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| vishal garg, better.com, better mortgage, bankruptcy, lender, lawsuits, lies, firings, mary cummins, real estate appraiser, los angeles, california, going out of business, Photo: Wikipedia, Scott Rosenthal |
Vishal Garg an Indian American entrepreneur and CEO of Better Mortgage (better.com) has a mixed history in the world of finance. He's good at starting companies and raising funds. He's lousy at running companies and managing funds. His real job appears to be soliciting venture capital with brash hype. He seems to have only been successful making or keeping money for himself. His businesses have not been successful.
In 2000 Vishal Garg started MyRichUncle with Raza Khan. The student loan company ended in bankruptcy and investor fraud lawsuits which are detailed in this Forbes article, "Mortgages, Fraud Claims and Dumb Dolphins."
2014 Vishal Garg started Better Mortgage better.com an online only home finance company. Even with a new start lawsuits followed him. "Khan alleged that Garg misappropriated both funds (allegedly tens of millions of dollars) and proprietary software to launch Better.com, and a group of investors also filed suit alleging diversion of funds through a venture capital firm founded by Garg called 1/0 Capital."
Vishal Garg was the CEO of a home finance company during one of the biggest refinance booms ever. Anyone could make money and profits making home loans but not Better Mortgage which continued to lose money. Better secured millions in capital investment from Goldman Sachs. Later SoftBank bought $500,000,000 worth of Goldman Sachs shares in Better. There were talks of an IPO. When the IPO talk fizzled a less desirable SPAC was considered.
Better Mortgage ranked 18 in home loans in terms of volume. Better doesn't offer FHA, VA, USDA or home equity loans. They have a B rating from BBB because of customer service issues. The number of loans per loan agent is very low for the industry which means they aren't effective.
December 2021 Vishal Garg unceremoniously fired 900 people via a Zoom meeting. At that time Garg admitted that he "pissed away" $200,000,000 of investor funds through his many mistakes. Top Executives fled the company in response. March 2022 Garg fired 3,000 more people. April 2022 the company began asking employees to quit. At the same time a real estate appraiser whose real job was diversity outreach was promoted to run Better+ which handles the title, insurance and inspections Department.
Main investor SoftBank has suffered a pullback in investing because of the economy. Rising interest rates have reduced the number of refinances which was Better's main source of loans. All of these things taken together point to the coming end of Better Mortgage as we know it.
Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.
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