Meriden, Connecticut-headquartered Planet Home Lending LLC announced a $10 billion bulk acquisition of mortgage servicing rights (MSR) from Village Capital & Investment LLC of Henderson, Nevada.
The Village portfolio consists of 45,000 home loans securitized by Ginnie Mae. Planet Home Lending noted that its servicing portfolio is now at $94 billion, and the acquisition increases its MSR book by 10.6%.
In the second half of the year, Planet plans to continue acquiring MSRs through bulk and co-issue transactions.
“Planet continues to be a liquidity provider to mid- and smaller-tier issuers,” said Michael Dubeck, president and CEO of Planet Financial Group, parent of Planet Home Lending. “Our robust MSR desk capably handles bulk deals of any size. Sellers like to close transactions with us because we’re transparent, reasonable on terms, and competitively priced.”