American online bank partners with digital mortgage disruptor

Ally Financial Partners with Better.com to create end-to-end digital mortgage experience

American online bank partners with digital mortgage disruptor. Source: shutterstock.com

Ally Financial announced a partnership with one of the fastest-growing digital mortgage disruptors in the US, Better.com, to create a new end-to-end digital experience for consumers looking for a mortgage loan from Ally. In addition to the partnership, strategic-investment arm Ally Ventures has announced an add-on investment to Better.com’s recent Series C funding, significantly increasing Ally’s overall ownership in the company. In this two-fold relationship, the online-only bank will combine capabilities with Better.com to further Ally’s position as a leading digital financial services company.

Combining the capabilities of Ally Bank with the digital platform of Better.com, according to the press release, ‘will bring speed and simplicity to the mortgage origination and funding process, creating a truly digital experience’.

The new partnership speaks to Better.com’s cutting-edge innovation and the overall transformation of the financial services industry. Similar to Better.com’s existing platform, customers will be able to obtain pre-approval in as little as three minutes and lock in a rate in as few as 10 minutes, creating a more efficient and solution-oriented mortgage process.

The new capabilities will be piloted in nine states including Arizona, Connecticut, Louisiana, North Carolina, Oregon, Pennsylvania, Tennessee, Texas and Washington later this year, becoming available across the US by the end of 2019.

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