Planet Financial Group, LLC subsidiaries record gains in asset management, maintenance and assembly

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MERIDEN, Connecticut., October 26, 2021 / PRNewswire / – In the third quarter of 2021, Planet Financial Group, LLC, parent company of national mortgage lender and service provider Planet Home Lending, LLC and Planet Management Group, LLC, continued to experience steady growth in its synergistic ecosystem of services, correspondent and private customer channels.

“The Planet Financial Group family of companies, which includes brands like Planet Home Lending and Planet Management Group, delivered a strong third quarter this year, underscoring our ability to thrive in all market cycles,” said Michael dubeck, CEO and President of Planet Financial Group. “Even as the industry resets due to declining margins, Planet’s momentum continued as we saw growth in our origination, service and asset management divisions.”

Planet Home Lending’s service portfolio ended the third quarter at $ 45.0 billion, up 36% from $ 33.0 billion at the end of 2020. The total number of units stood at around 196,000, up 29% from around 152,000 at the end of 2020. The average loan size in the portfolio was of $ 229,436 in the third quarter of 2021 and $ 214,439 at the end of 2020. The company’s third-party outsourcing portfolio has grown significantly in the first nine months of 2021. It ended the third quarter with approximately 30,000 active assets valued at over 8 billion dollars, including about $ 1 billion provisional loans with service.

Planet Home Lending’s total origination volume reached $ 7.2 billion in Q3 2021, up 31% compared to $ 5.5 billion in the third quarter of 2020.

The volume of correspondents reached a record $ 6 billion in Q3 2021, up 46% compared to Q3 2020 $ 4.1 billion. The increases in volume are due to the addition of new corresponding lending partners and the increase in the volume of existing partners. Planet Home Lending is now the 6th largest government correspondent lender and 12th overall.

The total of direct retail assemblies was $ 1.2 billion in Q3 2021, slightly lower than in Q3 2020 $ 1.4 billion. Origins of increased retention at $ 627 million in Q3 2021, up 7% compared to Q3 2020 $ 585 million. The company’s distributed retail channel is born $ 584 million of mortgage loans in the third quarter of 2021, down slightly compared to the $ 814 million the channel was launched in the third quarter of 2020.

Planet Home Lending’s distributed retail payback rate for refinances and purchases is 70.6% (TTM) through Q3 2021, nearly four times the industry average of 18% reported by Black Knight, Inc. . for the fourth quarter of 2020.

About Planet Financial Group, LLC

Planet Financial Group, LLC, Meriden, Connecticut, is the parent company of Planet Home Lending, LLC and Planet Management Group, LLC, which also operates as Planet Renovation Capital.

About Planet Home Lending, LLC

Planet Home Lending, LLC, Meriden, Connecticut, (NMLS # 17022) is an FHA, VA and USDA Approved Originator and Repairer, as well as Freddie Mac and Fannie Mae Seller / Repairer, Ginnie Mae Complete Transmitter and Approved Sub-Service and an overall rating of Standard & Poor’s- and a special and primary residential maintenance service, rated by Fitch Ratings. Planet Home Lending, LLC has been assigned a Family of Companies rating by Moody’s Investors Service, available at www.moodys.com. Its corresponding division offers a full range of government, agency and niche real estate loans. Planet Home Lending, LLC is also a special service managing various investor portfolios. Its customized service solutions maximize asset recovery and optimize performance through active portfolio and loan management. Planet Home Lending, LLC is an Equal Opportunity Lender. For more information on Planet Home Lending, LLC, please visit https://planethomelending.com. For more information on Planet Home Lending correspondent offers, please visit https://phlcorrespondent.com.

About Planet Management Group, LLC
Planet Management Group, LLC, Melville, NY, maximizes the value of various investor assets through active management. For more information on Planet Management Group, please visit https://planetmanagementgroup.com.

hurry Contacts:
Dona DeZube
Vice-President, Communications
Planet Home Lending, LLC
[email protected]
(443) 263-2832

Charlyne H. McWilliams
Media contact
for Planet Home Lending, LLC
[email protected]
(301) 933-5567

SOURCE Planète Mortgage loan

Related links

http://www.planethomelending.com


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