The Connecticut-based Planet Financial Group, LLC, parent company of national mortgage lender and servicer Planet Home Lending, LLC and Planet Management Group, LLC, held steady in the fourth quarter of 2023.
"In one of the most challenging years in industry history, Planet's talented multichannel team more than weathered the storm," said Michael Dubeck, CEO and president of Planet Financial Group. "We gained market share in correspondent, raised capital, opened new funding avenues, increased sub-servicing and asset management for commercial and residential private client portfolios, and grew the OMSR book."
In the fourth quarter, mortgage servicing rights saw a $14.13 billion increase from the end of September 2023, ending the year at $104.69 billion, up 42% from $73.64 billion in December 2022.
Sub-servicing volume ended the year at $10.95 billion overall, up 68% from $6.5 billion at yearend 2022.
"This year's growth in our asset management and sub-servicing sectors demonstrates our commitment to exceptional service, underpinned by our unmatched, data-driven expertise," Dubeck said.
Planet's residential origination volume ended at $25 billion, down 5% from 2022. Correspondent volume held steady in 2023, ending at $23.78 billion, off about 1% from 2022 volume of $24.10 billion.
In a year marked by high levels of M&A activity and participant exits, the Correspondent division began the year with 864 customers and ended with 858, the majority of which deliver monthly.
"Planet's market penetration rose due to our competitive pricing, streamlined delivery processes, reliable funding, and solid financial position," Dubeck said. "We maintained our market share by helping our lenders expand their scope and volume in 2023 with niche products, including affordable lending, manufactured housing, USDA, buydowns, and renovation home loans."
At yearend 2023, Planet was the #3 correspondent lender, up from #5 at yearend 2022 and the #2 government correspondent lender, up from #3, according to data from Refinitiv.
Before the end of the year, Planet Home acquired Platinum Home Mortgage Company.
The company made several strategic acquisitions in 2022, including acquiring Homepoint's delegated correspondent channel for $2.5 million in cash. Last year it had already integrated most of Homepoint's clients into its platform.
