Today we’ll take a good look at Planet Home Lending, a rising star in the mortgage world that’s beginning to make inroads and become a household name.
Founded less than 20 years ago, they were able to muster about $18 billion in residential loan origination volume in 2024, per the latest HMDA data.
It was split between conventional loans, FHA loans, and VA loans, with a handful of jumbo loans and USDA loans thrown into the mix as well.
They seem to do the most business in California, Florida, and Texas, despite being headquartered in Connecticut. And while they’re a big lender, most of their lending is originated via the correspondent channel.
True to their name, Planet Home Lending has partnered with the National Forest Foundation, pledging to plant three trees for every closed loan, which amounted to more than a quarter million trees in the past four years.
Planet Home Lending Quick Facts
- Direct mortgage lender founded in 2007, headquartered in Meriden, Connecticut
- Operates a retail, wholesale, and correspondent lending business
- Originated about $18 billion in home loans during 2024 (top-25 overall)
- Services more than 250,000 active loans for borrowers
- Does majority of business in California, Colorado, Florida, Texas, and Virginia
- Licensed in 48 states, D.C., Puerto Rico, and the Virgin Islands
- Not licensed to originate loans in Hawaii or Massachusetts
- 8rd largest correspondent lender and 5th largest government loan correspondent lender
Despite 2024 being a challenging year for most mortgage lenders, Planet Home Lending managed to originate more than $18 billion in mortgage loans, making them a top-25 mortgage lender nationally.
They were also the fifth largest government correspondent lender and eighth largest correspondent lender overall as of the end of 2024.
Much of their business these days takes place via the correspondent channel as opposed to the retail channel.
And part of this growth could be attributed to their acquisition of Platinum Home Mortgage Corporation in June of 2023.
If we consider loan volume through just the retail and wholesale (mortgage broker) channels, the company funded only $3B in 2024.
They were most active in the states of California, Florida, and Texas via these channels, which is typical because they’re the biggest/most expensive states.
But if we add in correspondent lending, their loan volume swelled to more than $18 billion, meaning correspondent business accounted for roughly 80% of the total.
In case you’re not aware, correspondent lending is when a larger sponsor/investor (Planet Home Lending) purchases mortgages from a smaller lender, such as an independent mortgage banker or local credit union.
The smaller lender must adhere to the sponsor/investor’s underwriting guidelines in order to fund their loans.
Ultimately, Planet Home Lending is mostly in the business of helping smaller mortgage lenders originate more home loans.
That’s why you may not have heard of them, even if a smaller lender you happened to work with is quietly being powered by the company.
The lender also has a massive loan servicing portfolio, most recently around $134 billion, including $118.47 billion in Planet’s Owned Mortgage Servicing Rights (OMSR).
So even if they didn’t originate your loan, they could be your loan servicer, the entity that collects payments and manages escrow accounts each month.
How to Apply for a Mortgage with Planet Home Lending
- You can apply directly online, via smartphone, over the phone, or in-branch
- They offer a digital mortgage application powered by AI known as Skymore
- Allows you to link financial accounts, upload documents, and track loan progress 24/7
- Hybrid eClosings and remote notary services available in select markets nationwide
If you’re looking to purchase a home or refinance an existing mortgage, you can visit the Planet Home Lending website and navigate to the “Get Started” tab on their top menu.
From there, you’ve got the choice to get a mortgage rate quote, apply for a mortgage, find a loan originator, or locate a nearby branch.
Those who have been referred to someone specific can use the loan officer directory to select that individual.
You can also simply call them up directly to speak to one of their mortgage loan specialists to get the ball rolling.
Once you’re set up with a loan officer, you can apply online via a Blend-powered digital mortgage application.
They call it Skymore, an AI-powered personal digital mortgage assistant that allows borrowers to apply via their smartphone if they wish.
You can also link financial accounts, upload key documents, and track loan progress 24/7 as you make your way to the finish line.
Those who want/need a personal touch along the way are also able to lean on their loan officer and processing team.
What Types of Loans Does Planet Home Lending Offer?
- Home purchase loans and refinance loans
- Rate and term, cash out, and streamline refinance loans
- Renovation loans
- New construction loans
- Loans backed by Fannie Mae and Freddie Mac
- Government-backed loans including FHA loans, USDA loans, and VA loans
- Jumbo home loans and home renovation loans
- They provide financing on primary homes, second homes, and investment properties
- Non-QM loans including interest-only options
- Fixed-rate loans
- Adjustable-rate mortgages (3/1, 5/1, 5/6, 7/6, 10/6 ARMs)
- Home equity loans
- Bridge loans
- Temporary rate buydowns
They offer both home purchase loans and refinance loans, including cash out refinances if you want to tap your existing home equity, and streamline refinances if you want to lower your monthly payment.
