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
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
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
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