Better Home & Finance Holding Co. reported a net loss of $54.1 million in Q3 2024, reflecting continued investments in AI, despite a year-over-year revenue increase.
Vishal Garg stated that in the next decade, 99% of mortgage processing will be performed by AI bots, claiming these tasks are better suited for computers.
In Q3, Better's funded loan volume was $1.035 billion, showing a 42% increase year-over-year. This growth was driven mainly by purchase loans and refinances.
The company aims to improve efficiency in the mortgage process, with Garg emphasizing the potential of AI in handling discrete tasks typically done by humans.
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