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Meriden, Connecticut-based Planet Home Lending LLC has announced a $10 billion Mortgage Servicing Rights (MSRs) bulk acquisition from Village Capital & Investment LLC from Henderson, Nevada.
In the second half of 2023, Planet Home Lending plans to continue acquiring MSRs through bulk and co-issue transactions.
"Planet continues to be a liquidity provider to mid- and smaller-tier issuers," said Michael R. Dubeck, CEO and President of Planet Financial Group, parent of Planet Home Lending. "Our robust MSR desk capably handles bulk deals of any size. Sellers like to close transactions with us because we're transparent, reasonable on terms, and competitively priced."
The Village Capital & Investment portfolio consists of 45,000 home loans securitized by Ginnie Mae. As of June 2023, Planet's servicing portfolio stood at $94 billion. The acquisition further strengthens Planet's position in the industry and increases its MSR book by 10.6%.
Planet Home Lending recently announced the asset acquisition of retail lender, Hoffman Estates, Illinois-based Platinum Home Mortgage Corporation. In the deal, Planet Home acquired the majority of Platinum Home's origination staff, including more than 20 branch offices in strategic locations throughout the U.S. The Platinum acquisition brings to Planet Home a purchase-focused platform and high-producing branches, while expanding the company's footprint in the Midwest, Northwest, and West Coast markets.
"We look to acquire right-sized, financially solid distributed retail companies," said Dubeck. "Platinum is a solid cultural fit. Its talented, highly experienced people share our commitment to delivering exceptional lending experiences supported by deep personal care for borrowers."
Planet Home Lending was also recently named a 2023 winner of the Freddie Mac Home Possible RISE Award, which recognizes lenders that are making strides in helping low-income homebuyers through the Home Possible loan program. Now in its sixth year, the Home Possible RISE Award (Recognizing Individuals for Sustained Excellence) program acknowledges lenders for helping borrowers overcome affordability challenges and achieve sustainable homeownership using Home Possible home loans.
“Programs like Home Possible help more people achieve their dream of owning a home,” said Planet Home Lending President John Bosley. “We are honored to be a part of the program and are grateful Freddie Mac has given us opportunities to help so many people begin to build generational wealth through homeownership.”
