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Doug Harder

Managing Director and Senior Equity Analyst at UBS

Doug Harder is a Managing Director and Senior Equity Analyst at UBS, specializing in the financial sector with particular expertise in mortgage real estate investment trusts (mREITs), mortgage finance, and specialty finance. He has actively covered companies such as Mr. Cooper, Hatteras Financial Corp, MTGE Investment Corp, Drive Shack, and Lument Finance Trust, earning recognition for a 67% success rate and an 18% average annual return on his stock recommendations, according to TipRanks metrics. Harder has maintained a consistent track record since joining UBS in 2014, ranking among the top Wall Street analysts for performance, and previously held analyst roles at other firms prior to UBS. He holds FINRA registration and possesses required securities licenses reflecting his credentials as a senior investment professional in equity research.

Doug Harder's questions to Better Home & Finance Holding (BETR) leadership

Question · Q3 2025

Doug Harder asked about the specific monthly loan volumes required for Better Home & Finance to achieve its goal of breaking even and reaching profitability, and whether there are different revenue generation models for home equity originations versus traditional first-lien mortgages with partners.

Answer

Vishal Garg, Founder and CEO of Better Home & Finance Holding Company, stated that 'a billion plus' in monthly volume, depending on the mix (with higher margins from partnerships), would give them a 'very, very, very good shot' at driving towards break-even. He explained that home equity loan amounts are smaller but have higher gain on sale, with revenue per loan around $8,000 for mortgages and $6,500 for home equity. He clarified that Better does not retain MSR or take credit/prepayment risk in either, and sees potential to increase home equity gain on sale from 103.5 to 107.

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