Planet Home Lending adds products, branches to grow in a tough market
Planet Home Lending is finding ways to grow in an uncertain rate environment by diversifying its products, and expanding the reach of its loan channels.
"We have taken a very deliberate approach to how we conduct business and how we want to grow our business," Michael Dubeck, CEO and president of Meriden, Conn.-based Planet Home Lending, said in a press release. "The industry continues to fluctuate based on rates; however, we are proving that it is possible to be stable and provide consistency to your clients through offering a variety of loan products."
The company rolled out 66 loan programs and products in the past year, and has a renovation loan division active in nine states, according to the release. It added a new loan origination system for that division last year.
In 2018, Planet Home Lending also opened 26 retail branches and added 165 mortgage loan originators, as well as new automation aimed at supporting the branches: customer-relationship management software and "a personal digital mortgage assistant"
"Approaching the industry from the standpoint of 'what can we do better?' and 'what can we improve?' has been the foundation for continued success," Dubeck said. "We are focused on making sure we provide the best service using the right tools to meet the needs of customers."
The privately held nonbank did not disclose the volume of business its various units generated last year, but it described its retail growth as "significant," and noted that its correspondent unit's client base expanded by 40%. In addition, its subservicing portfolio tripled in size over the past year.