Digital home ownership platform expands title product to Virginia and advances nationwide rollout of one-click checkout for real estate transactions | Companies
NEW YORK – (BUSINESS WIRE) – Aug. July 2021–
Better, a fully digital home ownership platform that offers mortgage, real estate, home ownership and home ownership insurance products through an intuitive online platform, announced today that it is the title insurance provider for refinancing transactions through Better Settlement Services (BSS) of the state of Virginia.
Property insurance protects a homeowner’s rights when a third party argues against the rights to their property. Buying a home is the biggest investment most people will ever make.
BSS, a direct-to-consumer service, uses smart decisions to make title insurance cheaper, saving customers 20% or more, the equivalent of hundreds of dollars in savings on a title reward 1 that averages around $ 1,000 across the industry 2. To date, BSS customers across the country have saved $ 11 million in rewards 3 compared to the industry average title fees.
“The title industry has always been characterized by fees, jargon and unnecessary face-to-face meetings,” said Vishal Garg, CEO and founder of Better. “We pride ourselves on delivering a fully digital experience that makes the complicated process of financing a home faster, cheaper and more efficient,” he added.
In addition to cost savings, Better’s technology-driven platform enables faster and more efficient property closings. In addition, homeowners can significantly reduce costs and time by shortening the title closing process from the industry average of 10-14 days to 5.8 days 4.
The announcement follows Better’s tremendous growth as the impact of the pandemic has driven demand for Better’s digital solution, funding over $ 24.2 billion in lending, and year-over-year growth of 490% from 2019 5.
“Today’s consumers expect simple, efficient, and digital processes – and the already stressful and overwhelming home purchase should set the standard for making customer journeys easier. Virginia customers can now complete the home refinancing process more quickly and transparently, ”said Landy Liu, general manager of BSS.
Virginia is the 24th state in BSS’s nationwide expansion, following Better’s launch of its mortgage and homeowner insurance offering – Better Cover – in the state. This launch comes at a time of meteoric growth for Better: the home loan division has grown five-fold in financed loans and the title division has grown 147% in revenue year-over-year. Industry-wide title volume increased 21.7 percent in 2020 compared to the same period a year ago and generated $ 19.2 billion in title insurance premiums.
Virginia residents can sign up at https://better.com/title to learn more.
About better: Founded in 2016, Better is a digital home ownership company whose services included mortgage, property, home and home insurance. From its inception in 2016 through 2020, Better funded $ 30.9 billion in home loans and provided over $ 7 billion in cumulative coverage through Better Cover and Better Settlement Services, Better’s insurance divisions. Better has raised over $ 400 million in equity since its inception. The company was listed at number 15 on CNBC’s Disruptor 50 2020 list and on Forbes FinTech 50 for 2020. For more information, follow @betterdotcom.
1Savings vary from state to state
2According to Realtor.com, the average cost of legal expenses insurance is around $ 1,000 per policy, but this amount varies widely from state to state and depends on the price of your home e.
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5 Pre SS release: Digital home ownership platform to be merged with Aurora Acquisition Corp. better become a public company; The company is redefining the home ownership experience
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KEYWORD: UNITED STATES NORTH AMERICA MARYLAND NEW YORK VIRGINIA DISTRICT OF COLUMBIA
INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES RESIDENTIAL CONSTRUCTION & REAL ESTATE & PROPERTY INSURANCE
Copyright Business Wire 2021.
PUB: 7/20/2021 7:00 AM / DISC: 7/20/2021 7:01 AM
Copyright Business Wire 2021.