Planet Home Lending Shows Strong First Half For 2020
July 17, 2020
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).
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