Better exec tapped to lead PLACE, Envoy Mortgage operations

A Better Home & Finance executive who helped the digital lender rebound to billion-dollar origination volume will lead a new lender and real estate platform. 

Chad Smith was appointed CEO of Envoy Mortgage and president of real estate platform PLACE's mortgage and financial services division, the companies announced Tuesday. The veteran industry leader departed the digital lender, where he served as chief operating officer and president from May 2024, amid a transition phase.

"Adding a leader like Smith will allow us to accelerate growth of our mortgage business while deepening our connected offerings for consumers, real estate professionals, and financial institutions," said Ben Kinney, co-founder and CEO of PLACE, in a press release. 

The appointment of Smith further integrates the companies and will connect loan officers to real estate professionals in brokerage, title insurance and more real estate services across the firms. PLACE last month purchased Radian Group's real estate services, while the Houston-based Envoy Mortgage generated over $2 billion in loan volume last year, according to public data. 

Tuesday's press release describes Envoy joining the PLACE ecosystem, although the companies have been linked for some time despite no public merger or acquisition announcement. The Bellingham, Washington-based PLACE was founded in 2019 and is a platform for both agents and sellers, offering a variety of real estate services. 

Smith, in the press release, said he was ecstatic to join PLACE.

"Partnering with PLACE allows Envoy to expand its footprint and work with more of the best talent in the real estate industry as we transform the consumer experience through proprietary tech and top mortgage professionals," he said. 

Companies add mortgage experience

Smith's resume includes serving as CEO of California-based Mission Loans from 2020 to 2024. He also led consumer direct and portfolio retention at Caliber Home Loans and was former head of direct lending at loanDepot. 

He joined Better nine months after its initial public offering in August 2023, as the company was reeling from a massive downsizing following the refinance boom earlier this decade. Smith helped Better generate 2.5 times growth in total revenue and funded loan volume since the first quarter of 2024, according to Tuesday's press release. 

The executive also departs Better at a critical time for the company as its founder and ex-CEO fights the board to regain his seat. While Vishal Garg was fired earlier last month, the company did not shake up its leadership and pledged to shift toward an enterprise strategy to reach profitability. 

Garg is attempting to solicit shareholder support for his return plan, which Better is rejecting. The company on Monday also cited a recommendation by the Institutional Shareholder Services to vote against Garg's proposals. 

Interim CEO Daniel Lewis also said on X last week that the company is undertaking a CEO search, and that he is not on the search committee.