MERIDEN, Conn., April 27, 2022 /PRNewswire/ — Planet Financial Group, LLCparent company of the national mortgage lender and manager Planet Home Lending, LLC and Planet Management Group, LLCcontinued to grow its service portfolio as interest rates rose and prepayment terms shortened, ending the first quarter at $54.23 billion. The company won an award for service excellence and announced that it has now helped around 22,000 owners successfully emerge from COVID-19-related forbearance.
“Our service excellence was recently recognized by Fannie Mae, who named Planet Home Lending a 2021 Total Servicer Achievement and AwardsMT (STAR™) performer,” said Michael Dubeck, CEO and Chairman of Planet Financial Group, parent company of Planet Home Lending. “Earning the STAR Performer designation for both general servicing and solution delivery is an achievement shared with only 10 of our industry peers.”
Assets under management
Planet Home Lending’s total service portfolio ended the quarter at $54.23 billionup 9% from $49.68 billion at the end of 2021. The total number of units increased to approximately 224,000, up 6% from approximately 211,000 at the end of 2021. The average size of loans in the portfolio was from $242,145 at the end of the quarter, up 3% compared to $235,570 at the end of 2021.
Planet Home Lending has received COVID-19 forbearance requests on approximately 30,000 home loans. At the end of the quarter, approximately 8,000 mortgages remained in forbearance, representing only 4.0% of total assets under management.
Under-Service Asset Management
The company’s global portfolio of third-party services within its assets under management, which includes Planet Management Group, has grown to $12.33 billion during the first trimester.
In Q1 2022, Planet Management Group saw record loan onboarding and portfolio growth, driving the company’s total special services portfolio up 50% to $4.66 billion from $3.10 billion at the end of 2021. The volume of special services increased by 2,649 loans to reach 16,400 loans, compared to 13,751 loans at the end of 2021.
Planet Home Lending’s total origination volume, including correspondent acquisitions, reached $6.04 billion for Q1 2022, compared to $6.89 billion for Q1 2021, a decrease of 12%, and $7.09 billion for the fourth quarter of 2021, down 15% compared to the previous quarter.
“The Mortgage Bankers Association (MBA) projected issuance to have fallen 37% from Q1 2021 to Q1 2022 and 23% from Q4 2021 to Q1 2022,” Dubeck said. “We exceeded these MBA projections by focusing on purchase mortgage originations. We also added seven new retail outlets and 30 originators during the first quarter of 2022 in market conditions in which branches are not moving. usually not.”
The corresponding volume was $5.22 billion in the first quarter of 2022, stable compared to the first quarter of 2021 $5.38 billionbut was down 14% from Planet’s corresponding Q4 2021 volume of $6.06 billion. Planet’s correspondent lenders managed to focus on home purchase loans, which accounted for 64% of volume at the end of the quarter, well above the 45% purchase rate forecast by MBA for the first quarter of 2022.
Total direct retail creations were $0.82 billion in Q1 2022, down 46% compared to Q1 2021 $1.51 billion. Retention creations decreased to $0.37 billion in Q1 2022, down 53% compared to $0.79 billion in the first quarter of 2021. The company’s distributed retail channel was born $0.45 billion real estate loans in Q1 2022, down 38% compared to the $0.72 billion in the first quarter of 2021. Approximately 65% of the Retail division’s volume was made up of purchase mortgages.
During the first quarter of 2022 compared to the fourth quarter of 2021, total direct retail issuance was $0.82 billiondown 23% compared to Q4 2021 $1.02 billion. Retention creations decreased to $0.37 billion in Q1 2022, down 20% from $0.48 billion in the fourth quarter of 2021. The company’s distributed retail channel was born $0.45 billion real estate loans in Q1 2022, down 17% compared to $0.54 billion in the fourth quarter of 2021.
“Looking forward, Planet Home Lending is well positioned to meet the challenges of the origination market in the year ahead,” concluded Dubeck. “We are at 61% of purchase volume overall, a shift we made last year in anticipation of higher rates. The growth of our service portfolio provides additional opportunities for our loyalty channel retailers. In addition, we continue to expand our liquidity facilities to fund continued growth in the year ahead.”
About Planet Financial Group, LLC
Planet Financial Group, LLC, Meriden, Conn., is a fully integrated family of companies that provides innovative origination, servicing and asset management solutions. Through this synergistic ecosystem of products, services and technologies, PFG delivers best-in-class experiences for investors seeking value maximization and borrowers seeking streamlined end-to-end loan lifecycle support. PFG is the parent company of Planet Home Lending, LLC and Planet Management Group, LLC, which also does business as Planet Renovation Capital.
About Planet Home Lending, LLC
Planet Home Lending, LLC, Meriden, Connecticut, (NMLS #17022) is an FHA, VA, and USDA Authorized Shipper and Repairer, as well as a Freddie Mac and Fannie Mae Seller/Repairer, a Full Ginnie Mae Issuer, and a Sub-Authorized Repairer and Standard & Poor’s Global Ratings- and a special, prime residential repairer rated by Fitch Ratings. Planet Home Lending, LLC has been assigned a corporate family rating by Moody’s Investors Service, available at www.moodys.com. Its corresponding division offers a full range of government, agency and niche real estate loans. Planet Home Lending, LLC is also a special service that manages various investor portfolios. Its customized service solutions maximize asset recovery and optimize performance through active management at the portfolio and loan level. Planet Home Lending, LLC is an equal home lender. For more information about Planet Home Lending, LLC, please visit https://planethomelending.com. For more information on Planet Home Lending’s pen pal offerings, please visit https://phlcorrespondant.com.
About Planet Management Group, LLC
Planet Management Group, LLC, Melville, NY, maximizes asset value for diverse investors through active management. For more information on Planet Management Group, please visit https://planetmanagementgroup.com.
Dona DeZube Charlyne H. McWilliams
Vice President, Communications Media Contact
Planet Home Lending, LLC for Planet Home Lending, LLC
[email protected] [email protected]
(443) 263-2832 (301) 933-5567
SOURCE Planet Financial Group, LLC