According to HousingWire, Better is making significant changes to its leadership team as the mortgage company works to stabilize operations under new CEO Daniel Lewis. The company promoted David Parrish, who previously led technology initiatives including the Tinman platform and AI-powered loan assistant, to head of enterprise operations. At the same time, Chad Smith, who served as chief operating officer, is leaving to become CEO of Envoy Mortgage. Barry Feierstein, another COO at the company, is also stepping down to pursue other opportunities.
Better is positioning these moves as a shift from innovation-focused growth toward what the company calls "disciplined execution." The company's remaining mortgage leadership team, which includes executives like Ryan Grant and Danny Horanyi, is emphasizing that while Better will maintain its technology investments, the immediate focus needs to narrow. According to Grant's comments to HousingWire, the company is moving from exploring what's possible to concentrating on what needs to happen in the next six to twelve months.
The leadership changes come as Better continues to struggle financially. The company guided investors to expect an adjusted EBITDA loss between fifteen and eighteen million dollars in the third quarter, while loan volume is expected to decline to between one point three seven five and one point five two five billion dollars. Better has now abandoned its previous target to reach profitability by the end of the third quarter of this year, citing persistent elevated mortgage rates and uncertainty around partnership launches.
Beyond the operational shake-up, Better remains embroiled in a corporate control battle with founder Vishal Garg, who was removed as CEO and has been attempting to regain influence. According to HousingWire's reporting, Garg proposed returning to work for minimal pay and investing thirty million dollars in company stock while requesting that most board members resign. Better's board has rejected these overtures and sued Garg for alleged securities violations, while Garg has countered with his own litigation challenging the board's actions. A federal judge recently declined to stop Garg's shareholder campaign, allowing the dispute to continue as the company tries to execute its new strategic direction.
What I am seeing locally here in the Bay Area and East Bay is that Better's turmoil reflects broader challenges facing the mortgage industry. For my clients, whether they're buying or selling, it's a reminder that choosing a lender involves real risk when that lender is in transition. The company's technology platform might be impressive, but operational stability and clear decision-making matter just as much when you're closing a deal on your home.
