Innovation, Industry accolades and strategic growth
underscore strong performance
MERIDEN,
Conn., April 25, 2024 /PRNewswire/ -- During the
first quarter of 2024, Planet Financial Group, LLC, parent of
national mortgage lender and servicer Planet Home Lending, LLC and
Planet Management Group, LLC, was recognized for servicing
excellence and workplace culture, continued to hit record-setting
recapture levels, and brought to market proprietary lending
products for purchase homebuyers.
In the first three months of the year, Planet:
- Earned Fannie Mae's coveted Servicer Total Achievement and
Rewards (STAR™) Program recognition
- Brought to market a suite of proprietary home loan programs
targeting the unique challenges facing today's homebuyers
- Awarded Top Workplace USA for
the fourth year in a row
- Became the #4 Ginnie Mae
correspondent lender and #8 Ginnie
Mae servicer
- Volume grew by 255% for the retail retention division, which
continues to hold an 89% recapture rate
- Sub-servicing AUM increased 33%, $11B of non-agency assets
"The first quarter of 2024 marked a period of incremental wins,
consistent growth and notable achievements throughout the Planet
Family of Companies despite the difficult environment," said
Michael Dubeck, CEO and President of
Planet Financial Group, parent of Planet Home Lending. "I'm highly
impressed with the caliber of talent that we're bringing on board
in originations, servicing, corporate support, and asset
management."
Servicing, Sub-servicing, and Assets Under
Management
Planet's total servicing portfolio ended the
quarter at $106.44 billion, up 2%
from $104.69 billion in the fourth
quarter of 2023. At quarter end, Planet was the #8 Ginnie Mae servicer, and #14 servicer overall,
according to Refinitiv. Since 2019, Planet's Servicing division has
posted a compound annual growth rate (CAGR) of 42%.
In February, Fannie Mae awarded Planet Servicer Total
Achievement and Rewards (STAR™) recognition in the General
Servicing and Solution Delivery categories. The award acknowledges
Planet for effective, standardized processes that drive performance
and operational success.
Residential sub-servicing volume ended the quarter at
$10.8 billion, up 33% from
$7.2 billion at quarter end 2023.
Planet manages and services a diverse range of residential and
commercial asset classes, including non-QM, Debt Service Coverage
Ratio loans, Residential Transition Loans, small-balance commercial
properties, multifamily and Single-Family Rental.
"As we celebrate our 17th anniversary, Planet's
unparalleled asset management, servicing, and sub-servicing
offerings continued to draw new clients and increased volume from
existing clients," Dubeck said. "Our highly experienced
residential, commercial, and multifamily asset managers keep assets
running at peak performance. As default rates continue to rise for
both residential and commercial asset classes, our asset managers
continue to pivot and prove their expertise in loss mitigation,
reperformance and swift disposition of assets."
Planet's strength was evidenced by its move into the Top 10
nonprime servicers and the Top 20 non-agency MBS issuers. Over the
past year, Planet's market share in nonprime has more than doubled
from 1.1% to 2.4%, the latest available Inside Nonconforming
Markets data shows.
Origination
Planet's residential origination volume was
$4.39 billion for Q1 2024, down 6%
from the prior quarter, on par with the MBA's projection for
overall origination volume.
Recapture originations increased to $323
million in Q1 2024, a rise of 255% compared to $91 million in Q4 2023. Planet's verified
recapture rate continued to outpace industry benchmarks, rising to
89% for loans originated by the company's retail branches and 62%
overall.
Correspondent volume was $3.94
billion, down 11% from prior quarter volume of $4.41 billion. Planet's correspondent market
share rose from 4.2% at yearend 2022 to 6.0% at yearend 2023,
according to the latest data available from Inside Mortgage
Finance. Since 2019, the Correspondent division's CAGR was
32%.
The correspondent customer base held steady despite continuing
M&A activity and exits in the retail market. Nearly two-thirds
of Planet's correspondent partners lock loans on a monthly
basis.
"Planet remains committed to being a leading correspondent
lender," Dubeck said. "We have the financial stability to continue
offering competitive pricing, streamlined delivery processes,
reliable funding, and a solid financial position," Dubeck said. "We
maintained our market share by helping our lenders expand their
product offerings with affordable lending, manufactured housing,
USDA, buydowns, and renovation home loans."
Ending the quarter, Planet was the #5 correspondent lender
overall and the #4 government correspondent lender, according to
data from Refinitiv.
About Planet Financial Group, LLC
Planet Financial
Group, LLC, Meriden, Connecticut,
is a fully integrated family of companies delivering innovative
origination, servicing and asset management solutions. Through this
synergistic ecosystem of products, services and technologies,
Planet Financial Group provides best-in-class experiences for
investors pursuing value maximization and borrowers seeking
streamlined end-to-end loan lifecycle support. Planet Financial
Group is the parent of Planet Home Lending, LLC and Planet
Management Group, LLC, which also does business under the name
Planet Renovation Capital.
About Planet Home Lending, LLC
Planet Home Lending,
LLC, Meriden, Connecticut, (NMLS
#17022) is an originator, correspondent lender, rated servicer and
sub-servicer of agency and non-agency residential and commercial
mortgages. As an Equal Housing Lender, Planet improves the lives of
borrowers by delivering a streamlined lending experience to help
individuals and families thrive throughout their journey home. For
more information about Planet Home Lending, please visit
https://planethomelending.com or
https://phlcorrespondent.com.
About Planet Management Group, LLC
Planet Management
Group, LLC, Rochester, New
York, (NMLS # 2436134) maximizes the value of diverse
investor assets through active management. For more
information about Planet Management Group, please visit
https://planetmanagementgroup.com.
Press:
Dona DeZube
Vice President, Communications
Planet Home Lending
376749@email4pr.com
(443) 263-2832
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SOURCE Planet Financial Group