Better.com

Chad Smith departs the lender in a transition phase, after helping Better to generate 2.5 times growth in total revenue and funded loan volume since 2024.

Along with a 25% increase in production, Vishal Garg's scheme aims for monthly revenue growth of $7 million and a reduction of cash burn from $4 million to $0.

The ex-CEO got a regulatory OK to officially rally shareholders for his plan, although he's still awaiting a federal judge's decision on a restraining order.

The lender is seeking a temporary restraining order on its founder to halt his shareholder rally, suggesting he could complete his corporate takeover soon.

The company last week introduced a temporary shareholder rights plan to curb any attempt by Garg to use supervoting shares and reinstall himself as CEO.

The ex-CEO began a formal solicitation of shareholders after blaming his initial claims of majority support on information provided by in-house counsel.

The lender said its founder aggressively solicited shareholders to gain their support, doing so by misrepresenting facts and violating federal securities laws.

The founder who was recently ousted as CEO said he wants to return the company to its positive trajectory, after last week's shakeup battered its stock price.

The lender posted another deep eight-figure loss in the second quarter, and will miss a breakeven goal later this year, interim CEO Daniel Lewis said.

The competitive and controversial leader, who will stay on the board, oversaw rapid growth but also a massive downsizing, and a notorious mass firing over Zoom.

The lender, which has fought the nonpayment accusations since 2020, will give over $3.8 million to over 200 past and current employees involved in the case.

The lender says it's willing to "cut costs deeper" if macroeconomic conditions hinder it from reaching a breakeven adjusted EBITDA goal later this year.

Eligible purchases with the Better Home Equity Card, which lets homeowners instantly spend funds drawn from a home equity line of credit, earn 1% cashback.

Better is focusing on its U.S. mortgage unit, which reported higher-than-expected preliminary loan volumes and priced a stock offering.

CEO Vishal Garg said he expects his firm's brokering loans for Credit Karma to make the consumer platform the largest originator in the country.

The announcement drove a large increase in Better's stock price, but UWM, Rocket and Pennymac all saw any gains earlier in the day more than dissipate.

The lender announced a partnership with Framework Ventures that aims to provide $500 million in credit through an integration into the Sky stablecoin ecosystem.

The lender, which crossed the $1 billion origination mark for the second consecutive quarter, is bullish on several new mortgage partnerships.

The lender, which reported over $200 million in home equity line of credit volume in the recent quarter, suggests the business can deliver massive scale.

The largely direct-to-consumer lender will also offer reverse mortgage loans in the latest dealing between publicly traded industry players.