Core Insights - Better.com has partnered with OpenAI to integrate its AI mortgage engine, Tinman, into ChatGPT, enabling rapid mortgage approvals in seconds [1][8] - The Tinman AI Platform is currently available to loan officers and financial institutions, with potential future access for consumers [2] - The AI tool significantly reduces the mortgage underwriting time from an average of 21 days to approximately 2 minutes and 20 seconds [3] Cost Efficiency - Better.com has reduced the cost to originate a loan from the industry standard of $9,200 to around $3,000, passing these savings onto consumers [6] - The partnership with OpenAI is expected to further accelerate cost savings in the mortgage process [6] Industry Impact - The integration of Tinman into ChatGPT aims to address inefficiencies in the mortgage industry, which traditionally imposes a 1% to 2% tax on each loan for underwriting [6] - The Tinman engine is trained on over a decade of mortgage data, including $110 billion in funded loans and 12 million recorded customer calls [7] - Loan officers using the Tinman platform can potentially serve ten times more customers daily compared to traditional methods [8]
Better.com partners with OpenAI to approve mortgages for much less — and in just seconds