Planet Home Lending LLC, a Meriden, Connecticut-headquartered mortgage lender and servicer, announced the asset acquisition of retail lender Platinum Home Mortgage Corp., based in Hoffman Estates, Illinois.
According to the companies, Planet will acquire the majority of Platinum’s origination staff, including more than 20 branch offices. The acquisition expands Planet’s footprint in the Midwest, Northwest and West Coast markets. The financial terms of the acquisition were not disclosed.
“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 move to Planet brings immediate access to improved pricing, technology, and marketing to Platinum’s branches,” said Platinum CEO and President Lee M. Gross, who will join Planet as senior vice president and will continue to lead the Platinum team.
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