Better Mortgage Triples Loan Volume in 2018 as Mortgage Industry Contracts
Jan 16, 2019, 10:53 ET
NEW YORK, Jan. 16, 2019 /PRNewswire/ -- Better Mortgage, one of the leading digital mortgage lenders in the U.S., today announced record-breaking 2018 results, including tripling mortgage originations, a doubling of its U.S. footprint as well as significant new talent gains. Better's growth significantly outperformed the mortgage industry which was adversely impacted by rising interest rates and a decrease in real estate sales volume.1
Better's loan originations jumped from $450 million in 2017 to $1.34 billion in 2018. Better was able to deliver more customers lower rates with faster closing times and a radically transparent, technology-driven mortgage experience. Now lending in 27 states as well as Washington, D.C., Better's non-commissioned loan officers continued to outpace the industry by a factor of 10x, originating on average over 40 loans per month versus the industry standard of 4.2.2 Better added 200 new hires and opened additional offices in Irvine and Oakland, CA.
"Our mission is to change the way Americans buy and refinance their home -- and we are just getting started," said Vishal Garg, founder and CEO at Better Mortgage. "In a year when the rest of the mortgage industry contracted, we've tripled loan originations by delivering true value to consumers by completely re-engineering the mortgage process, by eliminating the traditional commission structure and prioritizing customer service over sales."
Better puts the power back into home buyers' hands with pre-approvals in as little as three-minutes, honest rate quotes, on-time closing and the Better Price Guarantee. Unlike almost every other major bank, mortgage company or "local lender" in America, Better employs non-commissioned loan officers, lowering the cost of homeownership and empowering consumers to be more educated and in control of the largest financial transaction of their lives.
A better mortgage equals a better house. For all Americans.
About Better Mortgage Corporation
Launched in 2016, Better Mortgage is the fastest growing home finance company in America, tripling loan originations in 2018 alone. Better has funded over $2 billion in loans since its launch. Backed by Kleiner Perkins, Goldman Sachs, Ally Bank and Pine Brook, Better is the future of home ownership. A better home starts with a better mortgage.
For more information, visit Better.com and follow us on Facebook, Twitter and LinkedIn.
Citations:
- National Association of Realtors. Pending Home Sales Index (PHSI). https://www.nar.realtor/sites/default/files/documents/phs-11-2018-pending-home-sales-12-28-2018.pdf
- MBA Q2 2018 Performance Report
SOURCE Better Mortgage