Planet Home Lending Reports Q3 Gains In Asset Management, Servicing And Originations

Planet Home Lending's total origination volume reached $7.2 billion in Q3 2021, up 31% from $5.5 billion in Q3 2020. Planet Home Lending's servicing portfolio ended Q3 at $45 billion, up 36% from $33 billion at year-end 2020. Total units rose to approximately 196,000, increasing 29% from approximately 152,000 at year-end 2020, the company reported. 

The average loan size in the portfolio was $229,436 in Q3 2021 and $214,439 at year-end 2020. The company's third-party sub-servicing portfolio expanded during the first nine months of 2021. It ended the third quarter with approximately 30,000 active assets valued at more than $8 billion, including about $1 billion of interim serviced loans.

Correspondent volume rose to $6 billion in Q3 2021, up 46% compared to Q3 2020's $4.1 billion and a new company record according to Planet Home. The company attributed the volume increases to the addition of new correspondent lending partners and rising volume from existing partners. Planet Home Lending is now the No. 6 government correspondent lender and No. 12 overall.

Total retail direct originations were $1.2 billion in Q3 2021, decreasing slightly from Q3 2020's $1.4 billion. Retention originations increased to $627 million in Q3 2021, up 7% from Q3 2020's $585 million. The company's Distributed Retail channel originated $584 million in home loans in Q3 2021, down somewhat from the $814 million the channel originated in Q3 2020.