Connecticut-based mortgage servicer and lender, Planet Home Lending, reported robust double-digit increases in mortgage origination volume at a time when some in the industry are grappling to match last year's figures.
Earlier this week, Rocket Companies and United Wholesale Mortgage (UWM) also reported strong Q2 results, possibly indicating things are turning around.
Planet Home saw year-over-year increases in originations in the second quarter, where origination volume reached $7.39 billion, a 13% increase from the previous quarter.
Planet’s Mortgage Servicing Rights (MSR) portfolio closed the quarter at $85.03 billion, up 24% from Q1.
Private client assets under management swelled more than 25%, reflecting strong gains in agency, non-agency, and commercial assets.
Planet Financial Group CEO and President Michael Dubeck credited the growth to "double-digit organic growth" and the pursuit of "select acquisition opportunities."
Planet Home Lending's servicing portfolio concluded Q2 at $96.94 billion, a 26% increase from Q1's $77.03 billion. The number of total units rose by 27% to approximately 368,000.
The expansion in commercial servicing and the acquisition of $10 billion in Ginnie Mae servicing indicate the company's aggressive growth strategy.
Planet Management Group's performance was highlighted by a 25% increase in managed assets during Q2, attracting new residential and commercial clients. Despite challenging market conditions, the group has expanded its share, with non-agency volume growing by 33% during the quarter.
The company's residential origination volume rose 13% to $7.39 billion for Q2 2023.
Individual sectors within the company also reported significant increases:
- Total retail direct originations: Up 39% to $376 million.
- Retention originations: Up 78% to $156 million.
- Correspondent volume: Up 12% to $7.02 billion.
Dubeck expressed optimism about the future, especially with the recent acquisition of Platinum Home Mortgage Corp. and the exploration of further acquisitions. He also revealed new initiatives within the correspondent division, including a new home equity loan product.
The company said the successful quarter underscores Planet's resilience and innovative approach, setting a positive trajectory for the remainder of the year.
