Digital lender saw origination volume grow to $1.34 billion
Better Mortgages has a record-breaking 2018 with mortgage originations tripling, its US footprint doubling, and significant talent gains.
The digital lender says that its performance bucked the trend as rising interest rates and other real estate factors created challenges for the mortgage industry.
Originations at the firm increased from $450 million in 2017 to $1.34 billion in 2018 as it expanded to 27 states and DC, adding 200 new loan officers and 2 new offices – in Irvine and Oakland, CA.
It also says that its non-commissioned loan officers originated an average of over 40 loans per month, exceeding the 4.2 average reported by the MBA Q2 2018 Performance Report.
"Our mission is to change the way Americans buy and refinance their home -- and we are just getting started," said Vishal Garg, founder and CEO at Better Mortgage. "In a year when the rest of the mortgage industry contracted, we've tripled loan originations by delivering true value to consumers by completely re-engineering the mortgage process, by eliminating the traditional commission structure and prioritizing customer service over sales."
Better Mortgages was launched just 3 years ago and has funded more than $2 billion in loans since. The lender is backed by Kleiner Perkins, Goldman Sachs, Ally Bank and Pine Brook.