BETTER HOME & FINANCE HOLDING (BETTER) has reported its financial performance and business developments for the quarter ended September 30, 2024. The company saw an increase in its Funded Loan Volume, which rose by approximately 42% year-over-year to $1,035 million. This growth was driven by a significant rise in Refinance Loan Volume, which surged by approximately 177% to $130 million. Purchase Loan Volume also increased by 13% to $739 million. However, the company experienced a net loss of $54.2 million for the quarter, with a basic and diluted loss per share of $3.58. Despite the loss, BETTER's net revenues increased to $28.9 million, up from $4.9 million in the same quarter of the previous year. The company's Gain on loans, net, which includes revenue from mortgage production, increased by...Show More

BETTER HOME & FINANCE HOLDING (BETTER) has reported its financial performance and business developments for the quarter ended September 30, 2024. The company saw an increase in its Funded Loan Volume, which rose by approximately 42% year-over-year to $1,035 million. This growth was driven by a significant rise in Refinance Loan Volume, which surged by approximately 177% to $130 million. Purchase Loan Volume also increased by 13% to $739 million. However, the company experienced a net loss of $54.2 million for the quarter, with a basic and diluted loss per share of $3.58. Despite the loss, BETTER's net revenues increased to $28.9 million, up from $4.9 million in the same quarter of the previous year. The company's Gain on loans, net, which includes revenue from mortgage production, increased by 65% to $15.8 million. Other revenue streams, such as international lending revenue, saw an 11% increase to $1.2 million. BETTER's net interest income turned positive, reaching $4.4 million, a significant improvement from a loss of $10.7 million in the prior year's quarter. The company's technology-driven platform, Tinman, aims to reduce loan production costs and enhance automation in the home finance process. BETTER's business model generates revenue through the production and sale of loans and other product offerings, with a focus on direct-to-consumer and business-to-business channels. Looking ahead, BETTER plans to continue investing in technology to improve customer experience and drive down labor costs through automation, making its platform more efficient and scalable. The company remains focused on originating profitable business and avoiding growth through unprofitable channels.