Planet Home Lending agrees to acquire certain Homepoint assets

Home Point Financial, the country’s 13th largest correspondent lender, has agreed to sell certain assets of its delegated correspondent channel to Planet Home Lending, the firms announced.

“This transaction demonstrates Planet’s unwavering commitment to correspondent lending,” said Planet Financial Group CEO and president Michael Dubeck. “In a rising rate environment where other correspondent lenders are pulling back, we’re reinvesting our funds to seize opportunities during market disruptions to quickly scale up. Intelligent acquisitions like this one bolster our balance sheet and create a growth path going forward.”

The transaction, which is anticipated to close in the second quarter of 2022, is expected to contribute to the growth of Planet’s servicing portfolio, which is now at $54 billion. Additionally, the company will combine Homepoint’s assets to its CORE Seller platform to “create a streamlined customer experience.”