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Better's new CEO pledges enterprise focus after another loss
['Andrew Martinez Joined National Mortgage News In January He Previously Worked At Bisnow', 'Covering Commercial Real Estate News In The Boston...', 'Originations Editor', 'Technology Reporter', 'Capital Markets Editor']
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Better's new boss is promoting the lender's shift toward an enterprise strategy, a plan which could see it also expand into the wholesale space.
The lender posted a $30.6 million net loss for the quarter, and hasn't approached a profit since going public in 2023.
That loss was trimmer than a steep $70 million loss in the first quarter, and a $36.3 million deficit in the second quarter last year.
The company's net revenue also ticked up to $54.7 million in the second quarter, a 28% annual increase.
Company plansThe lender says it's sharpening its focus on being a platform model, with its partners owning the customer relationship and Better providing its technology infrastructure, mainly its artificial intelligence-fueled Tinman platform.