Tag Archives: Better Home & Finance Holding Company

Better slashes costs, exits UK in push to reach profitability

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Better Home Finance is selling its U.K. bank, raising $60 million, and cutting costs as it restructures, boosts liquidity, and targets profitability by 2026. Continue reading →

Investors aren’t ready to buy in to Better’s comeback story

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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 →

Back in growth mode, Better is hiring again but still in the red in Q1

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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 →

Better settles with former exec who filed whistleblower suit

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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 →

Better hiring real estate agents to originate mortgages in 26 states

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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 →

After downsizing, Better says it has cash to weather $340M Q3 net loss

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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 partners with Infosys to power mortgages for other lenders

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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 →

Better executives stand to collect up to $17M in ‘DeSPAC’ bonuses

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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 →

Better shares plunge more than 90% in Nasdaq debut

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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 →