At a time when many mortgage banking companies are shedding costs and looking to get acquired and seeking exit strategies, Planet Home Lending has grown and posted a profit due to Michael Dubeck’s strategic industry insight and leadership.
Dubeck is a visionary entrepreneur. He sees business opportunities throughout all cycles of the mortgage market and has swiftly, smartly and successfully gone after them.
Dubeck believes the mortgage industry will always be in a state of flux. Interest rates and housing prices will cycle up and down. Innovations will alter the way we transact business. But the ability to recognize when market inflection creates opportunity will determine success. During the past year, his strategic moves have included launching a distributed retail channel, growing the renovation lending channel to new markets, acquiring subservicing clients and keeping the company’s portfolio recapture rate above industry standards.
This year, Planet Home Lending has grown exponentially, expanding from zero branches in 2017, to more than 50 branches across the country. The company has also broadened its services to include a digital personal mortgage assistant, automated marketing and a proprietary CRM.
Under Dubeck’s leadership, Planet has repositioned as a product designed to tackle current housing-market challenges. In subservicing, Dubeck has grown the company to over $1 billion in NPL and RPL subservicing for more than 20 clients, including a mortgage REITs, hedge funds and government entities.
What has been your secret to success?
“Understanding there will always be good markets and bad markets. To succeed, you need to take advantage of the opportunities market transitions create.”