Better.com Launches Expansion in Charlotte, Plans to Hire 1,000 New Employees
Having raised well north of $ 150 million in capital this year only, digital mortgage company Better.com is growing. According to details provided earlier this year by the company, Better has added more than 500 new employees in the past year and plans to hire at least 400 more this year.
But the business does not stop there.
Better announced this week that it plans a massive expansion in Charlotte and plans to hire 1,000 employees in its new North Carolina office over the next five years.
According to Better, the company plans to hire 100 new employees by the end of this year and will expand its operations to Charlotte from there.
The new office will serve as a hub for the partnership between Allied financial and Better, which was announced earlier this year.
Back in April, Ally announced that it was looking to Better to fuel its direct-to-consumer mortgage offering called Ally at home. Specifically, the companies said they are launching a “new end-to-end digital experience for consumers looking for a mortgage with Ally,” which will be powered by Better.
And, according to Better, this new Charlotte office will be the “home base” for loan officers from Ally Home and Better.
“Opening a new office in Charlotte will help us tap into the city’s incredibly talented workforce,” said Vishal Garg, CEO and Founder of Better.com.
“As a fast growing startup, we see in the city of Charlotte a thirst and an entrepreneurial spirit that resembles what we used to see in places like downtown Manhattan in the 1980s. and Silicon Valley in the 1990s, ”Garg continued. “We are delighted to have chosen Charlotte as we enter the next stage in our business growth. “
The decision to hire 1,000 new employees, many of whom will be loan officers, is a reversal of the way Better ran its business.
As Garg explained earlier this year At HousingWire’s engage.marketing conference, held in charlotte this year, Better’s initial goal was to create a lender that essentially operates like the E * Trade of mortgage activity, allowing a borrower to complete the mortgage process on their own without ever speaking to a person.
But as Garg noted, while this model works to some extent from refinancing, when the company extended to the purchase of mortgages in 2017, Better found that most borrowers aren’t quite ready for a fully digital experience.
“People are not yet ready for ETrade. They need Charles Schwab“Garg said earlier this year.” They need a trusted advisor. Even until last year, 85% of our locks had no human contact, but that’s probably only about 25% of the market, but people need to hold hands.
And as a result, Better has shifted to a much more loan officer-centric business model, which will only be supported by Charlotte’s expansion.
As Garg mentioned, Charlotte is quickly becoming one of the largest centers in the financial services ecosystem in the United States.
Charlotte is already home at Bank of America, Motion mortgage, Loan tree, Cardinal Financial, Roundpoint Mortgage Services, Deephaven mortgage, and Wyndham Capital Mortgage, Just to name a few.
Charlotte is also set to be the home of Sad, the famous combination of BB&T and SunTrust Bank. Earlier this year, on the same day, the companies revealed that they had chosen Truist as their new name, BB&T and SunTrust. announcement they planned to move their headquarters to a 550,000 square foot office in Charlotte.
Add to that Better’s commitment to hire 1,000 new employees over the next five years and the competition for financial services and tech talent in Charlotte is about to get fierce.
“Charlotte is a city built on innovation and commerce, with a strong educational base that provides optimal opportunities for fintech startups like Better.com,” said Charlotte Mayor Vi Lyles. “We welcome Better.com and thank them for helping us become the tech city we want to be. “
According to Better, the move to Charlotte was a “collaborative effort” between Better, the City of Charlotte, Ally Financial and Caroline FinTech Center.