better is revolutionizing the mortgage industry once again by empowering its customers, making it not only cheaper but also faster and easier to own a home, all in one day.”
“It is hard to overestimate the importance of One Day Mortgage to Better, its customers, and the real estate ecosystem as a whole,” added Prabhu Narasimhan, partner at Novator Capital, a major shareholder at Better. Narasimhan will join the company’s board of directors. “One Day Mortgage unlocks it all. It takes away the weeks of uncertainty that permeate the entire real estate transaction. If we can execute mortgage commitments in one day and closings in three days, we can complete entire transactions in less than one week to make the entire process better.”
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