THE BASIS POINT

Deep dive on Better Mortgage rise, fall, turnaround with CEO Vishal Garg

 
 

Lex Sokolin at Fintech Blueprint just did a very deep dive on the state of Better Mortgage with founder and CEO Vishal Garg.

The company had a very rough moment when layoffs via Zoom went viral, but as a mortgage lender with long-game potential, they’ve got a few key things going for them.

First, they’re very strong on customer acquisition. They’re one of the only digital consumer-direct players to even come close to scale, funding $51 billion in 2021.

Second, they have proprietary technology that keeps their cost per loan down. Yes, proprietary tech can age and be tough to keep up with, but so far, this is a competitive advantage.

Third, they’re continuing to professionalize management. One key new hire is Chad Smith as COO. Chad ran direct lending at Loan Depot, then Caliber, then founded Mission Loans. He is a smart hire for them. If he’s given proper operational authority, there’s a lot of potential here.

There’s also a lot of ground to regain. Better funded $3 billion last year.

Check out Lex’s piece for details.

Better Mortgage all-in-one digital homeownership vision still in tact after rough patch?

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Check It Out:

Podcast: The rise, fall, and turnaround of Better Mortgage, with CEO Vishal Garg

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