The white label solution launching Thursday is a collaboration with Infosys, a global technology firm which provides consulting and outsourcing services for financial institutions. Better's MaaS platform is geared toward lenders unsatisfied with their tech and fulfillment, CEO Vishal Garg said.
"More than ever before, all these banks are seeking to make their mortgage businesses far more efficient," he said. "In order to make them efficient, they've got to get rid of a lot of the legacy technology that they've got. And so we're going to be able to help Infosys clients do mortgage-as-a-service leveraging Better's platform."
The lender suggests its Tinman loan origination system can process loans at costs "substantially lower" than traditional depositories. Garg cited the
Better's MaaS platform will also allow lenders to provide the company's One Day Mortgage to their customers. The company says the product, available since January, can deliver prospective borrowers a commitment letter within 24 hours.
Business clients will likely sign multi-year contracts, for a fee per funded loan, with the MaaS product because of the processing, underwriting and closing functions they'll sign up for, Garg said. The company has had a similar partnership with
Better has discussed the product with Infosys customers, and the CEO said he expects it to be an important part of Better's business moving forward. He declined to discuss further details ahead of Better's scheduled third quarter earnings release next Tuesday morning.
The publicly traded digital lender made its Wall Street debut in August and
