Digital Homeownership Platform Better Extends Title Product to Virginia, Further Developing Nationwide Adoption of One-Click Pay for Real Estate Transactions | Business
NEW YORK – (BUSINESS WIRE) – July 20, 2021–
Better, a fully digital homeownership platform offering mortgage, property, title and home insurance products through an intuitive online platform, today announced that it has been licensed as a provider of title insurance for refinancing transactions through Better Settlement Services (BSS) by the state of Virginia.
Title insurance protects the rights of an owner if a third party disputes the rights to their property. Buying a home is the single most important investment most people will ever make, and title insurance protects that investment against loss if a covered issue arises after buying a home.
BSS, a direct-to-consumer service, uses smart decisions to make title insurance cheaper, saving customers 20% or more, which equates to hundreds of dollars in savings on a Title 1 premium, which averages around $ 1,000 across Industry 2. To date, nationally, BSS customers have saved $ 11 million in premiums 3, compared to the average title fee across the industry.
“The title industry has historically been riddled with fee, 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 platform enables faster and more efficient property fencing. In addition, owners can significantly reduce costs and time, shortening the process of closing the title from the industry average from 10 to 14 days to 5.8 days 4.
The announcement follows huge growth for Better as the impact of the pandemic spurred demand for Better’s digital solution, funding more than $ 24.2 billion in financed loan volume and growth of 490% year to year from 2019 5.
“Consumers today expect processes to be simple, efficient and digital, and buying a home, which is already stressful and overwhelming, should set the standard for making journeys easier for customers. Customers in Virginia can now complete their home refinancing process faster and more seamlessly, ”said Landy Liu, CEO of BSS.
Virginia Marks 24th State in BSS Nationwide Expansion, Follows Better’s launch of its mortgage business and home insurance offer— Better coverage, in the state. The launch comes at a time of meteoric growth for Better: its home loan division has increased the number of loans financed five-fold and its securities division has grown 147% in year-over-year revenue. Industry-wide, the volume of securities has increased. 21.7% in 2020 compared to the same period a year ago, generating $ 19.2 billion in title insurance premiums.
Virginia Residents Can Log In https://better.com/title to learn more.
About better: Founded in 2016, Better is a digitally-focused homeownership company whose services included mortgage, real estate, title and home insurance. From its inception in 2016 through 2020, Better funded $ 30.9 billion in home loans and provided more than $ 7 billion in cumulative coverage through Better Cover and Better Settlement Services, the insurance divisions of Better. Better has raised over $ 400 million in equity since its inception. The company was ranked # 15 on CNBC’s 2020 Disruptor 50 list, as well as on Forbes FinTech 50 for 2020. For more information, follow @betterdotcom.
1Savings vary state to state
2According to Realtor.com, the average cost of title 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.
5Pre ss Release: Digital Homeownership Platform is Better to Become a Public Company through Merger with Aurora Acquisition Corp. ; The company is redefining the homeownership experience
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KEYWORD: UNITED STATES NORTH AMERICA MARYLAND NEW YORK VIRGINIA DISTRICT OF COLUMBIA
INDUSTRY KEYWORD: FINANCE PROFESSIONAL SERVICES RESIDENTIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY INSURANCE
Copyright Business Wire 2021.
PUB: 07/20/2021 7:00 a.m. / DISC: 07/20/2021 7:01 a.m.
Copyright Business Wire 2021.