MORTGAGE AND LENDING, ASSET MANAGEMENT
PRnewswire | June 02, 2023
Planet Home Lending, LLC, a national mortgage lender and servicer, announced the asset acquisition of retail lender Platinum Home Mortgage Corporation, Hoffman Estates, Illinois. Planet will acquire the majority of Platinum's origination staff, including more than 20 branch offices in strategic locations throughout the United States.
"We look to acquire right-sized, financially solid distributed retail companies," said Michael Dubeck, CEO and President of Planet Financial Group, parent of Planet Home Lending. "Platinum is a solid cultural fit. Its talented, highly experienced people share our commitment to delivering exceptional lending experiences supported by deep personal care for borrowers."
Planet expects to continue gaining market share through organic growth and strategic acquisitions. The Platinum acquisition brings to Planet a purchase-focused platform and high-producing branches, expanding the company's footprint in Midwest, Northwest, and West Coast markets.
Planet is now #9 on Inside Mortgage Finance's overall lender leaderboard and #4 among government loan producers.
"The move to Planet brings immediate access to improved pricing, technology, and marketing to Platinum's branches," said Platinum CEO and President Lee M. Gross. Gross will join Planet as Senior Vice President and will continue to lead the Platinum team at Planet.
"Planet's efficient platform gives us the pricing advantage of $26 billion in volume," Gross said. "In addition to agency and GSE home loans, Planet also has niche products tailored to today's tight real estate markets, including self-funded One-Time Close (OTC) construction loans as well as manufactured housing and renovation mortgage loans."
Platinum's former President and CEO Bill Giambrone, along with his brother Michael Giambrone, founded the company in 1993. Bill Giambrone's illustrious 30-year career as an independent mortgage banker includes remarkable contributions to the industry, highlighted by his service as a board member and past president of the Community Home Lenders Association.
About Planet Financial Group, LLC
Planet Financial Group, LLC, Meriden, Connecticut, is a fully integrated family of companies delivering innovative origination, servicing and asset management solutions. Through this synergistic ecosystem of products, services and technologies, Planet Financial Group provides best-in-class experiences for investors pursuing value maximization and borrowers seeking streamlined end-to-end loan lifecycle support. Planet Financial Group is the parent of Planet Home Lending, LLC and Planet Management Group, LLC, which also does business under the name Planet Renovation Capital.
About Planet Home Lending, LLC
Planet Home Lending, LLC, Meriden, Connecticut, (NMLS #17022) is an approved originator and servicer for FHA, VA and USDA, as well as a Freddie Mac and Fannie Mae Seller/Servicer, a full Ginnie Mae Issuer and approved sub-servicer and a Standard & Poor's Global Ratings- and Fitch Ratings-rated special and prime residential servicer. Planet Home Lending, LLC has been assigned a corporate family rating by Moody's Investors Service viewable at www.moodys.com. Its correspondent division offers a full suite of government, agency and niche home loans. Planet Home Lending, LLC is also a special servicer managing diverse investor portfolios. Its customized servicing solutions maximize asset recovery and optimize performance through active management at the portfolio and loan levels. Planet Home Lending, LLC is an Equal Housing Lender. For more information about Planet Home Lending, LLC,
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REAL ESTATE INVESTMENT, BUYING/SELLING
PRnewswire | March 30, 2023
Pacaso announced today the launch of a limited-time opportunity for accredited U.S. investors to invest in the category leading technology-enabled real estate marketplace that helps people buy and co-own a luxury second home. The new investment opportunity with Pacaso is a two year, 10% annualized promissory note backed by luxury real estate. Investors receive quarterly interest payments with a return of the principal at the end of the two year term. The fund aims to generate strong risk-adjusted financial returns for investors and provides Pacaso with flexibility to offer more attractive financing offers for second home buyers.
Investors benefit by earning consistent, passive income, diversifying their portfolio with luxury real estate, and enabling expanded financing options for Pacaso that help more people become second homeowners.
"Pacaso owners are the gold standard for consumer credit quality. This creates a win-win opportunity for investors to make consistent, passive income and future Pacaso homeowners to lock in seamless financing," said Pacaso CEO and Co-Founder Austin Allison. "This unique fund is a smart choice for people who want a low risk and low barrier of entry investment opportunity to diversify their portfolio by gaining exposure across high-quality, luxury real estate, which has proven to be one of the safest places to park money during uncertain times."
