Planet Home Lending's (PHL) servicing portfolio has risen above $25 billion fueled by originations growth and the company’s successful efforts to retain existing customers who refinance or purchase new homes, the company says.
PHL's representative said the servicing portfolio expansion has been driven by origination increases posted by the company’s correspondent, retention and distributed retail channels.
“As a national, full-scale servicer and sub-servicer, our ability to retain customers is paramount to our business,” said Michael Dubeck, CEO and President of PHL parent Planet Financial Group, LLC. “We’re revolutionizing the servicing experience by combining the latest technology with customer-centric call centers. That benefits our borrowers as well as the borrowers of sub-servicing clients who use Planet Management Group, LLC to manage their portfolios.”
PHL call center strategies position the company to maintain excellent customer experience while managing COVID-related forbearance and the fallout from multiple natural disasters, representatives added.
“Our strategy of running multiple call centers allows us to manage current customers and those who need help preventing default or foreclosure,” said PHL President Sandra Jarish. “We cross-train our customer service representatives to provide a single point of contact as often as possible, which borrowers love.”
PHL also offers digital tool and borrower-assistance portals where customers can make payments, apply for and track progress on loan assistance when experiencing a financial hardship, and request initial forbearance or extensions.
“Our borrower portal enables people coping with financial challenges to view their options,” Jarish said. “They also receive decisions to resolve their default as quickly as possible. We back that technology with highly-experienced professionals who walk customers needing personalized support through the workout process. Leveraging this technology creates efficiencies for Planet Home Lending and for the private clients whose loans we sub-service.”
PHL’s ability to form lasting relationships with customers, along with the use of technology have led to the company’s above-average retention rates even in the face of record low interest-rates. Its retention division applies leading-edge analytics to identify and market custom offerings to current customers.
“Our goal is to become borrowers’ lender for life,” Jarish said. “With the right technology and people in place, we’re increasingly achieving that goal.”
Planet Home Lending, LLC, Meriden, Conn., is an approved originator and servicer for FHA, VA and USDA, as well as a Freddie Mac and Fannie Mae Seller/Servicer, a full Ginnie Mae Issuer and approved sub-servicer, and a Standard & Poor’s and Fitch-rated primary and special servicer.
Says PHL's spokespersons, "Its correspondent division offers a full suite of government, agency, and niche home loans. PHL also is a special servicer managing diverse investor portfolios. Its customized servicing solutions maximize asset recovery and optimize performance through active management at the portfolio and loan levels, and it is an equal opportunity lender."
More about PHL can be read here on the company's website.