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Homepoint exits correspondent following deal with Planet Home Lending

Connecticut-based mortgage servicer and lender Planet Home Lending has entered into an agreement to acquire assets from Homepoint‘s delegated correspondent channel for $2.5 million in cash, the companies announced on Friday. The move signals Homepoint’s exit from the correspondent channel to focus on wholesale.

Homepoint was the 11th biggest residential mortgage lender in the country last year, originating $96 billion in residential mortgages, up 55.2% year-over-year.

The Michigan-based lender ranked 13th in the correspondent channel in 2021, with $20.7 billion in volume. However, the gain-on-sale margins in the correspondent channel were just 31 basis points last year, compared to details ⇒

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