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- First Better 2.0 weekly scorecard details additional $13 million in annualized expense reductions implemented and $51 million in additional targeted reductions over the next four weeks<\/i><\/li>\n
- Total Loan Volume of $1.39 Billion, up 15% over prior year; in line with prior guidance despite rate environment and 2 month proxy fight distraction, while industry volume declined 37% in the same period<\/i><\/li>\n
- Aggressively ramps up cost savings on path to Adjusted EBITDA Breakeven<\/i><\/li>\n<\/ul>\n
NEW YORK–(BUSINESS WIRE<\/a>)–
\nBetter Home & Finance Holding Company (NASDAQ: BETR) today reported preliminary third-quarter Loan Volume of $1.39 billion, up 15% from $1.21 billion a year earlier. Tinman AI platform volume increased 64% to $790 million, representing approximately 57% of total Loan Volume, compared with approximately 40% in Q3 2025. The Company delivered these results against the backdrop of a 37% decrease in Industry volume during the same period, and through the distraction of a 2 month public proxy fight.<\/p>\n\n\u201cWe are proud of our people and leadership team, the strength of our Tinman AI platform, and our partners commitment to Better. We were able to continue to show growth despite the distractions and the macro environment. With my return, we are channeling the same energy and resilience to drive towards Adjusted EBITDA breakeven,\u201d said Vishal Garg, Founder & Head of Product, Platform & Innovation.<\/p>\n
\nThe Company published its first Better 2.0 weekly management scorecard following last week\u2019s shareholder call. The scorecard tracks execution against three priorities: reducing expenses to advance toward Adjusted EBITDA breakeven, completing the interim CEO appointment, and advancing Tinman and HELOC partner launches.<\/p>\n
\n\u201cShareholders deserve measurable progress and clear accountability,\u201d Vishal Garg added. \u201cIn the first seven days, we implemented approximately $13 million in annualized expense reductions. We are targeting another $51 million over the next four weeks. Our responsibility now is to deliver on these commitments, strengthen liquidity and convert platform growth into improved financial performance. Each week, we will report what is complete, what remains outstanding and where timelines have changed. We believe these savings will further fuel our aggressive stock buyback program, which we expect to be in the market buying stock this week as the stock remains fundamentally undervalued compared to both Better\u2019s fintech and AI peerset.\u201d<\/p>\n
Better 2.0: Week One Management Scorecard<\/b><\/p>\n
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\n \n Priority<\/b><\/p>\n<\/td>\n
\n \n Progress this week<\/b><\/p>\n<\/td>\n
\n \n Next milestone<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n \nMarketing and sales efficiency<\/p>\n<\/td>\n
\n \n \nImplemented approximately $1.1 million in monthly expense reductions, or $13.2 million annualized<\/p>\n<\/td>\n
\n \n \nTrack realized savings and operating performance<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nAI-enabled sales workflows<\/p>\n<\/td>\n
\n \n \nReconfigured lead routing and sales workflows<\/p>\n<\/td>\n
\n \n \nComplete implementation within two weeks; target an additional $1 million in monthly expense reductions, $12 MM annualized<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nCorporate cost reductions<\/p>\n<\/td>\n
\n \n \nIdentified opportunities to streamline corporate functions<\/p>\n<\/td>\n
\n \n \nImplement targeted reductions of $2.25 million per month, $27 MM annualized within three weeks<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nProfessional services<\/p>\n<\/td>\n
\n \n \nIdentified changes to major professional services arrangements<\/p>\n<\/td>\n
\n \n \nImplement targeted reductions of $1 million per month within four weeks, $12 MM annualized<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nInterim CEO appointment<\/p>\n<\/td>\n
\n \n \nAdvanced engagement discussions and related legal documentation with the identified candidate<\/p>\n<\/td>\n
\n \n \nComplete documentation and announce the appointment<\/p>\n<\/td>\n<\/tr>\n
\n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \nTinman and HELOC expansion<\/p>\n<\/td>\n
\n \n \nConfirmed that four of five potential HELOC partner opportunities remain viable; advanced work on the HELOC offering with the Company\u2019s largest partner<\/p>\n<\/td>\n
\n \n \nFinalize revised launch milestones<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nTogether, the implemented and planned initiatives represent approximately $5.35 million in monthly expense reductions, or $64.2 million annualized, once fully implemented. Approximately $13.2 million of annualized reductions have been implemented; the remaining $51 million represents targeted reductions subject to execution. These figures represent annualized expense reductions rather than savings already realized.<\/p>\n
Preliminary Third-Quarter Operating Results<\/b><\/p>\n
\n
\n \n Metric<\/b><\/p>\n<\/td>\n
\n \n Q3 2026<\/b><\/p>\n<\/td>\n
\n \n Q3 2025<\/b><\/p>\n<\/td>\n
\n \n Year-over-year change<\/b><\/p>\n<\/td>\n<\/tr>\n
\n \n Total Loan Volume<\/b><\/p>\n<\/td>\n
\n \n \n$1.39 billion<\/p>\n<\/td>\n