As the category leader of co-ownership of second homes, Pacaso has seen a tremendous response from high-net-worth buyers to the company's attractive integrated financing solutions on Pacaso listings and resales within the Pacaso marketplace. Pacaso is uniquely positioned for growth and second home demand has been off to a positive start in 2023. Deposits have increased 90% in the first two months of 2023, compared to the last two months of 2022.
Certain statements in this presentation may constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding Pacaso's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "strive," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Pacaso does not give any assurance that Pacaso will achieve its expectations. Readers are cautioned not to put undue reliance on forward-looking statements, and Pacaso assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
About Pacaso
Pacaso® is a technology-enabled marketplace that modernizes real estate co-ownership to make second homes possible and enjoyable for more people. Pacaso curates luxury listings with premium amenities and high-end contemporary interior design, offers ⅛ to ½ ownership with integrated financing, and, after purchase, professionally manages the home and supports seamless resale. Co-founded by Austin Allison and Spencer Rascoff in 2020, Pacaso operates in 40 top second home destinations around the world. Pacaso has been certified as a Great Place to Work and is recognized as one of Glassdoor's 2022 Best Places to Work.
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REAL ESTATE TECHNOLOGY, MORTGAGE AND LENDING
Accesswire | May 04, 2023
Stavvy, the fintech company reshaping digital and remote collaboration for lending and real estate companies, today announced that they have entered into an agreement with WFG National Title Insurance Company (WFG), a leading provider of title insurance and real estate settlement services for commercial and residential transactions nationwide, through which they will provide the company and its customers with eClosing technology solutions. This exciting collaboration aims to empower clients with cutting-edge technology solutions that drive customer experience, enhance digital protection, and combat fraud during the closing process.
As the world becomes more digital, the demand for secure and efficient eClosings has grown rapidly. Whether customers want a fully digital solution or a hybrid closing approach, Stavvy and WFG will work together to provide clients with digital closing solutions and a seamless closing experience.
"Stavvy is incredibly excited to work with WFG to bring innovative eClosing solutions to the masses," said Kosta Ligris, Founder and CEO of Stavvy. "Our collaboration will enable us to leverage our strengths and expertise to deliver a digitally integrated and secure closing experience that is sure to exceed buyer expectations."
WFG is well known for its dedication to outstanding customer experience and improving the closing process for everyone. The company knows that in today's tech-driven era, consumers are increasingly seeking flexible digital solutions for their real estate needs. WFG and Stavvy have come together to provide cutting-edge remote online notarization (RON) services that offer an unparalleled level of digital security with knowledge-based authentication (KBA), easy access to closing documentation, and flexible scheduling.
"We understand the importance of innovation and adapting to new technologies in our industry," said WFG SVP, National Escrow Advisor Natalie Koonce. "Through our relationship with Stavvy, we are excited to offer our clients eClosing solutions that enhance the overall efficiency of the real estate and mortgage lending industries, while also providing a seamless and secure closing experience."
The Stavvy digital mortgage platform, built by industry experts, is designed to simplify and maximize mortgage lending, real estate, and legal workflows. With Stavvy, clients can expect various benefits, including greater convenience, heightened security, and enhanced efficiency.
About Stavvy
Stavvy is a Boston-based, venture-backed financial technology company building solutions to manage security risk, eliminate fragmentation, and increase speed, efficiency, and transparency in real estate and mortgage lending. The company's mission is to transform fragmented workflows into trusted and seamless experiences where technology does the work so people can focus on what matters most. Its platform offers eClosing functionality, including eSign, digital notarization, and video conferencing designed for real estate and mortgage professionals. To learn more, visit stavvy.com.
About WFG National Title Insurance Company
Portland, Oregon-based WFG National Title Insurance Company (WFG), a Williston Financial Group company, is a leading provider of title insurance and real estate settlement services for commercial and residential transactions nationwide. One of just six truly national title underwriters, WFG accomplished its national footprint faster than any other underwriter in history.
Built around the directive to "communicate, collaborate, coexist," WFG strives to improve the real estate process through the creation and delivery of comprehensive, innovative services and technology solutions that empower and increase transaction transparency for the title agents, real estate professionals, lenders, and consumers it serves. The company enjoys a Financial Stability Rating of A' (A prime), as assigned by Demotech, Inc. For more information, visit www.wfgtitle.com.
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