"Garg said that the company's fourth quarter is off to a substantial start, with total funded loan volume expected to reach a $500 million monthly run-rate driven by our new strategic partnerships, he said. Garg attributed the third-quarter gains to the company's growing network of institutional partners and innovations in AI-powered mortgage origination. By the end of the next six months, we expect to achieve a monthly run rate of $1 billion in total funded loan volume, he said."
"During the company's Thursday morning earnings call, Garg told investors that it is in discussions with additional potential partners, including one of the top U.S. home improvement lenders, two of the top U.S. loan servicers, one of the top U.S. personal lenders and an additional mid-size bank. Garg did not disclose the partners' names, but said that the partner pipeline has really, quite frankly, exploded, and so we are seeing a lot of demand."
Fourth quarter is off to a substantial start with total funded loan volume expected to reach a $500 million monthly run-rate driven by new strategic partnerships. A $1 billion monthly funded loan run rate is targeted within six months. Discussions are ongoing with potential partners including a top home improvement lender, two leading loan servicers, a major personal lender and a mid-size bank. Two new partnerships were onboarded and AI-driven HELOC underwriting was launched for small businesses and self-employed borrowers, enabling approvals based solely on bank statements. The AI assistant Betsy continued to expand. Net loss was about $39 million, improved from $54 million a year earlier. Funded loan volume totaled roughly $1.2 billion, and approximately 4,086 loans were originated. Purchase loans comprised 64% ($774 million), home equity 21% ($253 million), and refinance 15%.
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