Innovation, Industry accolades and strategic progress underscore sturdy efficiency
MERIDEN, Conn., April 25, 2024 /PRNewswire/ — During the primary quarter of 2024, Planet Financial Group, LLC, guardian of nationwide mortgage lender and servicer Planet Home Lending, LLC and Planet Management Group, LLC, was acknowledged for servicing excellence and office tradition, continued to hit record-setting recapture ranges, and delivered to market proprietary lending merchandise for buy homebuyers.
In the primary three months of the 12 months, Planet:
- Earned Fannie Mae’s coveted Servicer Total Achievement and Rewards (STAR™) Program recognition
- Brought to market a collection of proprietary home mortgage applications concentrating on the distinctive challenges dealing with as we speak’s homebuyers
- Awarded Top Workplace USA for the fourth 12 months in a row
- Became the #4 Ginnie Mae correspondent lender and #8 Ginnie Mae servicer
- Volume grew by 255% for the retail retention division, which continues to carry an 89% recapture price
- Sub-servicing AUM elevated 33%, $11B of non-agency property
“The first quarter of 2024 marked a interval of incremental wins, constant progress and notable achievements all through the Planet Family of Companies regardless of the troublesome atmosphere,” stated Michael Dubeck, CEO and President of Planet Financial Group, guardian of Planet Home Lending. “I’m extremely impressed with the caliber of expertise that we’re bringing on board in originations, servicing, company assist, and asset administration.”
Servicing, Sub-servicing, and Assets Under Management
Planet’s whole servicing portfolio ended the quarter at $106.44 billion, up 2% from $104.69 billion within the fourth quarter of 2023. At quarter finish, Planet was the #8 Ginnie Mae servicer, and #14 servicer general, in line with Refinitiv. Since 2019, Planet’s Servicing division has posted a compound annual progress price (CAGR) of 42%.
In February, Fannie Mae awarded Planet Servicer Total Achievement and Rewards (STAR™) recognition within the General Servicing and Solution Delivery classes. The award acknowledges Planet for efficient, standardized processes that drive efficiency and operational success.
Residential sub-servicing quantity ended the quarter at $10.8 billion, up 33% from $7.2 billion at quarter finish 2023. Planet manages and providers a various vary of residential and industrial asset lessons, together with non-QM, Debt Service Coverage Ratio loans, Residential Transition Loans, small-balance industrial properties, multifamily and Single-Family Rental.
“As we have fun our 17th anniversary, Planet’s unparalleled asset administration, servicing, and sub-servicing choices continued to attract new shoppers and elevated quantity from current shoppers,” Dubeck stated. “Our extremely skilled residential, industrial, and multifamily asset managers maintain property working at peak efficiency. As default charges proceed to rise for each residential and industrial asset lessons, our asset managers proceed to pivot and show their experience in loss mitigation, reperformance and swift disposition of property.”
Planet’s energy was evidenced by its transfer into the Top 10 nonprime servicers and the Top 20 non-agency MBS issuers. Over the previous 12 months, Planet’s market share in nonprime has greater than doubled from 1.1% to 2.4%, the latest available Inside Nonconforming Markets knowledge reveals.
Origination
Planet’s residential origination quantity was $4.39 billion for Q1 2024, down 6% from the prior quarter, on par with the MBA’s projection for general origination quantity.
Recapture originations elevated to $323 million in Q1 2024, an increase of 255% in comparison with $91 million in This fall 2023. Planet’s verified recapture price continued to outpace business benchmarks, rising to 89% for loans originated by the corporate’s retail branches and 62% general.
Correspondent quantity was $3.94 billion, down 11% from prior quarter quantity of $4.41 billion. Planet’s correspondent market share rose from 4.2% at yearend 2022 to six.0% at yearend 2023, in line with the latest knowledge available from Inside Mortgage Finance. Since 2019, the Correspondent division’s CAGR was 32%.
The correspondent buyer base held regular regardless of persevering with M&A exercise and exits within the retail market. Nearly two-thirds of Planet’s correspondent companions lock loans on a month-to-month foundation.
“Planet stays dedicated to being a number one correspondent lender,” Dubeck stated. “We have the monetary stability to proceed providing aggressive pricing, streamlined supply processes, dependable funding, and a strong monetary position,” Dubeck stated. “We maintained our market share by serving to our lenders increase their product choices with inexpensive lending, manufactured housing, USDA, buydowns, and renovation home loans.”
Ending the quarter, Planet was the #5 correspondent lender general and the #4 authorities correspondent lender, in line with knowledge from Refinitiv.
About Planet Financial Group, LLC
Planet Financial Group, LLC, Meriden, Connecticut, is a totally built-in household of corporations delivering revolutionary origination, servicing and asset administration options. Through this synergistic ecosystem of merchandise, providers and applied sciences, Planet Financial Group offers best-in-class experiences for buyers pursuing worth maximization and debtors looking for streamlined end-to-end mortgage lifecycle assist. Planet Financial Group is the guardian of Planet Home Lending, LLC and Planet Management Group, LLC, which additionally does business underneath the identify Planet Renovation Capital.
About Planet Home Lending, LLC
Planet Home Lending, LLC, Meriden, Connecticut, (NMLS #17022) is an originator, correspondent lender, rated servicer and sub-servicer of company and non-agency residential and industrial mortgages. As an Equal Housing Lender, Planet improves the lives of debtors by delivering a streamlined lending expertise to assist people and households thrive all through their journey home. For extra details about Planet Home Lending, please go to https://planethomelending.com or https://phlcorrespondent.com.
About Planet Management Group, LLC
Planet Management Group, LLC, Rochester, New York, (NMLS # 2436134) maximizes the worth of various investor property by means of energetic administration. For extra details about Planet Management Group, please go to https://planetmanagementgroup.com.
Press:
Dona DeZube
Vice President, Communications
Planet Home Lending
[email protected]
(443) 263-2832
SOURCE Planet Financial Group
