Indian IT company Infosys has forged a partnership with digital-first homeownership company Better Home & Finance to launch mortgage as a service (MaaS).
MaaS will be offered as an integrated end-to-end digital mortgage white-labelled artificial intelligence (AI)-driven platform to assist banks and credit unions to offer their customers with frictionless digital mortgage and home equity loan experiences.
Through the adoption of the Infosys-Better white-labelled MaaS, organisations are expected to transform their mortgage operations.
Established in 2014, Better Home & Finance offers an end-to-end digital technology platform called Tinman. The platform includes point of sale, underwriting, loan origination, pricing, closing, funding, and investor sale.
The digital-first homeownership company is said to have funded more than $100bn in fully digital loans for the industry.
Besides, Better Home & Finance’s mortgage offerings include GSE-conforming mortgage loans, Federal Housing Administration (FHA) and the Veterans Administration (VA) loans, and jumbo mortgage loans.
Better Home & Finance CEO and founder Vishal Garg said: “In a market saturated with legacy products that inhibit digital transformation and lead to great inefficiencies and high costs, Infosys and Better offer increased multi-fold mortgage originations at unprecedented speed.”
According to Infosys, its digital-first, cloud-first and AI-first approach will equip it to support its customers in gaining the advantages of MaaS more rapidly.
Infosys executive vice president and financial services global head Dennis Gada said: “Infosys is a global leader in lending and mortgages. Through our AI-driven operations, we help clients originate loans at significantly lower costs than the industry average.
“Infosys and Better offer Mortgage as a Service that will allow us to bring to our clients integrated operations and technology with significant productivity benefits.”
Earlier this week, Infosys signed a new three-year strategic collaboration agreement with Amazon Web Services (AWS) to expedite the cloud transformation of financial institutions across Europe, Middle East, and Africa (EMEA).