Ally, which originated $1B in mortgages in 2023 through a partnership with Better and is an investor in the company, is laying off hundreds of employees and exiting the mortgage business
Having pivoted from refinancing to purchase loans, CEO Vishal Garg says investment in AI technology and partnerships with retailers like NEO Home Loans will fuel cost-effective growth
The lender boosted mortgage volume 25% from Q4 but suffered a $51M loss, according to Q1 earnings data on Tuesday. CEO Vishal Garg said Better's future 'lies in Uberizing the loan officer'
As Better reports $543M 2023 net loss, CEO Vishal Garg says the company has made fundamental changes to its business model that will help it pivot to serving homebuyers
Veterans and active duty servicemembers can use the company's Tinman platform to see their rates and get pre-approved in minutes and may qualify to buy a home with no down payment
Better is the first lender to take advantage of the opportunity to generate prequalification letters for homebuyers through integration with Lone Wolf's transaction management platform
Co-branded ComeHome solution on Ally's website provides would-be homebuyers with access to listings and loan options and encourage homeowners to explore refinancing
A $565M influx of cash from an August SPAC merger and a $1B reduction in annual expenses puts Better on a footing to navigate a challenging market, executives say on first earnings call
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
The lender has become more reliant on its B2B channel, with partnerships alongside companies like Ally Bank and American Express accounting for nearly half of its mortgage originations
Better's market share has shrunk by more than 70% in the last year as it focuses on making more profitable loans, with partners like Ally Bank and American Express generating 42% of business
Hawaii, Nevada, New Hampshire and New York are the final states to check off in order for Ally to realize its goal of providing digital mortgages nationwide
The move by Fannie Mae and Freddie Mac came days after President Trump announced that delayed mortgage payments may be an option for borrowers amidst the coronavirus pandemic
The best innovations are those that benefit both the consumer and lender
Only 1 in 10 young consumers bother checking their credit scores, according to recent research