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Better Founder Vishal Garg Exits CEO Role; Daniel Lewis Named Interim CEO – NMP
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Better Founder Vishal Garg Exits CEO Role; Daniel Lewis Named Interim CEO
Aug 03, 2026
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By Czarinna Andres
Managing Editor
Company pivots toward partner-led distribution and expects annualized cost reductions to exceed $45 million by year-end
Better Home & Finance founder Vishal Garg is leaving the CEO role, effective immediately, while the mortgage fintech pivots toward a partner-led platform strategy and accelerates cost reductions.<br>The company’s board appointed director Daniel Lewis as interim CEO, Better announced Monday. Garg “mutually agreed” with the board to transition from the position but will remain a director and assist Lewis during the leadership change. Better told NMP that Garg will not retain any day-to-day operational role.<br>Lewis will oversee Better’s operations, execute the board-approved operating plan, and establish the company’s strategic direction. Better told NMP that the board has no specific timeline for naming a permanent CEO. Lewis requested the interim designation to give the board flexibility in determining the company’s long-term leadership, according to Better. The board will consider all suitable options, including Lewis.<br>“Better is at an important inflection point, and now is the right time for new leadership,” Garg said.<br>Better Pivots to Partner-Led Model<br>The leadership change comes alongside a shift in Better’s business model. The company said it is sharpening its focus on a platform model in which partners, rather than Better, are responsible for acquiring customers.
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Instead of competing through customer-acquisition spending, Better intends to use its Tinman mortgage platform to manufacture loans for enterprise customers and independent mortgage brokers. The platform provides technology, underwriting, operations, capital markets, and regulatory infrastructure.<br>“Looking ahead, Better will win by leveraging that experience to manufacture mortgages efficiently, not by outspending competitors on customer acquisition,” Lewis said.<br>Better told NMP that direct-to-consumer lending remains a core part of its operations, despite the increased emphasis on enterprise customers and independent mortgage brokers. The company said Tinman’s automation is intended to lower unit economics across DTC and every other channel it serves.<br>The partner-led direction predates Lewis’ appointment. Late last year, NEO Home Loans co-founder Ryan Grant said Better’s technology had originally been designed for direct-to-consumer lending and required adaptation for distributed retail. Grant saw the combination of Better’s automation and NEO’s local mortgage professionals as a way to lower fulfillment costs while preserving human guidance.<br>The company is also pursuing substantially deeper expense reductions. Better now expects annualized cost reductions to exceed $45 million by the end of 2026, up from its previously announced target of $25 million.<br>Better did not say whether the expanded reductions will include additional layoffs. In response to NMP’s question, the company said the program will include increased automation through Tinman and Betsy, streamlined operations, and broader expense management. Better said it will provide more information about its cost structure during its Aug. 6 earnings call.<br>Lewis said HELOC demand is strengthening and Better intends to increase its activity in that market. He also pointed to interest in Tinman among enterprise customers and independent mortgage brokers, with Better seeking to simplify workflows and increase automation for loan originators.<br>Lewis joined Better’s board July 27, just one week before being named interim CEO, after spending several months advising the company’s management committee on cost reductions, enterprise partnerships, strategic planning, and operational initiatives. Better identified Lewis as a significant company shareholder when announcing his board appointment. He previously led Toronto-based Ascend Fundraising Solutions from 2018 to 2023. Earlier in his career, Lewis spent nine years...