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Better Home & Finance Holding Company (BETR+6.12%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, reporting a net loss of $206.3 million for the year, an improvement from the $536.4 million loss in the previous year. The company attributes the improvement to an increase in funded loan volume and a reduction in operating expenses.
Funded loan volume for 2024 was reported at $3.6 billion, a 19% increase from the previous year. This growth was driven by an increase in refinance and HELOC loan volumes, although purchase loan volume saw a slight decline.
Better Home & Finance's revenue for the year was $108.5 million, up from $72.3 million in 2023. The increase in revenue is primarily due to higher gain on loans, net, which rose by 27% to $78.1 million.
The company continues to face challenges from the interest rate environment, which affects its loan origination volumes and gain on sale margins. Despite these challenges, Better Home & Finance is focused on expanding its product offerings and enhancing its technology platform.
Cash and cash equivalents decreased significantly to $211.1 million as of December 31, 2024, from $503.6 million at the end of 2023. This decrease is attributed to increased loan origination activities and investments in short-term securities.
Better Home & Finance's warehouse lines of credit increased to $244.1 million, reflecting the higher loan origination volume. The company maintains compliance with all financial covenants under its credit facilities.
The filing also notes the company's efforts to reduce its real estate footprint and associated lease liabilities, which decreased significantly during the year.
Better Home & Finance continues to invest in its proprietary technology platform, Tinman, to improve customer experience and reduce loan manufacturing costs through automation.
The company remains focused on expanding its presence in the U.K. market, with significant growth in its banking operations and customer deposits in the region.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Better Home & Finance Holding Company annual 10-K report dated March 19, 2025. To report an error, please email earnings@qz.com.