Mortgage servicer and lender Planet Home Lending is acquiring the retail division assets of employee-owned Axia Home Loans, HousingWire has learned.
Employees of the Washington state-based Axia, a retail and wholesale lender, were informed of the transaction on Wednesday afternoon in a one-hour call with leadership. Executives at Planet Home Lending were also on the call.
Retail sales staff and most key operations staffers at Axia will be offered the opportunity to join Planet, sources told HousingWire. Many employees who are not making the transition to Planet will be made “redundant,” with their last day being Friday, Aug. 2.
The news came as a surprise to many, although sources said there were recent layoffs at Axia.
“I just felt that it being an ESOP (employee stock ownership plan), I wouldn’t be blindsided by layoffs,” said one employee.
Planet Home Lending, led by Michael Dubeck, declined to comment on the deal and Alex Rosenblum, the chairman and CEO of Axia, did not respond to a request for comment.
Although Axia, like many lenders, has struggled financially, it wasn’t debt-laden and had a strong culture, several employees told HousingWire. Vested employees will be paid after the deal closes.
Planet, best known for its presence in correspondent lending, hired Doug Long in March to build out the lender’s branch retail operations. The Connecticut-headquartered company has also struck prior deals for the assets of other lenders. Last year, it acquired the majority of Platinum Home Mortgage Corp.’s origination staff and branches.
According to Inside Mortgage Finance, 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. Axia originated roughly $300 million in the same period, according to Modex.
Editor’s note: Planet Home Lending CEO Michael Dubeck will be speaking at HousingWire’s IMB Summit on October 1st.
