Better Home & Finance Holding Company - BETR STOCK NEWS

Better Home & Finance reported Q3 2024 results with funded loan volume of $1.035 billion, up 42% year-over-year and 8% quarter-over-quarter. Revenue was $29.0 million with a net loss of $54.1 million. The company launched Betsy™, the first voice-based AI loan assistant for the US Mortgage Industry, and announced plans to diversify distribution channels through 'NEO Powered by Better'. Purchase loans comprised 71% of volume, HELOCs 16%, and refinance loans the remainder. The company ended Q3 with $480.1 million in cash and equivalents. Q4 loan volume is expected to be in line with Q3, considering seasonal factors.

Better.com (NASDAQ: BETR) has launched VA Interest Rate Reduction Refinance Loan (VA IRRRL) as part of its mortgage offerings. This streamlined refinancing solution, backed by the US Department of Veteran Affairs, targets eligible veterans, active-duty service members, and surviving spouses. The program allows refinancing of existing VA loans without appraisal, asset, or income verification requirements. Better.com has digitized the process, offering both online and loan officer guidance options, along with 24/7 AI support through Betsy™. The program features a fixed-rate option and a reduced 0.5% funding fee, which can be waived for certain disabled veterans and surviving spouses.

Better Home & Finance Holding Company (NASDAQ: BETR) has announced its participation in two upcoming investor conferences. The company's senior management will attend the Sidoti Microcap Conference, a virtual event scheduled for November 13 & 14, 2024, and the KBW Fintech Conference taking place in New York, NY on November 14, 2024.

Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) has announced plans to release its third quarter 2024 financial results before the market opens on Wednesday, November 13, 2024. The company will host a conference call and webcast to discuss these results on the same day at 8:30 a.m. ET.

Investors and interested parties can access the live webcast and conference call details through the company's investor relations website at investors.better.com. Participants are advised to join the webcast at least 10 minutes before the start time. A replay of the call will be made available on the investor relations website shortly after the event concludes.

Better.com, a leading digital homeownership company (NASDAQ: BETR), has launched Betsy™, the first voice-based AI Loan Assistant for the US mortgage industry. Betsy leverages AI and large language models to enhance operational efficiency and improve customer experience throughout the mortgage journey.

Built on Better.com's proprietary Tinman™ loan origination platform, Betsy can communicate with customers, answer inquiries, and collect application data in real-time. Tinman's centralized data environment allows Betsy to access and interpret information with full context, enabling accurate and detailed responses.

The company believes Betsy will catalyze growth by making Loan Officers, Processors, Coordinators, and Closers more efficient. Better.com has already reduced the average cost to sell and process a mortgage by over 35% compared to the industry average of $9,000 per loan, and expects further cost reductions with Betsy's implementation.

Better.com (NASDAQ: BETR) has launched its FHA Streamline Refinance program, a fully digital refinance option for qualified borrowers with existing FHA loans. This program aims to simplify the refinancing process by eliminating income verification and appraisal requirements, allowing faster processing. The FHA Streamline program enables borrowers to potentially lower monthly payments, reduce interest rates, shorten loan terms, or switch from adjustable-rate mortgages.

This launch strengthens Better.com's growing suite of homeownership solutions, following recent introductions of digital mortgage products like One Day HELOC™, Home Equity Loans, and VA Loans. The company aims to reduce traditional barriers for FHA borrowers and provide flexible financing solutions in anticipation of a more favorable interest rate environment.

Better Home & Finance Holding Company (NASDAQ: BETR, BETRW) has announced its participation in two upcoming investor conferences. The company's CFO, Kevin Ryan, will be attending the Zelman 2024 Housing Summit in Boston, MA on September 12-13, 2024, and the UBS East Coast Payments & FinTech Discussion in New York, NY on September 26, 2024.

These conferences provide Better, a leading digital homeownership company, with opportunities to meet investors and discuss their business strategies. The company's presence at these events highlights its commitment to engaging with the investment community and showcasing its position in the digital homeownership market.

Better Home & Finance Holding Company (NASDAQ: BETR) has completed its previously announced 1-for-50 reverse stock split. The primary goal is to increase the per share trading price of its Class A common stock to regain compliance with Nasdaq's minimum bid price requirement. The split became effective on August 16, 2024, with trading on a split-adjusted basis beginning on August 19, 2024. Key points:

• Every 50 shares were converted into one share
• Class A common stock reduced from 424,783,460 to 8,497,010 shares
• Class B common stock reduced from 259,770,986 to 5,194,080 shares
• Class C common stock reduced from 71,877,283 to 1,437,545 shares

No fractional shares were issued, and affected stockholders will receive cash proceeds from the sale of fractional shares.

Better Home & Finance Holding Company (NASDAQ: BETR) reported strong Q2 2024 results with 45% increase in Funded Loan Volume and 41% increase in Revenue compared to Q1 2024. Key highlights include:

- Revenue of $31 million, up from $22 million in Q1'24
- Net loss of $42 million, improved from $51 million in Q1'24
- Adjusted EBITDA loss of $25 million, compared to $31 million in Q1'24
- Funded loan volume of $962 million across 2,995 Total Loans
- Purchase loan volume grew 50% QoQ, comprising 83% of Funded loan volume
- HELOC loan volume grew 76% QoQ, comprising 9% of Funded loan volume

The company announced a 1-for-50 Reverse Stock Split effective August 16, 2024. Better expects Q3'24 Funded Loan Volume to exceed $1 billion and is focusing on profitability through improved technology efficiency and cost reductions.