Vishal Garg Shuts Down And Lays-Off Better.com’s Real Estate Unit

Suffering from the declining mortage market, Better.com;s Vishal Garg has been forced to shut down his entire mortgage subsidiary, leading to layoff in thousands.

Previous reports in April had already hinted at potential layoffs and the potential closure of the business.

According to reports, close to 4000 employees are said to have been affected due to Garg's decision.

Well-known media reports also claim that the employee dismissal took place on 7th June, 2023. 

But the saddest part is that the laid off employees are stating that they have received little or no severance amount in lieu of the sudden closure of Garg's mortgage segment, after experiencing a salary reduction of over 50 per cent in November, which was implemented to protect their positions.

The company is also said to be transitioning from an in-house agent model to a partnership agent model as part of its restructuring efforts