Tampa, Florida-Based, Planet Home Lending announced it is acquiring the employees and assets related to HomeBridge Funding, the correspondent division of HomeBridge Financial Services.
The transaction is structured as a purchase of certain assets relating to the correspondent division, including a technology platform.
Planet Home Lending will hire the existing employees, along with the current clients seamless transferring to HomeBridge Funding.
HousingWire featured HomeBridge Funding in its Friday Funding series in 2013, discussing what makes the company unique.
Check out the full Q&A here.
“Our target customers are community banks, credit unions, national builders and independent mortgage bankers. We are a non-depository so we can 100% guarantee that we will not be soliciting the community banks’ customer or credit union members. HomeBridge is about quality and all these channels produce quality business, which fits in very well with our business model,” the lender said at the time.
As a result of the acquisition, Planet further established its status as a fully-integrated mortgage banker, staffed by a management team with a demonstrated track record of success. “We intend on leveraging the platform and expanding its product offerings with improved pricing to the market,” said Michael Dubeck, CEO of Planet Home Lending.