Infosys and Better Home & Finance Holding Company have announced a collaboration to introduce Mortgage as a Service (MaaS), an integrated digital mortgage platform revolutionizing the industry.
MaaS offers an end-to-end digital mortgage and home equity loan experience for banks and credit unions.
The Infosys-Better white-labelled MaaS platform, driven by advanced AI technology, covers key mortgage operations such as point of sale, underwriting, loan origination, closing, and investor sales. Built on a cloud-native infrastructure, Better’s technology has already funded over $100 billion in fully digital loans, establishing itself as an industry leader. The partnership aims to enhance efficiency in mortgage operations by leveraging Better’s digital expertise and Infosys‘ digital-first, cloud-first, and AI-first approach.
Glenn Brunker, Head of Ally Home- an ally of Better, expressed enthusiasm about the collaboration’s potential to deliver top-tier digital mortgage services efficiently. Henry Cason, CEO of Finlocker, acknowledged Infosys’ mortgage expertise and highlighted MaaS’ potential for streamlined digital operations.
Dennis Gada, EVP and Global Head – Financial Services at Infosys, emphasized their leadership in lending and mortgages, offering clients integrated operations and technology with significant productivity benefits. Vishal Garg, CEO and founder of Better, emphasized the transformative impact of the collaboration, enabling increased mortgage originations at unprecedented speed.
Better, since its inception in 2017, has funded over $100 billion in mortgage volume, utilizing its advanced technology platform, Tinman. This platform enables customers to access rate options within seconds, get pre-approved in minutes, and close loans in as little as three weeks.
Better’s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans, receiving recognition as the Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023.
This collaboration marks a significant stride in reshaping the mortgage industry, promising financial institutions and customers a seamless, efficient, and technologically advanced mortgage experience.
A recent Borrower and Lender Insights survey revealed that 90% of participants believe digital mortgage technology is crucial for a positive customer experience, and 70% stated that it significantly reduces the time to close a loan.
This shift reflects a permanent change in consumer behavior, emphasizing the industry’s increased reliance on digital technologies to cater to evolving customer preferences.