Investors bid up mortgage lender's price per share by 21% after company says deal with investor SB Northstar LP will improve its balance sheet and better position it for a return to profitability
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
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
After months of beta testing, loanDepot's melloNow underwriting engine can analyze credit reports, detect fraud, and validate income and employment data without human assistance
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
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
Following 2 years of challenges, Better will go public Thursday with $565M in new funding and plans to 'aggressively' partner with agents as it builds its mortgage production team
New products and agent partnerships could help Better make the transition from a company known primarily for refinancing existing loans to one that's geared to serving homebuyers
The mortgage lender says it remains committed to distributing equity-based bonuses to all eligible employees, including $50M from CEO and founder Vishal Garg's personal equity
Properties must be eligible for an appraisal waiver, and like Better's 'One Day Mortgage,' some fine print can stand in the way of getting a loan approved in 24 hours
Through Better's Equity Unlocker program, borrowers pay a higher interest rate and Better can seize pledged shares if owners default or try to sell their stock before paying off their mortgages
Comparing himself to Henry Ford and Elon Musk, CEO says he's reconfigured Better's assembly line to crank out mortgages in a single day