Planet Home Lending Shows Strong First Half For 2020

Jul 17, 2020

Senior Editor

During the first half of 2020, national mortgage lender and servicer Planet Home Lending LLC's correspondent channel posted 93% growth year-over-year in funding volume and 26% growth in its client base. For May alone, this performance helped the company rank as the seventh-largest Ginnie Mae correspondent lender and the 15th-largest correspondent lender in the country.

"We … took the opportunity to increase funding volume while other players curtailed volume or shut down outright," said Planet Financial Group CEO and president Michael Dubeck.

Amid record-low interest rates, Planet Home Lending's retention team recaptured more than 47% of customers who refinanced or purchased a new home. As it extended forbearance to thousands of customers, Planet Home Lending's servicing channel also grew its portfolio to $22 billion and more than 115,000 customers.

During the first half of 2020, Planet Home Lending, also:

Launched Stella, a chatbot responding to questions on the company's website
Continually offered FHA 203(k) renovation home loans
Was named a top 10 lender for customer service by SocialSurvey; earning 4.82 out of 5 stars from nearly 5,000 home loan customers
Doubled retail volume without increasing turn times (compared to the first half of 2019).

About the author

Keith Griffin

Senior Editor

Keith Griffin is a senior editor at NMP.

Link copied

Published

Jul 17, 2020

Analysis and Data

Mortgage Applications Increase 2.6% Over Week Prior

Latest MBA survey shows purchase and refinance applications still lagging, with 17% and 6% respective decreases YOY

Mortgage applications increased 2.6% the week ending May 3, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. The Market Composite Index, a measure of mortgage application volume, increased 2.6% from the week prior on a seasonally-...

Analysis and Data

Price Complexity On Transactions Leads Consumers To Pay More

CFPB study finds junk fees impede fair and competitive pricing for mortgages.

As part of the junk fee initiative, the Consumer Financial Protection Bureau (CFPB) recently conducted a study that suggests consumers pay more when prices are separated into multiple fees. The findings come from the report “Price Complexity in Laboratory Markets,” based...