Mortgages in 47 seconds
The online mortgage platform Better has partnered with OpenAI to launch an app within ChatGPT that the companies said will dramatically reduce the time it takes to underwrite a mortgage or home equity loan, CNBC has learned exclusively.
The app, announced by the firm later Thursday, takes Better’s mortgage engine and combines it with OpenAI’s models to speed up the underwriting process for loan officers working at banks, mortgage brokers and fintech firms, Better CEO Vishal Garg said in an interview.
“Taking the mortgage underwriting process, which so many of us have experienced personally, from 21 days to as little as 47 seconds and enabling it via ChatGPT is a huge unlock for everyone,” Giancarlo Lionetti, OpenAI’s chief commercial officer, said in a statement provided to CNBC.
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