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New Milestones at Planet Home Lending

Meriden, Connecticut-based national mortgage lender Planet Home Lending (PHL), has passed several milestones since the beginning of 2019, the company announced recently. They include opening a dozen branches, launching several new loan products, posting a net promoter score of 95.6%, and receiving an increase in its servicer rating from Fitch Ratings.

During the year, the company said that it:

  • Expanded its non-QM product line by adding additional bank statement, asset depletion, single-family investor, mixed-use, and post-bankruptcy/foreclosure programs
  • Now offers purchase and refinance VA home renovation loans
  • Received an upgraded rating from Fitch Ratings for its servicing efforts and a Stable Outlook forecast
  • Achieved a Net Promoter Score (NPS) of 95.85. The score measures the willingness of a customer to recommend a product or service to others and ranges from -100 to 100 and the average NPS in banking is 441
  • Opened a new Regional Operation Center for Planet Home Lending and a Western Regional Office for Planet Management Group, the company's sub-servicer affiliate, in Texas

"Expanding our footprint through our distributed retail offices demonstrates our commitment to ensure more consumers have access to quality home financing," said Michael Dubeck, CEO and President of PHL's parent Planet Financial Group. "We plan to continue our efforts to serve as many communities as we can."

The company said that it also enjoyed a solid performance from its customer retention and correspondent channels.

"We continue to ensure that our infrastructure – including everything from operations to technology – is built on a solid foundation to successfully support and grow all of our channels," Dubeck said. "We have a strong servicing channel that is experiencing great ratings. Additionally, Planet Home Lending continues to gain productive distributed retail branches because of the level of success we have based on the variety of loan products and corporate support we offer."

About Author: Radhika Ojha

Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas.

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