If you’re buying a home, they can get you in the door with as little as 3% down via the Fannie Mae HomeReady loan program, or 3.5% via the FHA loan program.
Borrowers who qualify for a VA loan or USDA home loan can get a mortgage with zero money down as well.
Those who have found or own a not-quite-perfect home can also take out an FHA 203k loan with Planet Home Lending.
Or take advantage of their Jumbo renovation loan program that offers up to $500,000 in cash for home improvements.
You can also get a jumbo loan as large as $3 million, and they’ve got a no-mortgage insurance option as well at high loan-to-value (LTV) ratios, such as just 10% down.
In terms of loan type, they offer the full galaxy of fixed-rate mortgages, including the popular 30-year fixed, 15-year fixed, and terms in between such as a 10-year or 20-year fixed.
They also offer ARMs, including the 5/1 adjustable-rate mortgage, 5/6, 7/6, 10/6, and others.
Beyond that, you can get a home equity loan, bridge loan, and even a non-QM loan such as an interest-only mortgage.
Lastly, the company recently launched Purchase EDGE and Cash 4 Homes to help home buyers compete with all-cash buyers.
Given the challenging real estate market, this could give you the edge to get your offer accepted.
Planet Home Lending Mortgage Rates
Like a lot of other lenders, they don’t advertise their mortgage rates on their website or anywhere else.
As such, I have no idea how competitive they are compared to other lenders out there. That means you’ll need to shop around if working with Planet Home to see how they stack up price-wise.
The same goes for lender fees – no mention of fees on their website, so again no idea what they charge, such as a loan origination fee, processing fee, underwriting fee, etc.
Be sure to find out all these details when gathering a quote from Planet Home to compare with other lenders while mortgage rate shopping.
In this day and age, it’s nice to have transparency when it comes to costs, especially since some lenders like Better Mortgage don’t charge lender fees.
Planet Home Lending Reviews
The company comes highly-rated, with a 4.84 out of 5-star rating on Experience.com based on nearly 47,000 customer reviews.
They also have a 4.99/5 rating on Zillow from around 200 customer reviews.
Planet Home Lending is not an accredited business with the Better Business Bureau, but does have an ‘A+’ rating with the BBB.
However, the customer reviews on the BBB website aren’t very good, with a 1.37-star rating out of 5 at last glance and over 100 complaints filed over the past three years.
They’ve also got a 3.7 out of 5-star rating on Trustpilot, which is considered excellent, from about 1,300 reviews.
Overall, they appear to be a fairly well-liked mortgage lender across all ratings websites, but are lacking excellent reviews seen with other mortgage companies.
Of course, with any large lender the customer experiences can vary widely given the many staff and situations involved.
And part of it might have to do with their large loan servicing business, which can lead to a lot of frustration from existing customers regarding payments, insurance, etc.
Tip: Visit a Planet Home Lending branch website near you so you can see who works there and access individual loan officer reviews. Then you can choose who to work with and apply directly.
To sum things up, while they’re a top-25 mortgage lender nationally, much of their business comes via third-party lenders. So you might not even know you’re using them.
At the same time, they originate billions annually via their retail platform and do have a branch network throughout the United States.
However, they don’t appear to have much that separates them from the pack, whether it’s unique loan programs or pricing incentives. But they could still serve the needs of both home buyers and those looking to refinance.
Just take the time to compare their offerings (including pricing!) to other lenders to ensure they’re the best option for you.
Pros and Cons of Planet Home Lending
The Good
- Highly-rated by past customers on Experience.com
- A+ BBB rating
- Offer a digital mortgage process via Skymore technology
- Lots of fixed-rate and adjustable-rate mortgage options available
- Free mortgage calculators on their website
- They service their own loans instead of selling them off
- Donate 3 trees to the National Forest Foundation for every loan closed (~250,000 trees so far)
- Moved 70 million+ pounds of food to hungry families
- Endowed a scholarship for military service members
The Maybe Bad
- Not licensed in all states
- Do not advertise their mortgage rates or lender fees
- Some mixed reviews on Trustpilot and several complaints via the BBB
- No smartphone app
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