Vishal Garg says his bid to retake control of Better Home & Finance has moved one step closer to completion.
The Better founder said Thursday that the company's board intends to honor the results of his shareholder consent campaign if a third-party election inspector confirms the vote, one day after the Garg Group announced it had secured written consents representing more than 51% of Better's voting shares.
According to the Garg Group, Garg and his counsel, Michael Swartz of Quinn Emanuel, met with Better's board Thursday morning. Garg's group said the board intends to "expeditiously" implement the actions contemplated by the consent solicitation once the company's third-party election inspector confirms the results.
The Garg Group also said the five directors targeted for removal agreed they would neither propose nor take corporate action while the inspector completes its review.
Garg said the consents were delivered to the inspector on Wednesday afternoon and that his group expects confirmation within 24 hours of that delivery.
If that confirmation comes, Better could be headed for another major leadership change less than two months after removing Garg as CEO — with a new interim CEO, Garg returning to an operating role and a 90-day plan aimed at cutting costs and expanding mortgage production.
From 46% To A Claimed Majority
The latest development follows a rapid change in the shareholder count.
On Sept. 21, Garg said holders representing more than 46% of Better's voting power had submitted written consents supporting his proposals. The filing described that tally as preliminary and not independently verified.
Better's Special Committee disputed it two days later, saying Garg had "not obtained consents from anywhere near" 46%.
On Wednesday, the Garg Group said it had crossed the threshold, securing written consents representing more than 51% of Better's voting shares. That claim was subsequently included in additional proxy-soliciting materials filed with the Securities and Exchange Commission.
Better declined to comment when National Mortgage Professional asked Wednesday whether it disputed the 51% figure, whether the consents had been independently verified and whether an ongoing Special Committee investigation could affect recognition of them.
Garg Would Return — But Not As CEO
If the inspector confirms the result and the proposed changes are implemented, Garg would not return to the CEO job he left in August.
Instead, the Garg Group says he would become Head of Product, Platform, and Innovation, working alongside an incoming interim CEO and Better's executive team.
The group plans to engage a senior executive from what it describes as a "Tier 1 Advisory Firm" with mortgage origination, servicing, and corporate-growth experience to serve as interim CEO.
Daniel Lewis, who became interim CEO following Garg's departure from the CEO role in August, is among the five directors targeted for removal. The others are Harit Talwar, Bhaskar Menon, Arnaud Massenet, and Prabhu Narsimhan.
The Garg Group's latest plan also calls for adding technology investors Bing Gordon and Steve Sarracino to the board.
Earlier in the campaign, Garg had identified Gordon, Sarracino, and David Heidecorn as potential director candidates. The latest plan names only Gordon and Sarracino as proposed additions.
The Mortgage Business
For mortgage professionals, confirmation of the vote would shift the focus quickly from who controls Better to what the new leadership intends to do with the business.
Garg's updated 90-day plan calls for raising Better's annual cost-savings target from $45 million to $60 million and bringing in an outside advisory firm to streamline sales, origination, and corporate operations using AI-driven workflows.
The group also wants to finalize additional Tinman AI platform partnerships, expand production, complete the sale of Better's U.K. banking operation, and pursue a $30 million share-repurchase program, beginning with a $10 million tranche following asset sales and efficiency gains and subject to board approval.
The latest plan also calls for scaling HELOC production to achieve $2 billion in quarterly combined volume.
The Garg Group has also scheduled an informational shareholder call for Monday, Oct. 5, to discuss its 90-day plan.
If the inspector confirms the majority Garg claims, attention will shift quickly from the shareholder fight to execution — and whether another leadership reset can deliver the mortgage growth and cost reductions Garg is promising.
