Online mortgage company Better fires 3,000 in new round of cuts

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(Bloomberg) – Online mortgage company Better is laying off about 3,000 employees in the US and India as rising interest rates weigh on the volume of new loans.

The total represents approximately 35% of the company’s workforce, according to a person familiar with the matter, who asked not to be identified when discussing private information.

Better shed about 9% of its workforce over the past year and announced the move over a video conference. Chief Executive Officer Vishal Garg later apologized for how that round of cuts was handled and went on hiatus before returning in January. This time, the company announced that it would personally contact all affected workers. All are eligible for severance pay, and US employees receive expanded medical benefits.

“This decision is strongly driven by the headwinds affecting the housing market,” Chief Financial Officer Kevin Ryan said in an email sent to employees of Bloomberg News. “It is in no way a reflection on the personal achievements of departing team members, all of whom have contributed to the success of Better.”

The job cuts were previously reported by TechCrunch and the New York Times.

©2022 Bloomberg LP

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