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.”
HELOC underwriting
As a result, Better onboarded two new partnerships and launched AI-driven HELOC underwriting for small businesses and self-employed borrowers, allowing for approvals based solely on bank statements. The company also continued expanding its AI assistant, Betsy.
The digital mortgage lender posted a net loss of roughly $39 million, an improvement from a $54 million loss in the same quarter last year and slightly higher than the $36 million loss in the second quarter of 2025.
Better’s funded loan volume totaled about $1.2 billion, compared with $1.0 billion in Q3 2024 and flat from Q2 2025. Excluding loans from a discontinued partnership in the year-ago period, funded loan volume grew 56% year over year.
The company originated approximately 4,086 total loans in the quarter, up from 3,443 year-over-year and 4,032 in Q2 2025.
By product type, purchase loans accounted for 64% of funded volume at $774 million, while home equity products, including HELOCs and closed-end second lien loans, totaled $253 million, or 21%. Refinance loans made up the remaining 15%, or $183 million.
During the call’s Q&A section, Garg teased more home equity launches down the road. At the start of October, Better introduced its AI-driven wholesale home equity lending, using its Tinman AI platform to enhance access to HELOC and CES loans.
Year-over-year growth was led by home equity products, which rose 52%, and refinance loans, which grew 41%. Purchase volume increased 5%.
Tinman AI Platform drives growth
By channel, direct-to-consumer loans comprised 60% of funded volume at $727 million, with Better’s Tinman AI Platform accounting for the remaining 40%.
“Better is enabling retail mortgage lenders to build their business on the Tinman platform…We have near-zero customer acquisition cost on this channel, and as partners fund loans on our platform, we earn a platform fee and a share of profits. We’ve grown this channel from 0% just nine months ago to now, approximately 40% of our total revenue,” Garg told investors during the call.
Better’s Tinman platform served about 1,148 families and generated $483 million in funded loan volume during the period, Garg said.
The company also confirmed in its earnings press release that its chief financial officer, Kevin Ryan, will retire effective Nov. 14, 2025. HousingWire reported in October Ryan’s plans to retire and join PennyMac as a senior managing director, chief strategy officer.
