Better.com launches Betsy™, the First Voice-Based AI Loan Assistant for the US Mortgage Industry

Betsy leverages true generative AI to enable Better’s Loan Officers to dramatically increase efficiency and customer satisfaction

Better Home & Finance Holding Company (NASDAQ: BETR) (“Better.com”), the leading digital homeownership company, today announced the launch of Betsy™, the first voice-based AI Loan Assistant for the US mortgage industry. As the latest innovation built through Tinman™, the company’s proprietary loan origination platform, Betsy enhances the operational efficiency of Better.com’s licensed Loan Officers, Processors and Closers and improves its customer experience with more intelligent, timely and accurate answers to customer inquiries on an instant basis.

Betsy leverages AI and large language models (LLMs) to accelerate a customer’s entire mortgage journey from pre-approval start to closed loan. The platform is programmed to communicate with prospective and existing Better.com customers to answer mortgage application inquiries and to collect and verify outstanding application data, all while interfacing with Tinman™ in real-time. Uniquely, Tinman is a single, unified system where all relevant facts of a loan application are stored within one comprehensive data structure. This contrasts with traditional mortgage industry software, where information is spread across multiple systems and datasets such as Point of Sale, CRM, Loan Origination System, Document Management System, and Pricing Engine. Tinman’s centralized and context-rich data environment is organized in a hierarchical, tree-like structure that is easily understood by LLMs like Betsy. This allows her to access and interpret information with full context, enabling her to understand the nuances of each customer's loan application. As a result, Betsy can accurately answer questions in great detail and assist with outstanding tasks efficiently. The results enable faster service times, enhanced self-service capabilities, improved customer engagement, and greater sales efficiency.

“This launch is a seismic moment for Better and the entire mortgage industry,” said Vishal Garg, CEO & Founder of Better.com. “Fulfilling a mortgage loan is labor-intensive and rules-driven, and Betsy serves as a highly intelligent front end enabling customers to automate the process with the full power of our proprietary loan engine, Tinman. This isn’t just another text chatbot or document processing service launched through a traditional CRM or OCR vendor, this is true disruption of the non-licensed tasks performed by armies of traditional customer service reps, Loan Officers and Processors in the mortgage industry. We believe that Betsy will catalyze our growth over the coming years by making our existing Loan Officers, Processors, Coordinators and Closers far more efficient. We are only beginning to witness how AI will disrupt the traditional mortgage industry, and our technology is setting the standard in delivering maximum value, savings and service to American homeowners.”

With access to a repository of customer-provided application data, Betsy enables Loan Officers to focus their time on discussing interest rate details and other licensed activity with a seamless transition of information.

“The average cost to sell and process a mortgage in the United States is nearly $9,000 per loan,” said Kevin Ryan, CFO of Better.com. “Utilizing Tinman’s capabilities, we have been able to automate time and labor-intensive components of the mortgage process and reduce that cost by over 35% of the industry average. As we continue to supplement Betsy’s capabilities, we believe this technology will significantly drive down our costs further, resulting in lowered rates and superior service for our customers.”

Better.com plans to develop additional components to Betsy’s AI technology to bolster its consumer offerings and make its Loan Officers even more productive in the near future. Betsy is live on the Better.com website and a demonstration of Betsy's capabilities is available at: better.com/betsy.

About Better Home & Finance Holding Company

Since 2016, Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) has leveraged its industry-leading technology platform, Tinman™, to fund more than $100 billion in mortgage volume. Tinman™ allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates and close their loan all entirely online. Better’s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans. Better launched its "One Day Mortgage" program in January 2023, which allows eligible customers to go from click to Commitment Letter within 24 hours. Better was named Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023, ranked #1 on LinkedIn’s Top Startups List for 2021 and 2020, #1 on Fortune’s Best Small and Medium Workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, and was listed on Forbes FinTech 50 for 2020. Better serves customers in all 50 US states and the United Kingdom.

Forward-Looking Statements

This press release contains forward-looking statements related to, among other things, the development and use of artificial intelligence by Better.com. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including Better.com’s ability to effectively manage the risks, challenges and efficiencies presented by using artificial Intelligence in its business. Such factors can be found in Better.com’s annual report on Form 10-K and Better.com’s quarterly reports on Form 10-Q, which are available, free of charge, at the SEC’s website at www.sec.gov. New risks and uncertainties arise from time to time, and it is impossible for Better.com to predict these events or how they may affect Better.com. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and Better.com undertakes no obligation, except as required by law, to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

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