Mortgage lender Planet Home Lending LLC has entered into a definitive agreement to acquire certain assets of the delegated correspondent channel of Home Point Financial Corporation, a mortgage originator and servicer and a subsidiary of Home Point Capital Inc., according to a news release issued by Planet Home.
Correspondent lenders served by both companies will benefit from consolidation in a volatile market, said Planet Home 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,” he 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.