'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
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'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
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