\n \n \n$1.21 billion<\/p>\n<\/td>\n
\n \n \n+15%<\/p>\n<\/td>\n<\/tr>\n
\n \n Tinman AI platform volume<\/b><\/p>\n<\/td>\n
\n \n \n$790 million<\/p>\n<\/td>\n
\n \n \n$483 million<\/p>\n<\/td>\n
\n \n \n+64%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\nPreliminary Loan Volume was within the Company\u2019s previously announced guidance range of $1.375 billion to $1.525 billion, toward the lower end of that range.<\/p>\n
\n\u201cTinman was the principal driver of our year-over-year volume growth,\u201d said Loveen Advani, Chief Financial Officer. \u201cOur next priority is to translate that growth into stronger financial performance through disciplined expense management and improved operating efficiency.\u201d<\/p>\n
\nBetter intends to publish its management scorecard weekly until it achieves Adjusted EBITDA breakeven, reporting completed actions, outstanding commitments and changes to implementation timelines.<\/p>\n
\nThe preliminary third-quarter operating results are estimates and remain subject to completion of the Company\u2019s financial closing procedures. They do not represent a complete presentation of the Company\u2019s third-quarter financial results or financial condition.<\/p>\n
About Better
\n
<\/b>Better Home & Finance Holding Company (NASDAQ: BETR) is the first AI-native mortgage and home equity finance platform, and first fintech to fund more than $110 billion in loan volume. Better has leveraged its industry-leading AI platform, Tinman\u00ae, to achieve its singular mission of making homeownership cheaper, faster, and easier for all Americans. Tinman\u00ae allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates, and close their loan in as little as three weeks. In addition, Betsy\u2122, the first AI loan agent built exclusively for the mortgage industry, revolutionizes the homebuying journey by answering questions, delivering approvals, comparing products, processing rate locks, and moving their loan application along to closing 24\/7\/365. Better\u2019s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage and home equity loans. Better serves customers in all 50 US states and the United Kingdom.<\/p>\n\nFor more information, follow @betrmortgage on X and @betterdotcom on Instagram and TikTok.<\/p>\n
Forward-looking Statements
\n
<\/b>This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical facts should be considered forward-looking statements, including, without limitation, statements and expectations regarding preliminary financial results for the third quarter of 2026, including Loan Volume and Tinman AI platform volume, cost reduction initiatives, the share repurchase program, product releases and partnership opportunities. In some cases, you can identify forward-looking statements by terminology such as \u201cbelieve,\u201d \u201cmay,\u201d \u201cwill,\u201d \u201cestimate,\u201d \u201cpotential,\u201d \u201ccontinue,\u201d \u201canticipate,\u201d \u201cintend,\u201d \u201cexpect,\u201d \u201ccould,\u201d \u201cwould,\u201d \u201cproject,\u201d \u201cplan,\u201d \u201ctarget,\u201d or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual future events to differ materially from those expressed or implied by the forward-looking statements in this communication. These risks and uncertainties include those risks discussed in the section entitled \u201cRisk Factors\u201d in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2025 and the Company\u2019s Quarterly Reports on Form 10-Q for the quarters ended March 31, 2026 and June 30, 2026, as any such factors may be updated from time to time in the Company\u2019s other filings with the SEC. New risks and uncertainties arise from time to time, and it is impossible for Better to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Better undertakes no obligation, except as required by law, to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.<\/p>\nKey Metrics<\/b><\/p>\n
\nThis press release refers to the following key metrics:<\/p>\n
\nLoan Volume consists of Funded Loan Volume and Processed Volume.<\/p>\n
\nFunded Loan Volume represents the aggregate dollar amount of all loans funded in a given period based on the principal amount of the loan at funding.<\/p>\n
\nProcessed Volume includes loans processed on the Tinman\u00ae platform on behalf of our strategic partners but not funded by Better.<\/p>\n
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View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20261013132668\/en\/<\/a><\/span><\/p>\n
Media Contacts
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Better Home & Finance
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comms@better.com<\/a><\/p>\nInvestor Contacts
\n<\/b>
Better Home & Finance
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ir@better.com<\/a><\/p>\nKEYWORDS:<\/b> New York United States North America<\/p>\n
INDUSTRY KEYWORDS:<\/b> Software Construction & Property Finance Artificial Intelligence Professional Services Technology Fintech Residential Building & Real Estate<\/p>\n
- Total Loan Volume of $1.39 Billion, up 15% over prior year; in line with prior guidance despite rate environment and 2 month proxy fight distraction, while industry volume declined 37% in the same period<\/i><\/li>\n
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