Better Settlement Services News Today

Borrowers can use the company's Tinman platform to see their rates and get pre-approved in minutes and may qualify to buy with no down payment.

A $565 million influx of cash from an August SPAC merger and a $1 billion reduction in annual expenses put Better on a footing to navigate a challenging market, executives say.

Better, which has had a strategic partnership with Ally Bank since 2019, is looking to partner with more lenders by launching a white-labeled "mortgage-as-a-service" platform with Infosys.

Available in Arizona, Oregon and Illinois at launch, Better Insurance will expand into Oklahoma, Tennessee and Wisconsin in the next four weeks. The goal is to be in all 50 states in a year.

The lender says it remains committed to distributing equity-based bonuses to all eligible employees, including $50 million from CEO and founder Vishal Garg.

Comparing himself to Henry Ford and Elon Musk, CEO says he's reconfigured Better's assembly line to crank out mortgages in a single day.

Mortgage upstart Better's plan to go public via a SPAC merger faces new challenges as banks that were advising the companies resign their roles.

Press release content from Business Wire. The AP news staff was not involved in its creation.

Ally Home now offers mortgages in 46 states and Washington D.C., through a partnership with Better Mortgage Corp.

With expansion into Massachusetts, Hawaii and New Hampshire, Better says its mortgage services now reach "99 percent of the U.S. market."