Connecticut-based Planet Home Lending has acquired certain assets of retail lender Axia Home Loans, an employee-owned company with branches in 17 states.
The acquisition was announced and confirmed in a press release Tuesday evening, but rumors about the transaction began circulating weeks ago. Spokespeople from Planet declined to confirm or deny the acquisition before the release.
Per Planet's release, the Axia transaction provides Planet with immediate benefits, including insights from seasoned originators, affinity programs, increased volume, and a broadened branch footprint across the Western, Northwestern, and Midwestern markets.
“Axia is a well-respected brand with a remarkable customer service record,” said John Bosley, Planet Home Lending's president of mortgage lending. “Having been the #1 ranked medium-sized company on Experience.com, it’s clear the Axia teams share Planet’s commitment to delivering exceptional lending experiences supported by deep personal care for borrowers.”
The move to Planet provides Axia’s sales professionals with funding for continued volume growth and access to proprietary innovative home loan products.
“We conducted a thorough market analysis, and Planet Home Lending emerged as the ideal partner for Axia,” said Alexander Rosenblum, CEO of Axia Home Loans. “Planet's culture of collaboration and innovation aligns seamlessly with ours, promising a supportive and successful future together. Its substantial $25 billion annual volume enhances our market presence and affords our teams greater clout and opportunities for growth.”
Axia Home Loans, founded in 2007 and based out of Washington, has focused on creating sustainable homeownership through responsible lending in the communities where its employees live and work. It is licensed in 48 states and Washington, D.C.
Spokespeople for Axia did not immediately respond to NMP's request for comment about the deal. A spokesperson from Planet wrote to NMP, "The deal closed yesterday, and former Axia employees have started onboarding."
A LinkedIn post from Brian Miller, senior vice president of talent acquisition at Planet, read "The transaction is expected to increase Planet’s Retail run rate to more than $240 million per month."
