Planet Home Bolsters Servicing Portfolio Through $10 Billion MSR Acquisition

Lenders  |  RE Agencies  |  Resources  |  Technology  |  Marketing  |  and more!

Planet Home Bolsters Servicing Portfolio Through $10 Billion MSR Acquisition

Jul 3, 2023 | News | 0 comments

Planet Home Lending LLC, a company headquartered in Meriden, Connecticut, has revealed its acquisition of a $10 billion bulk of Mortgage Servicing Rights (MSRs) from Village Capital & Investment LLC, based in Henderson, Nevada.

Planet Home Lending has outlined its intentions to pursue additional Mortgage Servicing Rights (MSRs) acquisitions in the latter half of 2023, utilizing bulk acquisitions and co-issue transactions.

The portfolio obtained from Village Capital & Investment encompasses 45,000 home loans that have been securitized by Ginnie Mae. As of June 2023, Planet Home Lending’s servicing portfolio amounted to $94 billion. This acquisition reinforces the company’s market standing and bolsters its MSR book by 10.6%.

Recently, Planet Home Lending made an announcement regarding its acquisition of retail lender Platinum Home Mortgage Corporation, headquartered in Hoffman Estates, Illinois. This agreement involved the procurement of a significant portion of Platinum Home’s origination team, encompassing over 20 branch offices strategically located across the United States. By acquiring Platinum Home, Planet Home gains access to a purchase-focused platform and highly productive branches, while also expanding its presence in the Midwest, Northwest, and West Coast markets.

In addition, Planet Home Lending was recently honored as a recipient of the 2023 Freddie Mac Home Possible RISE Award. This prestigious recognition celebrates lenders who demonstrate remarkable progress in assisting low-income homebuyers through the Home Possible loan program. With its sixth year running, the Home Possible RISE Award (Recognizing Individuals for Sustained Excellence) program commends lenders for their efforts in aiding borrowers in overcoming affordability obstacles and attaining sustainable homeownership with the help of Home Possible home loans.

Planet Home Lending President, John Bosley, expressed his appreciation for programs such as Home Possible, emphasizing their role in enabling a larger number of individuals to realize their aspirations of homeownership. Bosley conveyed gratitude towards Freddie Mac for the opportunities provided to Planet Home Lending, allowing them to assist numerous individuals in initiating the creation of generational wealth through homeownership.