Better Home & Finance

Overview

• Technology-enabled homeownership company offering mortgage, home equity, and related homeownership products through a digital platform.
• Services cover the full homeownership lifecycle: purchase, ownership, refinance, and sale.
• Core platform is Tinman, supported by the voice-based AI assistant Betsy, enabling digital delivery, automation, and integration across mortgage origination and related services.

Business model and core offerings

• Originates residential mortgage loans and sells them to a network of loan purchasers, including government-sponsored enterprises (GSEs), banks, insurance companies, asset managers, and mortgage REITs.
• Revenue is primarily generated from the sale of funded loans; loan servicing rights (MSRs) are generally not retained on the balance sheet.
• Conforming loans are typically sold to the GSEs with guaranteed takeout; jumbo loans are sold under pre-arranged agreements to limit balance sheet exposure.
• Maintains a hedging program to manage interest-rate risk in the loan production pipeline and related assets.
• Operates three main business lines with different risk/return profiles.

Products and services

• Home Finance: Residential mortgage loans for purchase and refinance (including cash-out and debt consolidation, HELOCs). Loan types include:
  • GSE-conforming loans
  • FHA-insured loans
  • VA-guaranteed loans
  • Jumbo loans
• Better Plus: Non-mortgage homeownership products and services offered primarily through third-party strategic partners. Includes:
  • Referrals to real estate agents
  • Title insurance and settlement services (via third parties)
  • Access to homeowners insurance policies through a digital marketplace
  • Primarily acts as an agent or referral source and earns fees
• Tinman Platform: Proprietary technology that supports mortgage origination activities, including AI-enabled underwriting, loan processing, compliance support, capital markets connectivity, and back-office functionality. Tinman can be embedded in partners’ apps or used directly by the company to originate loans.
• Betsy: Voice-based AI assistant that interacts with customers during the mortgage application process.
• International Lending & Services (UK): Through Birmingham Bank and related UK operations, offers residential mortgage and related financial products in the United Kingdom. The company is in the process of exiting non-core international operations.

Technology and data

• Tinman automates underwriting, processing, pricing, document generation, task assignment, and connectivity with loan purchasers. It serves as the system of record and is used across Home Finance, Platform Services, and Better Plus.
• Betsy assists customers through voice-based interactions during loan origination.
• The platform captures thousands of data points per customer to improve experience and efficiency.

Distribution channels

• Direct-to-consumer (D2C): Better website and the Better Home & Finance brand for the mortgage process.
• Platform channel: Partners and in-market originations; Tinman supports partner operations and can integrate with third-party workflows.
• Retail channel has been consolidated under the Platform channel.

Geographic footprint

• Licensed to originate mortgage loans in all 50 U.S. states and the District of Columbia.
• UK operations through Birmingham Bank; exiting non-core international operations.

People and operations

• Total team members: approximately 1,329 as of December 31, 2025
  • United States: approximately 869
  • India: approximately 426
  • United Kingdom: approximately 34
• Mortgage production staff: about 845 total (approximately 591 in the U.S. and 254 in India).
• Better Plus staff: approximately 151
• Technology and product development staff: approximately 77 (majority in the United States)
• No employees are represented by a labor union.

Financial highlights (year ended December 31, 2025; compare 2024 where available)

• Funded Loan Volume: $4.7 billion (2025) vs. $3.6 billion (2024) — ~32% year-over-year increase.
• Revenue: $164.9 million (2025) vs. $108.5 million (2024) — ~52% year-over-year increase.
• Net loss: $(165.9) million (2025) vs. $(206.3) million (2024) — ~20% year-over-year decrease in net loss.
• MSRs: No material MSRs on the balance sheet as of December 31, 2025.
• Liquidity: Three warehouse lines of credit with aggregate available amount of $575.0 million (as of December 31, 2025).

Liquidity and financing

• Uses warehouse lines to fund loan production and operations.
• Employs short-term and longer-term hedging to manage interest-rate risk.
• Selling loans and MSRs on the secondary market is central to funding ongoing production.

Intellectual property

• Combination of proprietary and third-party intellectual property.
• Tinman is the platform backbone; the company relies on a mix of in-house IP and third-party data and technology.