Remy Blaire is joined by Vishal Garg, the CEO and Founder of Better.com, an AI-driven home lending company. The discussion centers around Better’s recent strategic partnerships and their implications for growth and profitability in the current housing market.
Remy begins by highlighting the recent drop in mortgage rates, which is significant for the approximately 20 million homeowners currently locked into loans with rates between 7 to 8 percent. Vishal shares his optimism about the potential for increased activity in the housing market if these rates continue to decline. He reveals that Better is already experiencing a monthly loan volume of about $500 million, an increase from $400 million in the previous quarter, and confidently projects that they could reach $1 billion in monthly loan volume within the next six months.
The conversation shifts to the role of artificial intelligence in Better’s operations. Vishal explains the development of Tinman, a machine learning-driven platform, and Betsy, the world’s first AI loan officer. He emphasizes how these technologies enhance customer service by providing 24/7 support and streamlining the loan processing, underwriting, and closing stages. This efficiency not only improves the customer experience but also significantly reduces the cost of loan origination, allowing Better to pass savings on to their customers.
Remy and Vishal discuss Better’s growth strategy, particularly the importance of partnerships. Vishal notes that there are millions of potential customers who have been sidelined in the housing market due to rising rates. To reach these customers, Better is expanding its platform to include local loan officer teams, large fintech companies, and major mortgage firms. He reflects on the previous cycle from 2019 to 2021, during which Better experienced a remarkable 12x growth, and expresses hope to surpass that this time around.
The conversation also addresses potential risks that could impact Better’s ambitious growth targets, such as slower ramp-up from partners or unexpected fluctuations in mortgage rates. Despite these challenges, Vishal remains confident in their trajectory.
In the closing moments, Remy asks Vishal for his insights on the future of the housing market, particularly as it relates to 2026 and beyond. Vishal underscores the importance of homeownership as a hedge against inflation, encouraging listeners to consider the long-term benefits of owning a home over renting.