Subsidiaries now #5 in correspondent, #10 in overall originations
MERIDEN, Conn., Feb. 2, 2023 /PRNewswire/ — Planet Financial Group, LLC, parent of national mortgage lender and servicer Planet Home Lending, LLC and asset manager Planet Management Group, LLC (PMG), continued to gain market share in 2022. During 2022, Planet Home Lending’s servicing portfolio grew 47% to $73.6 billion, including $17.5 billion in sub-serviced assets managed by Planet Management Group. Correspondent volume rose to $24.1 billion, up 5.4%.
“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.”
To support the 2022 expansion, Planet raised $720 million in financing to fund Planet’s growth in correspondent, co-issuance, and MSRs, and to support Planet’s total enterprise goals throughout 2023.
Planet Home Lending’s servicing portfolio ended the year at $73.6 billion, up 47% from $49.7 billion at yearend 2021. Total units rose to approximately 282,000, increasing 34% from approximately 211,000 at yearend 2021. The average loan size in the portfolio was $259,830 at yearend, up about 10% from $235,570 at yearend 2021.
In March 2022, Planet earned Fannie Mae’s 2021 Servicer Total Achievement and Rewards™ (STAR™) Program recognition, which acknowledges mortgage servicers for their effective, standardized processes that help drive their performance and operational success. Planet Home Lending was recognized in the General Servicing and Solution Delivery categories, a dual accomplishment shared with only 10 other servicers.
Issuers continue to recognize Planet’s stellar servicing platform, naming it as the…