National mortgage lender and servicer Planet Home Lending sees significant growth
Planet Home Lending continued its upward trajectory in 2022, with its parent company, Planet Financial Group, reporting significant growth in its servicing and correspondent portfolios.
“The 2022 mortgage market was a dynamic, rapidly evolving space that required the ability to navigate complexity and the vision to capitalize on long-term opportunities,” said Michael Dubeck, CEO and president of Planet Financial Group. “Planet’s multichannel business model delivered gains in servicing, correspondent, and asset management in one of the most difficult markets the industry has experienced in the past two decades.”
Planet’s servicing portfolio grew by 47% to reach $73.6 billion, with correspondent volume rising by 5.4% to $24.1 billion. The expansion was supported by a $720 million financing round, which will fund Planet’s growth in correspondent, co-issuance, and MSRs.
The company’s sub-servicing portfolio ended 2022 with assets under management reaching $17.5 billion, a 400% surge from the previous year. PMG added private clients in all asset-class sectors and improved execution through technology enhancements. The company’s active managed portfolio reached 36,000 assets, including non-QM, residential transitional loans, debt service coverage ratio loans, non-performing loans, and small balance commercial private client portfolios.
Dubeck said Planet had successfully managed its growth through “flexible solutions and technology” to support a wide range of potential servicing situations.” Dubeck said.
PMG’s correspondent volume reached $24.1 billion in 2022, with the mid-year acquisition of certain HomePoint Financial Corporation assets adding volume and doubling the correspondent channel’s customer base.
“We continue to develop loyal correspondent partnerships through competitive pricing, exceptional service, and our flexibility in tailoring processes to increase our customers’ efficiency and profitability,” Dubeck said.
Meanwhile, its total direct originations fell from $5.1 billion in 2021 to $2.3 billion in 2022. The company’s distributed retail channel originated $1.4 billion in home loans, a 44% plunge from $2.5 billion.
“Planet’s commitment to distributed retail continued throughout 2022,” Dubeck said. “We were strategically opportunistic in this channel, continuing to support our existing branch network while prudently adding branches and mortgage loan officers. We also see this as an area for possible M&A activity in 2023.”
Want to make your inbox flourish with mortgage-focused news content? Get exclusive interviews, breaking news, industry events in your inbox, and always be the first to know by subscribing to our FREE daily newsletter.
