BETTER Mortgage CEO Vishal Garg is making headlines after laying off 900 employees just before the Christmas break.
He founded the mortgage company eight years ago and it has grown to become the fourth largest issuer of private student loans in the United States.
Who is Vishal Garg?
Vishal Garg became an entrepreneur at the age of 21 when he co-founded MRU Holdings, a student loan company in 2000.
The company went public in 2005, but filed for bankruptcy in 2009. According to court documents obtained by Reuters, MRU Holdings had $ 11 million in assets but $ 45.7 million in liabilities.
Around the time Garg co-founded MRU Holdings, he also became a founding partner of One Zero Capital in 1999 and Phoenix Holdings in 2011, both of which lasted until 2014 when he founded Better Mortgage. .
How Vishal Garg Formed A Better Mortgage
In 2012, Garg and his wife were looking to buy a home when they encountered a series of roadblocks that led him to start his own mortgage company.
According to the company’s website, he realized that there were loopholes in the loans that needed to be corrected, and he set about doing it.
As an entrepreneur, Garg used his background in technology and finance to pursue the new venture that would culminate in the $ 7 billion company, Better Mortgage.
He turned his home buying experience into pre-approval delays, “slow processes, foreclosure fees and outdated technology” that he said “made the experience painful and slow.”
Better Mortgage’s mission is to streamline the home buying process, allowing buyers to get mortgage pre-approval online and find competitive rates.
Despite Better Mortgage’s proclaimed success, 900 employees, or 15% of the company, were laid off in the weeks leading up to Christmas during a mass Zoom call.
Garg said the layoffs were a “tough decision to make” and said it was due to efficiency, productivity and market performance.
However, Garg later reportedly told his remaining employees, “You know that at least 250 of those fired were working an average of two hours a day while logging eight + hours a day into the payroll system?”
“They were robbing you and robbing our customers who pay the bills who pay our bills. Get informed. “
What does Best Mortgage do?
Garg officially launched Better Mortgage in 2016 and grew over 400% in 2020, according to his LinkedIn profile.
His company received the number one ranking of the best startups from LinkedIn in 2020 and 2021, and Forbes ranked the company as the best online mortgage lender of 2021.
Better Mortgage was chosen for fast pre-approval times, no commissions or lender fees, homebuyers can apply and close from anywhere in the world, and it is available anywhere in the United States, Canada. ‘except Hawaii.
We pay for your stories!
Do you have a story for the US Sun team?
–
–
–
