Planet Home's correspondent lending grows 93% annually in 1H 2020
The funding volume of Planet Home Lending's correspondent channel surged 93% year-over-year in the opening half of 2020, the company announced.
The Meriden, Conn.-based firm also said its client base grew by 26% over the first half of the year. It retained over 47.2% of its existing customers who refinanced or originated a loan for a new home as mortgage rates plummeted amid the coronavirus pandemic. That recapture rate jumped 44% annually, according to Planet Financial Group CEO and president Michael Dubeck.
"Planet Home Lending stepped up for clients during the volatile spring market, delivering consistent servicing and pricing levels. We further took the opportunity to increase funding volume while other players curtailed volume or shut down outright," Dubeck said in a press release. "Our focus has been twofold this year: providing the highest quality customer engagement possible and providing our channels with the people and tools — both technological and financial — to succeed during any climate in the market and the economy as a whole."
The pandemic brought hardship to borrowers, with forbearances topping 4 million loans. With a servicing portfolio that grew 48% year-over-year and reached $22.58 billion, Planet Home Lending created a digital forbearance assistance portal to request extensions, see repayment options, and securely upload files.
"Borrowers can also call us, and we will walk them through their forbearance and repayment options over the phone," said Planet Home Lending President Sandra Jarish. "This is a highly individual decision, so we are taking the time to explain the choices, the options available to them and to answer questions thoroughly."