Planet Home Acquires $10B In MSRs

Planet Home Lending LLC said Thursday it has added $10 billion in mortgage servicing rights (MSRs) in a bulk acquisition from Village Capital & Investment LLC of Henderson, Nev.

Planet said it plans to continue acquiring MSRs through bulk and co-issue transactions in the second half of 2023.

"Planet continues to be a liquidity provider to mid- and smaller-tier issuers," said Michael Dubeck, CEO and President of Planet Financial Group, parent of Planet Home Lending. "Our robust MSR desk capably handles bulk deals of any size. Sellers like to close transactions with us because we're transparent, reasonable on terms, and competitively priced."

The Village portfolio consists of 45,000 home loans securitized by Ginnie Mae. As of June 2023, Planet's servicing portfolio stood at $94 billion. Planet said the acquisition further strengthens its position in the industry and increases its MSR book by 10.6%.

Based in Meriden, Conn., Planet Financial Group LLC is a fully integrated family of companies offering origination, servicing, and asset management solutions. 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.