CEO Vishal Garg is optimistic about the future after cutting mortgage lender's annual net loss by 61%, to $206M, growing loan production by 19%, to $3.6B, and revenue by 50%, to $108M
'Better Forever' incentive will not be offered on HELOCs, nor to borrowers who apply for a mortgage through third-party platforms like LendingTree, CreditKarma, Bankrate or Nerdwallet
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
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
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
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 backers of Better.com, a startup that digitizes the mortgage process, include Citi, Goldman Sachs, Ally Financial and American Express Ventures