Garg’s Optimistic Outlook
CEO Garg shared that the company’s fourth quarter has begun strongly, with a projected total funded loan volume of $500 million per month. This growth is attributed to new strategic partnerships and advancements in AI-powered mortgage origination. Garg expressed confidence in reaching a monthly run rate of $1 billion within the next six months.
During the recent earnings call, Garg mentioned ongoing discussions with potential partners, including major U.S. home improvement lenders, loan servicers, personal lenders, and mid-size banks. The company’s partner pipeline is expanding rapidly, indicating high demand for collaboration.
HELOC Underwriting Innovations
As part of its expansion efforts, Better has welcomed two new partnerships and introduced AI-driven HELOC underwriting for small businesses and self-employed borrowers. This streamlined process allows for approvals based solely on bank statements. The company also enhanced its AI assistant, Betsy, to improve user experience.
Notable Financial Performance
Better reported a net loss of approximately $39 million, an improvement from previous quarters. Funded loan volume reached $1.2 billion, with significant growth in various product types. Home equity products and refinance loans saw year-over-year increases, driving overall growth.
Tinman AI Platform’s Impact
The Tinman AI Platform has played a crucial role in Better’s growth, with direct-to-consumer loans accounting for 60% of funded volume. CEO Garg highlighted the platform’s success in enabling retail mortgage lenders to expand their business. The platform has seen substantial growth, generating significant revenue for Better.
Leadership Transition
Chief Financial Officer Kevin Ryan announced his retirement, effective November 14, 2025. Ryan’s departure follows his decision to join PennyMac as a senior managing director and chief strategy officer. Better expressed gratitude for Ryan’s contributions to the company.