Envoy Mortgage Appoints Chad Smith as CEO to Drive PLACE Integration
Chad Smith, the former chief operating officer and president of Better Home & Finance, has been appointed CEO of Envoy Mortgage and president of real estate platform PLACE’s mortgage and financial services division, according to an announcement on Tuesday. The strategic leadership move pairs the Houston-based Envoy Mortgage—which generated over $2 billion in loan volume last year according to public data—with the Bellingham, Washington-based real estate platform PLACE as both entities seek to accelerate digital mortgage integration and deepen connected services for consumers, real estate professionals, and financial institutions.
Integrating Envoy directly into the PLACE ecosystem, which recently purchased Radian Group’s real estate services, creates an immediate operational nexus between loan officers and real estate professionals handling brokerage, title insurance, and related transactions.
Leadership Transition Following a High-Growth Digital Lender Turnaround
Smith joins Envoy after departing Better Home & Finance during a distinct corporate transition phase. During his tenure at the digital lender starting in May 2024—joined nine months after its initial public offering—Smith helped guide the company through a significant rebound following heavy downsizing after the prior decade’s refinance boom. Public announcements note that Smith helped Better generate a 2.5 times growth in total revenue and funded loan volume since the first quarter of 2024. His background also includes serving as CEO of California-based Mission Loans from 2020 to 2024, alongside leadership roles directing consumer direct and portfolio retention at Caliber Home Loans and heading direct lending at loanDepot.
This executive shuffle coincides with internal restructuring at Better, where founder and former CEO Vishal Garg was fired last month following board disputes over strategic direction and enterprise profitability. While Better shifts its focus toward an enterprise strategy, Smith’s departure marks the exit of a key operational architect. PLACE co-founder and CEO Ben Kinney emphasized the strategic rationale behind securing Smith’s expertise. “Adding a leader like Smith will allow us to accelerate growth of our mortgage business while deepening our connected offerings for consumers, real estate professionals, and financial institutions,” Kinney stated in a press release.
Scaling to Four Billion in Volume Through Proprietary Technology
Envoy Mortgage is targeting an aggressive expansion roadmap to reach $4 billion in origination volume, leveraging PLACE’s vast network of agents and sellers established since the platform’s founding in 2019. Smith noted his enthusiasm for the merger-adjacent ecosystem, stating that the partnership allows Envoy to expand its geographic footprint and work with top industry talent. The strategic alignment aims to transform the consumer experience through proprietary technology and seasoned mortgage professionals.
