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Actions to date expected to deliver $34.1 million in annualized savings toward the approximately $64.2 million target
NEW YORK--(BUSINESS WIRE)--
Better Home & Finance Holding Company (NASDAQ: BETR) today released Week 5 of its Better 2.0 weekly scorecard, a public record of the company’s turnaround published every Tuesday.This week, Better expanded its wholesale platform to 43 brokerages, advanced negotiations on approximately $50 million in debt financing tied to the planned sale of Birmingham Bank, and engaged Daversa Partners to lead its CEO search. Better also continued to execute on its cost reduction plan, increasing total realized savings to $34.1 million, well on its path towards its $64.2 million target.
Since the Week 4 scorecard published on November 3, Better has realized additional efficiencies in its corporate organization, expected to generate $3.7 million in annualized savings.
This week’s actions add $3.7 million to the $30.4 million completed in the first two weeks, bringing completed actions to $34.1 million in annualized savings as the Company works toward a target of approximately $64.2 million once all initiatives are fully implemented.
“Five weeks in, the work is compounding. We’re continuing to reduce costs, five more brokerages have joined Better Wholesale, and five lenders have put term sheets on the table for financing tied to Birmingham Bank. We’re at $34.1 million in savings, and you’ll keep getting these updates every Tuesday until we hit breakeven,” said Vishal Garg, Founder and Head of Product, Platform and Innovation at Better.
Priority
Progress between November 3 and November 10
Goals for November 10 to November 17
Mortgage operations and corporate efficiency
Actioned further efficiencies in mortgage operations expected to deliver $3.7 million in annualized savings
Pushing identified efficiencies through every function to close the gap to the $64.2 million target
Testing additional acquisition channels to scale lead volumes without increasing cost of acquisition
Partnerships
Five new mortgage brokerages added to Better Wholesale platform, bringing the total to 43 brokerages with 1,382 brokers and $378 million in trailing 12-month origination volume
Better's AI-powered HELOC launched with a large existing partner; goal is to complete live customer testing and then ramp to full partnership volume
Working closely with early adopters of Better Wholesale to optimize TinmanGo and drive best-in-class broker experience
Making progress with 3 other major partners and one new revived large-scale partnership
Capital markets strategy
Negotiating terms with prospective financing partners following receipt of five term sheets for approximately $50 million in debt financing tied to the planned sale of Birmingham Bank, Better’s UK bank subsidiary.
Continue progressing the planned sale of Birmingham Bank and related financing
CEO Appointment
Engaged executive search firm Daversa Partners to lead the CEO search
Work with Daversa Partners to finalize the candidate profile and begin outreach
Better will continue to publish its management scorecard weekly until it achieves Adjusted EBITDA breakeven, reporting completed actions, outstanding commitments and changes to timelines.
About Better
Better Home & Finance Holding Company (NASDAQ: BETR) is the first AI-native mortgage and home equity finance platform, and first fintech to fund more than $110 billion in loan volume. Since 2016, Better has leveraged its industry-leading AI platform, Tinman®, to achieve a singular mission of making homeownership cheaper, faster, and easier for all Americans. Tinman® allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates, and close their loan in as little as three weeks. In addition, Betsy®, leveraging Tinman® MCP, the first AI loan agent built exclusively for the mortgage industry, is revolutionizing the homebuying journey by delivering timely application status updates to consumers, answering questions, and moving their loan application along 24/7/365. Better’s mortgage offerings include GSE-conforming, FHA, VA loans, jumbo, and Non-QM mortgage loans as well as home equity loans. Better serves customers in all 50 US states.
For more information, follow @tinmanAI on X and @betterdotcom on Instagram and TikTok.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release that are not historical fact should be considered forward-looking statements, including, without limitation, statements and expectations regarding cost reduction initiatives and the timing and amount of expected annualized savings; the Company’s path to Adjusted EBITDA breakeven; changes to executive and employee compensation, including the proposed cap on cash compensation and related equity grants; pricing initiatives and expected revenue opportunities; the launch, performance and expansion of the Company’s home equity products and partnerships, including with Credit Karma; the onboarding of mortgage brokerages to the Company’s wholesale platform; the planned sale of the Company’s UK bank subsidiary, Birmingham Bank, and any related bridge financing; financial results, including Adjusted EBITDA, Loan Volume and Total Net Revenues; and the leadership transition and related management changes. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “plan,” “target,” or the negatives of these terms or variations of them or similar terminology. Forward-looking statements are inherently subject to risks and uncertainties which could cause actual future events to differ materially from those expressed or implied by the forward-looking statements in this communication. These risks and uncertainties include those risks discussed in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, as any such factors may be updated from time to time in the Company’s other filings with the SEC, which is available, free of charge, at the SEC’s website at www.sec.gov. New risks and uncertainties arise from time to time, and it is impossible for Better to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Better undertakes no obligation, except as required by law, to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.
A HELOC (home equity line of credit) is a revolving loan that lets a homeowner borrow against the value built up in their house, similar to a credit card but secured by the property. It matters to investors because HELOCs affect banks’ lending volumes, interest income and credit risk, and high consumer use or defaults can signal stress in the housing market and consumer spending, influencing related stocks and bond valuations.
term sheetsfinancial
A term sheet is a non-binding summary of the main points of a proposed financial deal—such as an investment, loan, merger, or acquisition—laying out key elements like price, ownership stakes, decision-making rights and timing. Think of it as a blueprint or handshake that shows how value and control will be split and what protections each side gets; investors use it to gauge risk, set expectations and decide whether to move toward final legal agreements.
adjusted ebitdafinancial
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
