Planet Home Lending has acquired Illinois-based retail lender Platinum Home Mortgage, leaders at the company announced.
Most of Platinum’s origination staff, spread throughout 20 branch offices around the U.S., will join Planet, as will Platinum’s CEO and President Lee M. Gross. He is set to become Senior Vice President and lead the Platinum team.
“The move to Planet brings immediate access to improved pricing, technology, and marketing to Platinum’s branches,” Gross said.
“In addition to agency and GSE home loans, Planet also has niche products tailored to today’s tight real estate markets, including self-funded One-Time Close (OTC) construction loans as well as manufactured housing and renovation mortgage loans.”
Planet is known for providing a customer-focused, high-touch experience. It has expanded in the last year even as other lenders have reduced their staff or shuttered.
Michael Dubeck, CEO and President of Planet’s parent company, expects to continue expanding its footprint across the U.S. through new acquisitions.
“We look to acquire right-sized, financially solid distributed retail companies,” Dubeck said. “Platinum is a solid cultural fit. Its talented, highly experienced people share our commitment to delivering exceptional lending experiences supported by deep personal care for borrowers.”
The company had a strong first quarter, setting a new personal best for rate locks. It also reported significant growth in its correspondent and servicing portfolios.
Planet Financial Group is a Connecticut-based family of companies providing origination, servicing, and asset management solutions for the mortgage industry. Planet Home Lending is an approved originator and servicer for FHA, VA, and USDA, as well as a Freddie Mac and Fannie Mae Seller/Servicer, a full Ginnie Mae Issuer and approved sub-servicer and a Standard & Poor’s Global Ratings- and Fitch Ratings-rated special and prime residential servicer.