Digital Homeownership Company Better Expands Mortgage Services In Three Additional States Amidst Red Hot Housing Market
Company’s expansion comes as two-thirds of homeowners shopped virtually in 2020
NEW YORK–(BUSINESS WIRE)–Better, one of the fastest-growing digital homeownership companies in the U.S., announced yesterday that it launched mortgage services in three additional states: Minnesota, Vermont, and Virginia. Better streamlines the home financing experience by combining technology with human intelligence to remove fees and commissions while empowering consumers.
Better’s expansion into the three states comes as Vermont saw an increase in out-of-state interest in residential sales increase by 79%, and homebuilding in Minnesota is up 50% since March. Additionally, 45% of employers with 20 or more employees in the Greater Capital Region plan to implement a permanent work from home schedule post-pandemic.
The pandemic has also accelerated the shift to e-commerce by two years, with online retail sales in the U.S. increasing more than 30% in 2020 and a change in the home buying experience with 63% of consumers in 2020 making an offer on at least one property without seeing it in person. “The pandemic has underscored the need for the home finance industry to innovate and digitize, and customers need a company that’s on their side,” said Vishal Garg, CEO. “Expanding our footprint to Minnesota, Vermont, and Virginia is a natural next step for Better in our mission to help all Americans to afford and own a better home.”
The announcement comes on the heels of tremendous growth for Better, as the pandemic’s impact has driven demand for Better’s digital solution, boasting a 5x increase in invested loan volume over the last year. Better funded $25 billion in loans in 2020, and $14 billion in the first quarter of 2021.
About Better: Founded in 2016, Better is a digital-first homeownership company whose services include mortgage, real estate, title, and homeowners insurance. To date, Better has funded over $40 BN in home loans and provided over $16B 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 and is backed by SoftBank, L Catterton, Kleiner Perkins, Goldman Sachs, American Express Ventures, Activant Capital, Ally Financial, Citi and other investors. 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.
Contacts
Eva Synalovski
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