Digital Homeownership Platform Better Expands Title Product to Virginia, Further Developing Nationwide Adoption of One-Click Checkout for Real Estate Transactions
NEW YORK–(BUSINESS WIRE)–#closing–Better, a fully digital homeownership platform, offering mortgage, real estate, title, and homeowners insurance products all through one intuitive online platform, today announced it has been licensed as a title insurance provider for refinance transactions through Better Settlement Services (BSS) by the state of Virginia.
Title insurance protects a homeowner’s rights if a third party argues against the rights to their property. Purchasing a home is the largest investment most people will ever make, and title insurance safeguards that investment from loss should a covered issue arise after purchasing a home.
BSS, a direct-to-consumer service, uses smart decisioning to make title insurance cheaper, saving the customers 20% or more, equating to hundreds of dollars in savings on a title premium1, which averages around $1,000 industrywide2. To date, nationwide, BSS customers have saved $11 million dollars in premiums3, in comparison to average industry wide title fees.
“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.
In addition to cost savings, Better’s technology-driven platform allows for faster and more efficient real estate closings. Additionally, homeowners can significantly reduce costs and time, shortening the title closing process from the industry average of 10-14 days to 5.8 days4.
The announcement comes on the heels of tremendous growth for Better, as the pandemic’s impact has driven demand for Better’s digital solution, funding over $24.2 billion funded loan volume and 490% year-over-year growth from 20195.
“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. This launch comes at a time of meteoric growth for Better: its home loans division has grown 5x in funded loans and its title division has grown by 147% in revenue year over year6. Industrywide, title volume increased 21.7 percent in 2020 when compared with the same period a year ago, generating $19.2 billion in title insurance premiums.
Virginia residents can log onto https://better.com/title to learn more.
About Better: Founded in 2016, Better is a digital-first homeownership company whose services included mortgage, real estate, title, and homeowners insurance. From its founding in 2016 through 2020, Better funded $30.9B in home loans and provided over $7B in cumulative coverage through Better Cover and Better Settlement Services, the insurance divisions of Better. Better has raised over $400M in equity capital since inception. The company was ranked #15 on CNBC’s Disruptor 50 2020 list, as well as being listed to Forbes FinTech 50 for 2020. For more information, follow @betterdotcom.
1Savings vary state to state
2 According to Realtor.com, the average cost of title insurance is around $1,000 per policy, but that amount varies widely from state to state and depends on the price of your home.
5 Press Release: Digital Homeownership Platform Better to Become a Publicly-Listed Company via Merger with Aurora Acquisition Corp.; Company is Redefining the Homeownership Experience