Planet Home Lending
Village is a Henderson, Nevada-based Federal Housing Administration and Veterans Affairs originator.
The portfolio Planet Home bought consists of 45,000 loans securitized through Ginnie Mae. Blue Water Financial Technologies served as the broker. Additional details about the acquired MSRs were not provided.
Bringing these rights on board increased Planet's portfolio by 10.6% to $94 billion.
"Planet continues to be a liquidity provider to mid- and smaller-tier issuers," said Michael Dubeck, CEO and president of parent company Planet Financial Group, in a press release. "Sellers like to close transactions with us because we're transparent, reasonable on terms, and competitively priced."
In the second half of the year, Planet Home Lending plans to actively purchase MSRs both through bulk and
"We are constantly scaling up and creating operational efficiencies, which increases the competitiveness of our pricing," the spokesperson said. "Planet purchases when the opportunities align and it's a win for us and the seller."
In March, Standard & Poor's affirmed its average primary and special servicer rankings of Planet. But it upgraded the outlook for both categories to positive from stable.
"Planet has implemented several technology improvements over the last 18 months in conjunction with growing its portfolio," the S&P release said. "It has managed its growth in a sound and efficient manner while maintaining competitive quantitative metrics as compared against similar peers."
When it opened up a commercial mortgage servicing unit this past spring, Planet reaffirmed it would be a selective buyer of government MSRs and other assets.
It's also growing on the origination side. At the start of June,
But even before then the Meriden, Connecticut-based lender and servicer was growing. Over a year ago, Planet purchased
