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Better.com partners with Palantir on new proprietary loan platform

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Digital mortgage lenders struggling better dot com Partnering with a secret big data company Palantir Create your own loan platform that allows fannie mae, freddie mac Mortgage investors can make “richer, more detailed, data-driven mortgage capital allocation decisions.”

The platform, called Tinman Marketplace, is powered by Palantir’s Foundry operating system and, according to Better, automates 70% of the mortgage process.

The digital lender said it would make “outdated rate sheets” and mortgage eligibility PDF files a thing of the past. This is used in conjunction with the lender’s existing investors and pricing matching engine.

“For the first time, simultaneous changes in pricing and eligibility criteria will allow capital to flow into underwriting attributes beyond the traditional GSE loan-level pricing adjustment grid,” Better said in a prepared statement on Wednesday. rice field.

“Foundry and Tinman will allow GSE to identify portfolio rebalancing opportunities and target specific points to ensure optimal pricing and credit with ease and at new speeds not seen in the mortgage market almost instantly. ,” said Chief Executive Officer Vishal Garg. Better.com.

Better said the platform leverages dozens of data points that go well beyond standard underwriting points, including property types, credit scores, and loan-to-value ratios. Tinman can evaluate rent payments, student debt, and other variables.


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“Tools of this kind are an important step towards achieving a fairer and better housing finance market,” Garg said in a prepared statement.

A partnership with Palantir, co-founded by Peter Thiel, looks like an attempt to revive a company that was hailed as a pioneer of innovation in the digital lending space not too long ago, but has recently expanded into a string of trusted buyers. self-harm.

Better Hold CoThe Digital Lender, which includes initial brokerage, title and insurance services, announced its next plans in May 2021. Listed at $7.7 billion valuation Merged with Blank Check Company Aurora Acquisition Corp.But that hasn’t materialized due to what critics have described as a combination of the lender’s poor financial performance and a completely depleted SPAC market.

According to July SEC filingBetter.com still plans to go public through merger with Aurora.

Digital non-bank lenders have been embroiled in numerous scandals since their inception in 2016. Garg says he misled investors Similar to the impact of an attempted public offering and the layoff of 900 workers by Garg, dystopian zoom call.

Since laying off 15% of its workforce in December, the company’s workforce has 5,800 in March As of May 15th this year, the number is 2,900.

In the first quarter of 2022, lenders reported losses of $221 million, compared to gains of $137.5 million for the same period in 2021. Origination volume decreased by approximately 40% from the previous year.

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