Planet Home Lending confirmed on Tuesday the acquisition of certain retail assets from Axia Home Loans, describing the transaction as an opportunity to expand its operations in the Western, Northwestern, and Midwestern markets. HousingWire broke the news in early August.
Axia is also winding down its wholesale division as a result of the retail asset sale to Planet, HousingWire has confirmed.
Led by Michael Dubeck, Planet has invested to grow organically and via mergers and acquisitions. The company had 177 loan officers and 40 active branches as of Tuesday, according to the Nationwide Multistate Licensing System (NMLS),
Meanwhile, the data shows that Washington state-based Axia, an employee-owned company, had 68 LOs and 55 branches. It’s adding “high-performing originators, affinity programs, increased volume, and a broadened branch footprint” to Planet, the acquirer said.
“Axia is a well-respected brand with a remarkable customer service record,” John Bosley, Planet’s president of mortgage lending, said in a prepared statement.
Axia CEO Alex Rosenblum added that Planet’s volume, which was $25 billion in 2023, “enhances our market presence and affords our teams greater clout and opportunities for growth.”
In a social media post, Brian Miller, senior vice president of talent acquisition at Planet, wrote that the transaction is expected to increase “Planet’s retail run rate to more than $240 million per month.”
Miller said that Planet’s retention expertise with regard to refinancings and innovative purchase products, including the proprietary “Buy Before You Sell and Cash Offer” solutions, “turbocharge” originators’ existing strengths.
HousingWire reported that most employees of Axia, a retail and wholesale lender, were offered the opportunity to join Planet. The M&A news surprised many, although sources said there were recent layoffs and financial struggles at Axia.
Rosenberg said the wholesale division is winding down “in an organized fashion and we are working with our broker partners to ensure all our pipeline commitments are funded.”
Planet, best known for its presence in correspondent lending, acquired certain assets from HomePoint in 2022. Last year, the company acquired the majority of Platinum Home Mortgage Corp.’s origination staff and branches in the retail space.
According to Inside Mortgage Finance, Connecticut-based mortgage servicer and lender Planet Home Lending ranked as the 22nd-largest mortgage lender in the U.S. in the first half of 2024, with $8.38 billion in volume. Modex estimates that Axia originated roughly $300 million in the same period.
Editor’s note: Planet Home Lending CEO Michael Dubeck will speak at HousingWire’s IMB Summit on October 1st.
