Better, a digital homeownership platform, offering mortgage, real estate, title, and homeowners insurance products, has been licensed as a title insurance provider for refinance transactions through Better Settlement Services (BSS) by the state of Virginia.
BSS, a direct-to-consumer service, says it uses smart decisioning to make title insurance cheaper, which it says can save customers 20% or more.
“The title industry has remained historically riddled with fees, jargon and needless in-person meetings,” said Vishal Garg, CEO and founder of Better. “We’re proud to deliver a fully digital experience that makes the complicated process of financing a home faster, cheaper and more efficient,” he added.
Better says it has funded $24.2 billion in loan volume – a 490% year-over-year growth from 2019 – due to increased mortgage demand driven by the pandemic.
“Today’s consumers expect processes to be simple, efficient and digital—and home buying, which is already stressful and overwhelming, should set the standard for easing customers’ journeys. Customers in Virginia can now complete the home-refinancing process in a quicker and more transparent manner,” said Landy Liu, general manager of BSS.
Virginia marks the 24th state in BSS’ nationwide expansion, and follows Better’s launch of its mortgage business and homeowners insurance offering—Better Cover, in the state.