00:00Getting a mortgage approved used to take weeks. Better.com says it can now make the approval in
00:05seconds thanks to artificial intelligence. Now, this is just the latest example of AI taking aim
00:11at the affordability crisis from the inside, not by changing interest rates, but by stripping
00:16the waste and inefficiency out of the system entirely. On Thursday, the mortgage company
00:22announced a partnership with OpenAI that will place its AI mortgage engine directly inside
00:27ChatGPT. For now, the tool known as the Tin Man AI platform is available to loan officers
00:32and financial institutions, not consumers directly, though that could change down the line.
00:38Using Better's AI tool allows a loan officer to underwrite a mortgage and generate a qualification
00:42letter in around 2 minutes and 20 seconds, a process that historically took 21 days. Better
00:50CEO Vishal Garg has spent years making this case with numbers. The company said it's already
00:54cut the cost to originate a loan from the industry standard of $9,200 to roughly $3,000 and passed
01:02on the savings to consumers.
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