“Taking the mortgage underwriting process, which so many of us have experienced personally, from 21 days to as little as 47 seconds and enabling it via ChatGPT is a huge unlock for everyone,” OpenAI chief commercial officer Giancarlo Lionetti said in a statement provided to CNBC.
“OpenAI is proud to partner with Better to build technology that revolutionizes the mortgage industry and makes it cheaper, faster, and easier for American families to finance a home.”
“AI is now doing mortgages,” Better chief executive Vishal Garg said in an interview.
“Rocket, UWM, Pennymac, a bunch of guys that are large public companies, make their money by effectively charging a tax of one and half percent to underwrite mortgages. … That’s $20 billion that’s paid by the American public in a typical year.”
Garg said the app was built to let rival lenders approve more loans with fewer manual touches, cutting underwriting expenses that have squeezed margins since originations dropped from pandemic highs.