Better Home & Finance Reports Strong Growth and AI Integration in 2024 Results

Better Home & Finance Reports Strong 2024 Performance

Better Home & Finance Holding Company (NASDAQ: BETR; BETRW), a New York-based digitally native homeownership company, has announced its financial results for the fourth quarter and full year of 2024. The company reported significant growth and progress in its AI-driven initiatives, despite challenging market conditions 1

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Key Financial Highlights

Better Home & Finance achieved impressive growth in 2024:

• Full-year funded loan volume reached $3.billion, up 19% year-over-year
• Direct-to-consumer loan volume increased by 55% to $2.billion
• Revenue grew by 50% year-over-year to $108 million
• Q4 2024 funded loan volume was $936 million, up 77% year-over-year 1

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The company saw growth across all three main product categories, with HELOC and home equity loans experiencing a remarkable 416% year-over-year increase in Q4 2024 2

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AI-Driven Innovations

Better's performance was significantly bolstered by its AI technologies:

1. Betsy™: The first voice-based AI loan assistant for the US mortgage industry is now handling over 115,000 customer interactions per month. This innovation has the potential to drive $2,000 in sales labor savings per fund 2

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2. Tinman™: Approximately 40% of loan files are receiving AI underwriting review through Tinman, potentially driving $1,400 in fulfillment savings per fund 2

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Strategic Initiatives and Future Outlook

Better is focusing on several key areas for growth and profitability:

1. 'NEO Powered by Better': The company is making early progress in Q1 2025 to diversify distribution channels and increase topline revenue by leveraging Tinman™ to empower local loan officers 2

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2. Technology Efficiency: Better continues to invest in AI and automation to enhance customer experience and improve loan-team efficiency 1

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3. Profitability Focus: The company aims to drive growth through technology efficiency, diversified distribution channels, and optimized marketing while balancing growth expenses with corporate cost reductions 2

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Management Commentary

Vishal Garg, CEO and Founder of Better, expressed satisfaction with the company's performance: "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" 1

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CFO Kevin Ryan added, "We believe we are moving in the right direction from a profitability perspective, with the improvements in Adjusted EBITDA in the fourth quarter compared to the third quarter of 2024" 1

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Company Background and Achievements

Since its founding in 2016, Better Home & Finance has:

• Funded more than $100 billion in mortgage volume using its Tinman™ AI platform
• Launched the "One Day Mortgage" program in January 2023
• Received recognition as Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023 1

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As Better Home & Finance continues to navigate the challenging mortgage market, its focus on AI-driven solutions and strategic growth initiatives positions the company for potential success in the evolving fintech landscape.