Core Insights - Better Home & Finance has leveraged generative AI alongside its existing machine learning capabilities to enhance operational efficiency and pursue growth in a challenging mortgage market [3][6][18] Business Performance - The company has experienced a year-over-year increase in loan volume by approximately 20% and revenue growth of about 50% [6][9] - Home equity business has surged more than 10 times, positioning Better as the fastest-growing home equity platform in America [9] - Revenue per loan has risen from $7,400 to $8,500, while contribution margin improved from around $500 to $1,700 per loan [6][7] Technological Advancements - Better's end-to-end mortgage platform, Tinman, is trained on over $110 billion of loans and consolidates multiple systems into a single workflow, currently accounting for about 45% of total revenue with a target of 80-90% [5][13] - The platform enables operational efficiencies, with 70% of loans processed as "one-day mortgages" and expectations for over 90% of loans to be AI-driven in the coming years [12][18] Market Strategy - Better is focusing on large enterprise partnerships and aims to double loan volume over the next six months, with a goal of achieving adjusted EBITDA profitability by the end of Q3 2026 [4][18] - The company is monetizing its Tinman platform by providing software and back-office support to mortgage brokers and retail lenders, expanding its market reach [13] Competitive Landscape - Key competitors include Rocket Mortgage and loanDepot in the direct-to-consumer space, while Better's AI-driven solutions differentiate it in the market [15] - Better's unique offering combines various mortgage functions into a unified platform, setting it apart from competitors like ICE-owned Encompass and Black Knight [16]
Better Home & Finance CEO Highlights GenAI Gains, Tinman Platform Push at Needham Conference