CEO says despite difficult market, lender was able to grow market share
Planet Financial Group, LLC, parent of national mortgage lender and servicer Planet Home Lending and Planet Management Group, LLC, announced Thursday that Planet Home Lending's total origination volume was $7.3 billion in Q3 2022, up 14.1% from Q2 2022. Year-over-year growth was minimal.
Planet Home Lending's total origination volume reached $7.2 billion in Q3 2021, up 31% from $5.5 billion in Q3 2020.
During the third quarter, Planet's mortgage servicing portfolio exceeded $67 billion while posting historically low delinquency rates, including more than $10 billion in total subservicing, which covers assets managed by Planet Management Group (PMG).
Michael Dubeck
"Although the third quarter was one of the most difficult markets I've seen during my three decades in the business, Planet was able to grow its business, which enabled us to capture market share," said Michael Dubeck, CEO and president of Planet Financial Group.
Headquartered in Connecticut, Planet Home Lending's total origination volume, including correspondent acquisitions, reached $7.3 billion for Q3 2022, compared to $6.4 billion for Q2 2022, up 14.1%.
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Correspondent volume rose to $6.8 billion in Q3 2022, an 18.9% increase from $5.8 billion in Q2 2022 and a 13.3% increase year-over-year.
In April, Planet Home Lending entered into a definitive agreement to acquire certain assets of the delegated correspondent channel of Home Point Financial Corporation known as Homepoint, which generated $20.7 billion in delegated correspondent volume in 2021, making it the 13th largest correspondent lender, according to Inside Mortgage Finance data. Planet Home Lending was ranked 12th with $22.8 billion in correspondent volume.
"Competitive pricing, niche products, and high service levels continue to help us gain market share despite the contracting market," Dubeck said. "The breadth of products draws correspondent lenders to us. Once we have them as customers, they see the competitive pricing on the day-to-day products, and we pick up additional volume."
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