Planet Home Lending LLC, a national mortgage lender and servicer, has entered into a definitive agreement to acquire certain assets of the delegated correspondent channel of Home Point Financial Corporation (Homepoint), a mortgage originator and servicer and a subsidiary of Home Point Capital Inc.
Planet Home Lending is a division of Planet Financial Group LLC, a fully integrated family of companies delivering innovative origination, servicing and asset management solutions through a synergistic ecosystem of products, services and technologies.
Correspondent lenders served by both companies will benefit from consolidation in a volatile market, said Planet Home Lending President of Lending John Bosley.
“The move to Planet Home Lending will give Homepoint lenders access to niche products, as well as consistent pricing and fast turn times,” Bosley said. “Working with a single long-term, strong partner reduces risk and allows lenders to gain execution and operational efficiencies.”
Homepoint 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 is ranked 12th with $22.8 billion in correspondent volume. Planet will combine the best practices of both entities to create a streamlined customer experience delivered via Planet’s Core Seller platform. The deal is expected to close in the second quarter of 2022, subject to customary closing conditions.
McGuireWoods LLP acted as legal adviser to Planet Home Lending. Jones Day acted as legal adviser to Homepoint. Stratmor Group acted as investment banking adviser to Homepoint.
