Digital mortgage lender boosted second quarter loan production by 45 percent and says it’s on track to originate more than $1 billion in mortgages in Q3 for the first time in two years, but losses continue to mount. Continue reading
The lender boosted mortgage volume 25 percent from Q4 but suffered a $51 million loss, according to Q1 earnings data on Tuesday. CEO Vishal Garg said Better’s future “lies in Uberizing the loan officer.” Continue reading
Former operations head Sarah Pierce, who had accused Better CEO Vishal Garg of providing misleading information to investors in leadup to SPAC, faced $2.76 million judgment in countersuit. Continue reading
As Better reports $543 million 2023 loss, CEO Vishal Garg says the company has made fundamental changes to its business model that will help it pivot to providing purchase loans to homebuyers. Continue reading
A $565 million influx of cash from an August SPAC merger and a $1 billion reduction in annual expenses put Better on a footing to navigate a challenging market, executives say. Continue reading
Better, which has had a strategic partnership with Ally Bank since 2019, is looking to partner with more lenders by launching a white-labeled “mortgage-as-a-service” platform with Infosys. Continue reading
The mortgage lender said $100 million in retention bonuses were distributed to employees in April, as promised, including $50 million from Better co-founder and CEO Vishal Garg’s personal equity. Continue reading
In addition to going public at a bad time for mortgage lenders, Barron’s reports that a SPAC merger resulted in a huge increase in the number of shares outstanding. Continue reading