Better.com job cuts – thousands more coming: report

A verified Better employee leaked the internal layoff announcement email on Blind, an anonymous professional website. In the email, Better chief financial officer Kevin Ryan said that the decision was “driven heavily by the headwinds affecting the residential real estate market” and was not “a reflection on the personal performance of any departing team members.”

“As you know, the residential real estate market has been changing rapidly, and our entire industry is facing a dramatic drop in origination volume due to rising interest rates. It is clear – after careful, comprehensive review – that we will need to do more to ensure a strong path forward for the company and the vital work we are all doing to make homeownership more accessible for everyone.

“Unfortunately, that means we must take the difficult step of streamlining our operations further and reducing our workforce in both the US and India in a substantial way. We have huge opportunities ahead to grow and to serve, but we must adjust to volatility in the interest rate environment and refinancing market to get there successfully. While it does not make this any easier, other companies across the mortgage industry (both old and new) have had to make similar decisions over the last two months.

“Across functions, specialists and offices, we have an incredibly talented team at Better, and losing valued colleagues is never something we wish to pursue. We do not take this decision lightly and want to let you know about the important steps we are taking in the coming days to support the transition for co-workers leaving Better. We are also taking steps to ensure seamless service for our customers.”

All laid-off employees will be contacted personally over the next few days and will receive 60-80 working days of pay as cash severance, according to the email.