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Planet acquires Platinum Home Mortgage Corporation

Housing Wire

Connecticut-based lender and servicer Planet Home Lending has acquired the assets of Illinois-based retail lender Platinum Home Mortgage Corporation. Founded in 1993 by Bill and Michael Giambrone, Platinum has 22 branches and 79 active loan officers, according to the mortgage tech platform Modex. The lender originated $6.5

Retail 393
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Regions Bank places $1B bet on home renovation market

Housing Wire

EnerBank says it works with 10,000 contractors and develops personalized loan programs for their clients. Regions, a retail lender with a footprint of over 1,300 physical offices, has dipped into specialty finance sectors before. . The post Regions Bank places $1B bet on home renovation market appeared first on HousingWire.

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How PrimeLending plans to grab market share

Housing Wire

PrimeLending , a Texas-based retail mortgage bank, aims to expand its market share by growing within its existing footprint in a margin-thinning environment. Licensed in 23 states across the country, PrimeLending has 150 branches including satellite and primary retail locations. Companies may be struggling in one way or another.

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How LOs are dealing with a mortgage rate lockdown

Housing Wire

Mortgage rates in the 6% range have frozen the housing market, forcing loan officers to find business outside their wheelhouses. Business is at a “dead stop,” said a retail loan officer in Michigan. I feel bad trying to convince somebody that it’s a good time to buy and get a mortgage. higher than last year.

Mortgage 382
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In a brutal market, lenders seize on correspondent

Housing Wire

The mortgage lender’s overall origination volume dropped 54% from January to September compared to the same period in 2021, according to data from Inside Mortgage Finance. The company has cut hundreds of jobs across layoffs in March , May , July and October , underscoring the immense challenges of the current mortgage market.

Marketing 392
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Finance of America to acquire Parkside’s wholesale biz

Housing Wire

It’s the latest in a string of big M&A deals in the mortgage lending space – and the growing wholesale channel in particular – over the past six months. Finance of America said it puts the company on the path of becoming a “top-five performer” in the segment, which has grown to roughly 20% of the overall mortgage market.

Finance 370
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Top NJ LO Chris Gallo is getting back to basics in 2023

Housing Wire

Nearly every loan originator is fixated on going after the purchase mortgage market in 2023 following a brutal 2022 — a year in which even some of the top producers saw their origination volume drop to 20%. The name of the game in the industry was purchase mortgages. How have you changed your strategy to target those clients?

Business 402