Veteran investor and housing finance leader brings deep capital markets and mortgage experience to support Better’s next phase of AI-driven growth through Tinman® AI Platform
Better Home & Finance Holding Company (“Better,” the “Company,” “we” or “our”), the leading AI-powered homeownership company, announced that Hugh Frater, a founding partner and former managing director of BlackRock and former CEO of Fannie Mae, has been appointed to its Board of Directors, effective March 23, 2026. Frater brings decades of experience across capital markets, housing finance, and corporate leadership to help guide Better’s long-term strategy as it scales the Tinman AI Platform.
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“Hugh has helped shape the modern housing finance system from the ground up. He’s exactly the kind of leader you want in the room when you’re rebuilding housing finance,” said Vishal Garg, CEO and Founder of Better. “From helping build BlackRock as a founding partner to growing Berkadia into a leading agency lending an investment sales platform to leading Fannie Mae through one of the most complex periods in mortgage history, he brings a level of perspective that very few people have. As we use AI to make the mortgage experience, faster, easier, and cheaper for Americans through Better’s AI-native Tinman Platform, Hugh’s experience will be critical at the board level in guiding our long-term strategy.”
Frater was a founding partner of BlackRock, where he helped build the global leader in fixed income and mortgage-backed securities into the world’s largest asset management company. His early work played a key role in shaping the modern mortgage capital markets ecosystem, connecting institutional investors to US housing finance.
He later served as Chief Executive Officer and Board Member at the Federal National Mortgage Association (Fannie Mae) from 2018 to 2022, where he guided the organization through one of the most volatile periods in the US mortgage market. Prior to his role at Fannie Mae, he served as CEO and Chairman of Berkadia Commercial Mortgage LLC, a leading commercial and agency real estate lending and investment sales platform.
“The mortgage banking industry has long been ready for innovation, modern consumers are demanding it and Vishal and Better have consistently pursued that vision. Better’s combination of technology, data and automation has proven to make housing finance more efficient and affordable over the last decade,” said Frater. “To tackle the housing affordability crisis, we need a transparent system that connects capital with a variety of housing needs and does so at the best practical cost to consumers. Tinman provides a thoughtful approach to delivering more housing, and I’m excited to support the Board as their team continues to scale and deploy the platform to lenders, banks, and fintechs across the country.”
Frater currently serves on the boards of directors of Hippo Holdings Inc. (NYSE: HIPO), Vessel Technologies, Findigs, and the Bipartisan Policy Center. He has spent his career at the intersection of global capital, housing finance, and corporate leadership.
“We’re delighted to welcome Hugh to Better’s Board of Directors,” shared Harit Talwar, Chairman of the Better Board. “Better is well positioned to redesign the traditional mortgage process and deliver a superior customer experience as well as attractive returns to shareholders with its AI-native platform, Tinman. Hugh’s experience, insights and judgement will be invaluable along the Company’s journey.”
Frater’s appointment reflects Better’s continued focus on strengthening its board to guide the Company’s next phase of growth as an AI platform bringing the entire industry forward. Better reported its Q4 2025 earnings earlier this month, signifying rapid growth and technological progress:
- In Q4 2025, Funded Loan Volume grew 56% year over year versus industry growth of 4%, while revenue grew 77% year over year
- Tinman AI Platform Funded Loan Volume reached $646 million in Q4 2025, up 34% quarter-over-quarter, representing more than 40% of Funded Loan Volume, and exceeding prior guidance of $600 million
- Tinman AI Platform partnerships launched in Q4 2025 grew approximately 100% month-over-month throughout Q4 in initial rollout to less than 1% of partners’ combined customer base of over 150 million customers
- In Q4 2025, Better launched Credit Karma Home Loans powered by Better in partnership with Intuit Credit Karma, one of the largest consumer finance platforms in the United States with more than 140 million members using the Tinman AI platform
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