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Meriden, Connecticut-based Planet Home Lending, LLC has announced the asset acquisition of retail lender, Hoffman Estates, Illinois-based Platinum Home Mortgage Corporation. In the deal, Planet Home will acquire the majority of Platinum Home's origination staff, including more than 20 branch offices in strategic locations throughout the U.S.
"We look to acquire right-sized, financially solid distributed retail companies," said Michael Dubeck, CEO and President of Planet Financial Group, parent of Planet Home Lending. "Platinum is a solid cultural fit. Its talented, highly experienced people share our commitment to delivering exceptional lending experiences supported by deep personal care for borrowers."
The Platinum acquisition brings to Planet Home a purchase-focused platform and high-producing branches, while expanding the company's footprint in the Midwest, Northwest, and West Coast markets.
"The move to Planet brings immediate access to improved pricing, technology, and marketing to Platinum's branches," said Platinum Home Mortgage CEO and President Lee M. Gross, who will join Planet as SVP and will continue to lead the Platinum team at Planet. "Planet's efficient platform gives us the pricing advantage of $26 billion in volume. In addition to agency and GSE home loans, Planet also has niche products tailored to today's tight real estate markets, including self-funded One-Time Close (OTC) construction loans as well as manufactured housing and renovation mortgage loans."
Platinum Home's former President and CEO Bill Giambrone, along with his brother Michael Giambrone, founded the company in 1993. Bill Giambrone's 30-year career as an independent mortgage banker includes remarkable contributions to the industry, highlighted by his service as a board member and past president of the Community Home Lenders Association.
Planet Home Lending was recently named a 2023 winner of the Freddie Mac Home Possible RISE Award, an honor which recognizes lenders that are making great strides in helping low-income homebuyers through the Home Possible loan program.
“We applaud our lender partners for helping borrowers overcome affordability challenges to achieve sustainable homeownership with our Home Possible mortgage,” said Danny Gardner, Freddie Mac Single-Family SVP, Mission, and Community Engagement.
In order to qualify for the Home Possible RISE Awards, lenders must be active Freddie Mac Seller/Servicers, and correspondent lenders, and mortgage brokers must originate through those Seller/Servicers. Planet Home Lending was recognized as a Regional Lender exhibiting the Fastest Growth.
