A bit more! Im impressed with how Econ and mortgage rates are!
$Better Home & Finance(BETR.US$ We expect to drive increased volume in 2024 compared to 2023, while seeking to manage expenses to be in-line with 2023. For the first quarter of 2024, we expect to generate Funded Loan Volume of approximately $600-650 million." said Kevin Ryan, President and CFO of Better.
Full Year 2023 Business Highlights:
-- Continued navigating through one of the most challenging mortgage macro
environments in recent history with average 30-year fixed mortgage rates
around 7% in 2023
-- Continued to deliberately depress volumes by throttling marketing
expenses to reduce losses in 2023
-- D2C business comprised 55% of Funded Loan Volume in 2023, with B2B the
remainder
-- Purchase loans comprised 91% of Funded Loan Volume in 2023, refinance
comprised 7%, and HELOC the remainder
-- Launched new innovative products, including One Day HELOC, with weekly
HELOC lock volume scaling 470% from Q1 2023 to Q4 2023, and One Day
Mortgage with an average commitment letter turnaround time of 8.5 hours
since Q1 2023
-- Reduced Total Expenses by 71% year-over-year, with overall $1.1+
billion reduction in annual Total Expenses in 2023 compared to 2021
-- Net loss improved 39% year-over-year in 2023 and 83%
quarter-over-quarter in Q4 2023
-- Adjusted EBITDA loss improved 69% year-over-year in 2023 and 53%
quarter-over-quarter in Q4 2023
-- Announced new partnerships with Infosys and Beyond.com, providing
Better's seamless digital mortgage experience to partners' customers
-- Continued loan quality with lower defect rates and delinquency rates on
funded loans versus industry average
Full Year 2023 Business Highlights:
-- Continued navigating through one of the most challenging mortgage macro
environments in recent history with average 30-year fixed mortgage rates
around 7% in 2023
-- Continued to deliberately depress volumes by throttling marketing
expenses to reduce losses in 2023
-- D2C business comprised 55% of Funded Loan Volume in 2023, with B2B the
remainder
-- Purchase loans comprised 91% of Funded Loan Volume in 2023, refinance
comprised 7%, and HELOC the remainder
-- Launched new innovative products, including One Day HELOC, with weekly
HELOC lock volume scaling 470% from Q1 2023 to Q4 2023, and One Day
Mortgage with an average commitment letter turnaround time of 8.5 hours
since Q1 2023
-- Reduced Total Expenses by 71% year-over-year, with overall $1.1+
billion reduction in annual Total Expenses in 2023 compared to 2021
-- Net loss improved 39% year-over-year in 2023 and 83%
quarter-over-quarter in Q4 2023
-- Adjusted EBITDA loss improved 69% year-over-year in 2023 and 53%
quarter-over-quarter in Q4 2023
-- Announced new partnerships with Infosys and Beyond.com, providing
Better's seamless digital mortgage experience to partners' customers
-- Continued loan quality with lower defect rates and delinquency rates on
funded loans versus industry average
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LDG_Jeff : Do you think this could be a buying option today
Trytosaveabit OP LDG_Jeff : Have to wait and see if volume picks up?