holding company Better Homes and Finances The company announced Friday that it has hired Chad Smith as president and chief operating officer of its mortgage business. Kevin Ryan, who previously served as president, will continue to serve as company treasurer.
Prior to joining Better, industry veteran Smith served as mission loan From December 2020 to May 2024. National Multi-State Licensing System (NMLS). Meanwhile, NMLS shows that Better has 227 sponsored LOs and 7 affiliates.
Prior to joining Mission, Smith served as Executive Vice President, Consumer Direct and Portfolio Retention caliber home loana mortgage lender acquired by Newrez in 2021.
Better’s board of directors appointed Smith on May 8. Securities and Exchange Commission (SEC), the executive will receive an annual base salary of $1 million, a minimum performance bonus of $500,000 in the first year of employment, and an annual target bonus opportunity equal to 100% of his base salary.
Smith will also receive stock units. Better stock closed at $0.43 on Friday, up 3.37% from the previous trading day.The company went public in August 2023 through a partnership with a special purpose acquisition company (SPAC) Aurora Acquisitions, Inc., The end of a two-year journey.
The deal frees up $565 million in new capital for the company, which has narrowed its losses. Better reported a GAAP net loss of $59.5 million in the fourth quarter of 2023, down from a loss of $339.4 million in the previous quarter. In the fourth quarter of 2023, Better raised $527 million in funding across 1,633 loans.
Founder Vishal Garg told HousingWire in February that the company was hiring loan officers, processors and underwriters and had recently changed its compensation structure.
“The loan officers we hire are industry experts on our platform, rather than the traditional non-commissioned officer loan officers we have hired in the past, who have often been people who have never worked in the banking industry,” Garg said.
In April, a former executive voluntarily dismissed with prejudice a lawsuit filed nearly two years ago against the company and some of its leaders, including allegations that they violated labor and securities laws.
