Better reports $34.1M in annualized savings amid $36.5M Q3 loss

Better Home & Finance Holding Co. announced it has achieved $34.1 million in annualized cost savings as part of its Better 2.0 turnaround plan, according to HousingWire. This progress moves the company toward its $64.2 million cost-reduction target.

The savings come from eliminating management and loan support positions, with some duties now performed by artificial intelligence, specifically Better's AI system named Betsy. The company has removed managers representing over $3.5 million in annualized savings and eliminated the home lending associate role.

Better reported a net loss of $36.5 million in the third quarter, which is an increase from the $30.6 million loss in the second quarter but a slight improvement from the $39.1 million loss in the same period last year. Despite losses, loan originations rose 15% year over year to $1.4 billion.

The company also expanded its wholesale platform by adding five brokerages, bringing the total to 43 brokerages with 1,382 brokers and $378 million in trailing 12-month volume. Additionally, Better is advancing financing negotiations related to the planned sale of its U.K. bank subsidiary and has hired an executive search firm to lead its CEO search.

Better continues to release weekly scorecards detailing its progress toward adjusted EBITDA breakeven, reflecting ongoing efforts to improve financial performance through operational changes and technology integration.