BETTER HOME & FINANCE HOLDING (BETR.US) reported its financial results for the quarter ended March 31, 2024. The company saw a net loss of $51.5 million, a slight improvement from the $87.6 million net loss in the same period the previous year. Basic and diluted loss per share were both $0.07, compared to a loss of $0.29 per share in the first quarter of 2023. Total net revenues increased to $22.3 million, up from $18.6 million year-over-year. This was driven by a gain on loans, net, which amounted to $15.7 million, and other revenue streams including net interest income and international lending revenue. Despite a decrease in the gain on sale of loans, net, and a significant drop in real estate services revenue, the company benefited from a...Show More

BETTER HOME & FINANCE HOLDING (BETR.US) reported its financial results for the quarter ended March 31, 2024. The company saw a net loss of $51.5 million, a slight improvement from the $87.6 million net loss in the same period the previous year. Basic and diluted loss per share were both $0.07, compared to a loss of $0.29 per share in the first quarter of 2023. Total net revenues increased to $22.3 million, up from $18.6 million year-over-year. This was driven by a gain on loans, net, which amounted to $15.7 million, and other revenue streams including net interest income and international lending revenue. Despite a decrease in the gain on sale of loans, net, and a significant drop in real estate services revenue, the company benefited from a recovery in the loan repurchase reserve, which contributed to the improved financial performance. Expenses were reduced across several categories, including technology, marketing, and advertising, as part of the company's restructuring program. The company also reported compliance with regulatory requirements and no subsequent events requiring disclosure post the reporting period. BETTER HOME & FINANCE HOLDING is focused on leveraging its proprietary platform, Tinman, to enhance the automation of the home finance process and reduce costs. The company plans to continue investing in technology to improve customer experience and drive down labor costs through automation. Despite a decrease in funded loan volume and market share, the company is committed to expanding its B2B relationships and diversifying revenue through its Better Plus offerings, including real estate and insurance services.