Better Strengthens Board with Appointment of Industry Veteran Hugh Frater to Guide AI-Driven Mortgage Transformation
Better Home & Finance Holding Company (NASDAQ: BETR), an AI-powered homeownership platform, has announced the appointment of Hugh Frater to its Board of Directors, effective March 23, 2026. The addition of Frater, a seasoned leader in global finance and housing markets, signals the company’s continued commitment to scaling its AI-native mortgage platform and reshaping the future of home financing in the United States.
Frater brings decades of experience spanning capital markets, mortgage finance, and executive leadership. His appointment comes at a critical juncture for Better, as the company accelerates the expansion of its Tinman AI Platform, a technology-driven system designed to streamline and modernize the mortgage process.
A Strategic Appointment for a Transforming Industry
The mortgage industry is undergoing a period of structural change driven by digital transformation, shifting consumer expectations, and affordability challenges. Against this backdrop, Better has positioned itself as a technology-first disruptor, leveraging artificial intelligence to simplify and accelerate the homeownership journey.
The appointment of Hugh Frater reflects the company’s intention to combine deep industry expertise with cutting-edge technology. Frater’s extensive background in mortgage-backed securities, institutional investing, and housing finance policy provides a strategic counterbalance to Better’s technology-centric approach.
Vishal Garg, CEO and Founder of Better, emphasized the significance of the appointment, describing Frater as a leader who has played a foundational role in shaping the modern housing finance ecosystem. Garg noted that Frater’s experience—from helping build one of the world’s largest asset managers to leading a government-sponsored enterprise during a period of market volatility—will be instrumental as Better continues to scale its platform and redefine mortgage lending.
A Career Shaping Modern Housing Finance
Hugh Frater’s career spans some of the most influential institutions in global finance. As a founding partner of BlackRock, he was instrumental in building the firm into a global leader in fixed income and mortgage-backed securities. His work contributed to the development of the modern mortgage capital markets system, helping connect institutional investors with housing finance opportunities at scale.
BlackRock’s evolution into the world’s largest asset management firm underscores the significance of Frater’s early contributions. His expertise in structuring and managing mortgage-related investments has had a lasting impact on how capital flows into the housing sector.
Frater later served as Chief Executive Officer and Board Member of the Federal National Mortgage Association (Fannie Mae) from 2018 to 2022. During his tenure, he guided the organization through one of the most complex periods in the U.S. mortgage market, marked by economic uncertainty, fluctuating interest rates, and the broader implications of the COVID-19 pandemic.
Before leading Fannie Mae, Frater held the roles of CEO and Chairman of Berkadia Commercial Mortgage LLC, where he oversaw the growth of a major commercial real estate lending and investment sales platform. His leadership at Berkadia further solidified his reputation as a key figure in both residential and commercial mortgage finance.
Aligning Experience with Innovation
Better’s core value proposition lies in its ability to apply artificial intelligence, data analytics, and automation to the traditionally complex and time-consuming mortgage process. The company’s Tinman AI Platform serves as the backbone of this transformation, enabling faster loan processing, reduced costs, and improved customer experiences.
Frater expressed his enthusiasm for joining Better’s board, highlighting the need for innovation in mortgage banking. He noted that modern consumers increasingly demand transparency, efficiency, and affordability—qualities that have historically been lacking in the industry.
According to Frater, addressing the broader housing affordability crisis requires a system that efficiently connects capital with diverse housing needs while minimizing costs for consumers. He sees Better’s AI-driven approach as a meaningful step toward achieving this goal, particularly as the company expands its platform to serve lenders, banks, and fintech partners nationwide.
The Role of Tinman AI in Mortgage Transformation
At the center of Better’s strategy is the Tinman AI Platform, an integrated system designed to automate and optimize the mortgage lifecycle. By leveraging machine learning algorithms and large-scale data processing, Tinman aims to eliminate inefficiencies that have long plagued the industry.
Traditional mortgage processes often involve manual documentation, fragmented workflows, and lengthy approval timelines. Tinman addresses these challenges by automating key steps such as underwriting, verification, and compliance, enabling faster decision-making and reducing operational costs.
The platform’s scalability is a key differentiator. Rather than serving only Better’s direct customers, Tinman is being deployed across a network of partners, including financial institutions and consumer platforms. This approach allows Better to extend its technological capabilities beyond its own operations, effectively positioning itself as a platform provider for the broader mortgage ecosystem.
Strong Growth Momentum and Market Performance
Better’s recent financial performance reflects the growing adoption of its AI-driven approach. In the fourth quarter of 2025, the company reported significant growth across key metrics:
- Funded loan volume increased by 56% year-over-year, compared to industry growth of just 4%, indicating strong market share gains.
- Revenue grew by 77% year-over-year, highlighting the scalability of the company’s business model.
- The Tinman AI Platform facilitated $646 million in funded loan volume during Q4 2025, representing a 34% increase quarter-over-quarter and exceeding prior guidance.
- Tinman accounted for over 40% of total funded loan volume, demonstrating its central role in the company’s operations.
In addition, Better reported rapid expansion in its partner ecosystem. During the initial rollout phase, Tinman platform partnerships grew approximately 100% month-over-month, albeit from a relatively small base. These partnerships provide access to a combined customer base exceeding 150 million users, underscoring the platform’s potential reach.
A notable milestone in this expansion was the launch of Credit Karma Home Loans powered by Better, developed in partnership with Intuit’s Credit Karma platform. With more than 140 million members, Credit Karma represents one of the largest consumer finance platforms in the United States, providing a significant distribution channel for Better’s technology.
Governance and Leadership Perspective
Better’s Chairman, Harit Talwar, welcomed Frater’s appointment, emphasizing the importance of strong governance as the company enters its next phase of growth. Talwar noted that Better is uniquely positioned to redesign the mortgage process, delivering both improved customer experiences and attractive returns for shareholders.
Frater’s addition to the board is expected to enhance the company’s strategic decision-making, particularly in areas such as regulatory engagement, capital markets strategy, and long-term growth planning. His experience navigating complex financial systems and leading large organizations will be critical as Better scales its operations and expands its influence in the industry.
A Broader Vision for Housing Finance
The appointment of Hugh Frater reflects a broader vision for the future of housing finance—one that combines technological innovation with deep institutional knowledge. As affordability challenges persist and demand for housing continues to grow, the need for more efficient and transparent systems becomes increasingly urgent.
Better’s AI-driven approach represents a departure from traditional models, offering the potential to reduce costs, accelerate transactions, and improve accessibility for consumers. By integrating advanced technology with experienced leadership, the company aims to create a more inclusive and efficient housing finance ecosystem.
Better’s decision to appoint Hugh Frater to its Board of Directors marks a significant step in its evolution as an AI-powered mortgage platform. With his extensive experience in capital markets and housing finance, Frater is well-positioned to guide the company through its next phase of growth.
As Better continues to scale its Tinman AI Platform and expand its partnerships, the combination of innovative technology and seasoned leadership will be key to its success. In an industry ripe for transformation, the company’s efforts to modernize the mortgage process could have far-reaching implications for consumers, lenders, and the broader housing market.
Source link: https://www.businesswire.com
