Planet Financial Group, LLC, reports that the company continued to post higher than market gains during 2021. Its subsidiaries’ gains included a 51% increase in the servicing portfolio, 46% growth in total origination volume and a 63% rise in assets under management.
“The Planet Financial Group family of companies bested the overall market in 2021,” said Michael Dubeck, the company’s CEO and president. “We established a solid infrastructure of people, technology and process that led to an expansion in originations, servicing and asset management, demonstrating the value Planet creates for investors and borrowers.”
Planet Home Lending’s servicing portfolio ended the year at $49.7 billion, up 51% from $33.0 billion at year-end 2020:
- Total units rose to approximately 211,000, increasing 39% from approximately 152,000 at year-end 2020
- The average loan size in the portfolio was $235,570 at year-end, up about 10% from $214,889 at year-end 2020
- Third-party sub-servicing expanded, ending the year with approximately 37,000 active assets valued at just over $10 billion, including interim serviced loans
Planet Management Group (PMG) ended the year with 13,751 assets under management, up 48% from 9,279 at year-end 2020.
- By volume, PMG’s assets under management grew to $3.1 billion in 2021, up 63% from 2020’s $1.9 billion
- Planet Home Lending’s total origination volume reached $28.5 billion in 2021, up 46% from $19.5 billion in 2020
- Correspondent volume rose to a record $23.4 billion in 2021, up 63% above 2020’s $14.4 billion
Other details released by the company include:
- Total retail direct originations were $5.1 billion in 2021, increasing slightly from 2020’s $5.0 billion
- Retention originations increased to $2.6 million in 2021, up 13% from 2020’s $2.3 billion.
- The distributed retail channel originated $2.5 billion in home loans in 2021, staying relatively flat compared to the $2.7 billion the channel originated in 2020
Planet Financial Group is the parent of national mortgage lender and servicer Planet Home Lending, LLC and Planet Management Group, LLC.