The fully digital homeownership platform, Better, is known for offering mortgage, real estate, title, and homeowners insurance products; however, the company recently announced it has been licensed as a title insurance provider for refinance transactions through Better Settlement Services (BSS) in Virginia.
Title insurance is essential for protecting homeowners’ rights when a third-party argues against the rights to their property. Buying a home is one of the most important financial decisions and transactions a person will make in their life. Title insurance is a safeguard against loss when a covered issue arises after purchasing the home.
“The title industry has remained historically riddled with fees, jargon and needless in-person meetings,” said Vishal Garg, CEO and founder of Better. “We’re proud to deliver a fully digital experience that makes the complicated process of financing a home faster, cheaper and more efficient.”
The BSS is a direct-to-consumer service that makes title insurance cheaper with smart decisioning, saving 20% or more on title premiums for customers, equating to hundreds of dollars saved. Title premiums averages to about $1,000 industry-wide. To date, BSS customers have saved $11 million in premiums compared to the average industry-wide title fee.
Landy Liu, General Manager of BSS, said, “Today’s consumers expect processes to be simple, efficient and digital—and home buying, which is already stressful and overwhelming, should set the standard for easing customers’ journeys. Customers in Virginia can now complete the home-refinancing process in a quicker and more transparent manner.”
Better’s platform also allows for faster and more efficient real estate closings. Homeowners can reduce cost and time, shortening the title closing process from the typical 10-14 days to just 5.8 days on average.
Overall, Better has seen tremendous growth as the pandemic’s impact drives further demand for their digital solutions. The company’s home loans division grew five times in funded loans and the title division grew 147% in revenue year-over-year.
Virginia is the 24th state to be included in Better’s nationwide expansion, following the launch of Better’s mortgage business and homeowners insurance offering, Better Cover.
Visit https://better.com/title to learn more about Better and their services.
