Planet Home Lending LLC, a national mortgage lender and servicer, has purchased the assets of retail lender Platinum Home Mortgage Corp., based in Hoffman Estates, Ill.
Planet will acquire the majority of Platinum’s origination staff, including more than 20 branch offices in strategic locations throughout the United States.
“We look to acquire right-sized, financially solid distributed retail companies,” says Michael Dubeck, CEO and president of Planet Financial Group, parent of Planet Home Lending. “Platinum is a solid cultural fit. Its talented, highly experienced people share our commitment to delivering exceptional lending experiences supported by deep personal care for borrowers.”
Planet expects to continue gaining market share through organic growth and strategic acquisitions. The Platinum transaction provides Planet with a purchase-focused platform and high-producing branches, expanding the company’s footprint in Midwest, Northwest and West Coast markets.
“Planet’s efficient platform gives us the pricing advantage of $26 billion in volume,” says Platinum CEO and president Lee M. Gross, who will join Planet as senior vice president and continue to lead the Platinum team at the company. “In addition to agency and GSE home loans, Planet also has niche products tailored to today’s tight real estate markets.”
