Industry Watch: Planet Home Lending acquires Platinum Home Mortgage, plus more mergers and partnerships

Kriss Law/Atlantic Closing & Escrow, a nationwide attorney-driven settlement services and closing firm, announced a new partnership with technology-integrated signing services company The Closing Exchange to deliver Home Equity Conversion Mortgage (HECM) compliant signing services and expertise to clients. HECMs require a closing process with extensive communication provided by the closing company, and through the partnership, Kriss Law/Atlantic Closing clients will now have access to The Closing Exchange’s Elite Reverse Notary Panel, which provides nationwide coverage through vetted and trained notary agents.

Ellington Financial, a real estate investment trust with capital in a diverse array of financial assets, including residential and commercial mortgages, acquired Arlington Asset Investment Corp., a REIT that invests in mortgages and other assets. Upon completion of the acquisition, Ellington Financial is expected to have a pro forma equity capital base of more than $1.5 billion. Upon the closing of the acquisition, Ellington Financial stockholders are expected to own approximately 85% of the combined company’s stock, while Arlington stockholders are expected to own approximately 15%. The combined company will operate under the name Ellington Financial Inc., and its shares will continue to trade on the New York Stock Exchange under the existing ticker symbol EFC.

Planet Home Lending announced the asset acquisition of retail lender Platinum Home Mortgage. Planet will acquire the majority of Platinum’s origination staff, including more than 20 branch offices in strategic locations throughout the U.S. The acquisition expands Connecticut-based Planet’s footprint in the Midwest, Northwest and West Coast markets.


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