Better Joins Forces with Palantir
Partnership to Revolutionize Origination and Mortgage Portfolio Management, Helping Make Home Finance Better, Faster, Cheaper, Easier and More Equitable
NEW YORK–(BUSINESS WIRE)–Better, one of the fastest-growing digital homeownership companies, having funded over $100 billion in home financings in the past six years since launch, announced today that it is teaming up with Palantir, a leading builder of operating systems for the modern enterprise, in support of its mission to fix the home financing process and make homeownership more attainable for all Americans.
The partnership will initiate the launch of Tinman Marketplace, the next evolution of Better’s proprietary loan platform, which automates 70% of the mortgage process. Tinman Marketplace will be powered by Palantir’s Foundry operating system.
At launch, Tinman Marketplace will move the mortgage industry from archaic rate sheets and 200+ eligibility PDF files to a rich interface on top of Better’s existing investor/pricing matching engine. This will make it easier for government-sponsored enterprises (GSEs) and mortgage industry investors to make richer and deeper data driven mortgage capital allocation decisions. For the first time, simultaneous changes to pricing and eligibility criteria will allow capital to flow into underwriting attributes that are more than the traditional GSE Loan Level Pricing Adjustment grid.
The combination of Tinman, which automates specialized processing and underwriting functions, and Foundry, designed to help customers to do more with their data, will help lead to better data-driven decision making in the allocation of home lending and expand the access to mortgages in the United States.
Among other use cases, the partnership will bring to market a tool that will empower government-sponsored enterprises (GSEs) and other government agencies involved in consumer loans to help rebalance their portfolios and meet their equitable housing and finance goals.
“The marriage of Foundry and Tinman will permit a GSE to identify portfolio rebalancing opportunities and almost instantly identify the specific points to target to ensure optimal pricing and credit with ease and new speeds not seen in the mortgage market,” said Vishal Garg, Better Chief Executive Officer. “This type of tool is a key step in achieving a fairer and better housing finance market.”
“Equitable access to home ownership is exactly the type of complex, data-driven problem Palantir was built to help solve,” said Palantir COO Shyam Sankar. “We’re excited that Better has selected Palantir as the operating system to build its next generation of tools on and to support Better in offering their platform to GSEs and other private portfolio managers to identify and rebalance their loan exposures.”
Foundry is already being used to bring data-driven decision making to Better’s mortgage loan originations, and both companies expect to have the combined technology running following the current test period.
About Better
Launched in 2016, Better is a digital-first homeownership company whose affiliates provide mortgage, real estate, title and homeowners insurance. In the year ending December 2021, Better Mortgage funded approximately $58B in home loans, Better Real Estate completed over $2B in real estate transaction volume, and Better Plus, including Better Cover and Better Settlement Services, provided over $22B in insurance coverage. The company was 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, as well as being listed to Forbes FinTech 50 for 2020, For more information, follow @betterdotcom.
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