Business
Better Home & Finance Holding Company Announces 2024 Fourth Quarter and Full Year Results
Betsy AI Loan Agent doing over 115k customer interactions per month, potential to drive $2,000 in sales labor savings per fund Approximately 40% of Loan
About this update from Better Home & Finance Holding Company
[{"type":"text","content":"\n\nBetsy AI Loan Agent doing over 115k customer interactions per month, potential to drive $2,000 in sales labor savings per fund\n\n\nApproximately 40% of Loan Files receiving Tinman AI underwriting review, potential to drive $1,400 in fulfillment savings per fund\n\n\n2024 Funded Loan Volume of $3.6 billion, up 19% year-over-year, with D2C Loan Volume of $2.6 billion up 55% year-over-year, and Revenue of $108 million up 50% year-over-year\n\n\nQ4’24 Funded Loan Volume of $936 million, up 77% year-over-year driven by growth across all three main product categories, with HELOC and home equity loans growing 416% year-over-year\n\n\nQ4’24 Funded Loan Volume down 10% quarter-over-quarter given normal seasonal decline in purchase market compared to Q3’24\n\n\nMaking early progress in the first quarter of 2025 towards diversifying Better’s distribution channels and increasing topline revenue by leveraging Tinman™ to power local loan officers through ‘NEO Powered by Better’\n\n\nIncreased penetration of Betsy™, the first voice-based AI loan assistant for the US Mortgage Industry, to enhance customer experience, improve loan-team efficiency, and further accelerate our end-to-end technology platform Tinman™\n\n\nExpect 2025 Funded Loan Volume to increase compared with 2024 given continued growth initiatives including ‘NEO Powered by Better’\n\n\nRemain focused on managing towards profitability in the midterm. Expect to drive growth through technology efficiency, diversified distribution channels, and optimized marketing, while balancing growth expenses with corporate cost reductions\n\n\n NEW YORK--(BUSINESS WIRE)--\nBetter Home & Finance Holding Company (NASDAQ: BETR; BETRW) (“Better” or the “Company”), a New York-based digitally native homeownership company, today reported financial results for its fourth quarter and full year 2024.\n\n“We are pleased with the growth we achieved in 2024 through a challenged environment and the early traction our AI and ‘NEO Powered by Better’ initiatives are seeing. Our team delivered growth and continued improvements towards profitability despite another year of continued macro headwinds,” said Vishal Garg, CEO and Founder of Better.\n\nFull Year 2024 Financial Highlights:\n\nGAAP Results:\n\n\nRevenue of $108 million, compared to $72 million in 2023\n\n\nNet loss of $206 million, compared to a loss...