Planet Home Lending LLC, a mortgage lender and servicer, has agreed to acquire some assets of the delegated correspondent channel of Home Point Financial Corp., a mortgage originator and servicer. Homepoint generated $20.7 billion in delegated correspondent volume in 2021.
Planet Financial Group CEO and president Michael Dubeck said, “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.”
McGuireWoods LLP served as legal adviser to Planet Home Lending. Jones Day acted as legal adviser to Homepoint. Stratmor Group served as an investment banking adviser to Homepoint.