Better, Coinbase announce broad rollout of token-backed conforming mortgage product

Better Mortgage and Coinbase have moved their token-backed, conforming mortgage into general availability and are extending a lender-funded closing cost credit of up to $10,000 to eligible Coinbase One members across Better’s mortgage, home equity line of credit (HELOC) and refinance products. The companies said the loans will be originated and serviced by Better and powered by Coinbase. The first-lien product is designed under Fannie Mae guidelines, making it a standard conforming mortgage despite the use of pledged crypto assets in the underwriting process, according to the company announcement. Under the program, Coinbase One members who are approved for a loan by Better will be eligible for a rebate equal to 1% of the mortgage value, capped at $10,000. The rebate is structured as a lender credit against closing costs, paid by Better and reflected directly on the borrower’s closing disclosure. In addition to the token-backed conforming mortgage, the 1% lender credit now applies to all of Better’s home financing products offered to Coinbase One members, including standard mortgages, HELOCs and refinances. The expanded offer went into effect Aug. 12. The two firms first tested dem...