With expansion into Massachusetts, Hawaii and New Hampshire, Better says its mortgage services now reach “99 percent of the U.S. market.”
Better HoldCo Inc. affiliate Better Mortgage Corp. is now licensed in every U.S. state but Nevada, with the company’s recent expansion into three new states.
In a statement Wednesday announcing the launch of mortgage services in Hawaii and New Hampshire, Better said it has been providing home loans in Massachusetts since November. Together, the new states expand the reach of Better’s mortgage services to “99 percent of the U.S. market,” the company said.
According to the Nationwide Multistate Licensing System, Better Mortgage sponsors 1,444 mortgage loan originators and has 11 active branch locations serving 49 states and Washington, D.C.
Better also provides real estate brokerage, title and homeowners insurance services through affiliates Better Real Estate LLC, Better Settlement Services LLC and Better Cover LLC.
In an email, a company spokesperson said Better Real Estate is currently licensed in 30 states and Washington, D.C., with network agents in all 50 states. Better Settlement Services is licensed in 26 states and Washington D.C., and Better Cover is licensed in 49 states and Washington, D.C.
Better said that during the nine months ending September 2021, Better Mortgage funded $45 billion in home loans. The company said Better Cover and Better Settlement Services provided more than $70 million in coverage.
An end-to-end real estate platform backed by SoftBank and other investors, Better had planned to go public during the fourth quarter of 2021 through a SPAC merger with Aurora Acquisition Corp.
But the merger was postponed after the deal terms were revised on Nov. 30, and CEO Vishal Garg fired about 900 Better employees over a Zoom call the next day. An amendment to the merger agreement extended the outside date for calling off the merger from Feb. 12, 2022, to Sept. 30, 2022.
Better HoldCo — the parent company of Better Mortgage Corp., Better Real Estate LLC, Better Settlement Services LLC, and Better Cover LLC — has continued to lose top executives, including Christian Wallace, who headed up the company’s real estate brokerage operations.