Better Home & Finance Holding Company (NASDAQ: BETR) announced the appointment of Hugh Frater to its board of directors, effective March 23, 2026. Frater previously served as CEO of Fannie Mae and was a founding partner at BlackRock.

Frater led Fannie Mae from 2018 to 2022 during a period of volatility in the US mortgage market. At BlackRock, he helped build the company's fixed income and mortgage-backed securities operations. He also served as CEO and Chairman of Berkadia Commercial Mortgage LLC.

"Hugh has helped shape the modern housing finance system from the ground up," said Vishal Garg, CEO and Founder of Better. "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."

Better reported fourth quarter 2025 results showing funded loan volume grew 56% year-over-year while revenue increased 77%. The company's Tinman AI Platform funded loan volume reached $646 million in the quarter, representing more than 40% of total funded loan volume.

Frater currently serves on boards of Hippo Holdings Inc. (NYSE: HIPO), Vessel Technologies, Findigs, and the Bipartisan Policy Center. He said Better's technology and automation has proven to make housing finance more efficient over the past decade.

Better operates as an AI-powered mortgage and home equity finance platform, serving customers in all 50 US states and the United Kingdom. The company has funded more than $110 billion in loan volume since 2016.