Planet Home buys assets from Illinois-based lender

Planet Home Lending is adding production personnel and a network of 20 retail offices through an acquisition it announced Thursday that will expand its presence in Western markets.

Platinum Home Mortgage Corp. in Hoffman Estates, Illinois, sold the assets to Planet for an undisclosed consideration. Platinum President and CEO Lee Gross will join Planet as part of the transaction. Gross will be a senior vice president at Planet and oversee the Platinum team. Planet is acquiring the majority of Platinum's production employees as part of the deal.

"The move to Planet brings immediate access to improved pricing, technology, and marketing to Platinum's branches," Gross said in a press release.

The acquisition is part of a larger effort at Planet to build out and diversify its mortgage lending and servicing business and ongoing consolidation in the industry. The company also recently launched a commercial servicing unit.

"We look to acquire right-sized, financially solid, distributed retail companies," said Michael Dubeck, CEO and President of Planet Home Lending's parent company, in the press release."Platinum is a solid cultural fit."

Bill Giambrone, Platinum's former president and CEO, was active in one of the predecessors to the Community Home Lenders of America. Giambrone and his brother, Michael, originally founded Platinum Home Mortgage in 1993. 

Planet is an originator and servicer for government-related mortgages and an issuer for Ginnie Mae. It also offers some specialty loan products, including renovation and one-time close financing. 

Planet Financial Group has two subsidiaries. It serves as the umbrella organization for PHL and Planet Management Group. PMG also does business as Planet Renovation Capital.