Planet Home Lending has announced its acquisition of Axia Home Loans’ retail operation, increasing Planet’s branch footprint in the West and Midwest.
The move had been rumored for days, with Connecticut-based Planet confirming the purchase of “certain assets” from Axia in a prepared statement, saying it is “dedicated to increasing its retail market share through a combination of organic growth and strategic acquisitions.”
Per data submitted to Scotsman Guide in March, Planet is currently the seventh largest lender in the United States, originating some $25 billion in total dollar volume last year — although just 5% of that deal volume came via Planet’s retail channel.
Integrating Axia’s stout retail operation is almost certain to increase that share. Axia, which is based in Bellevue, Washington, and has branches in 17 states, originated roughly $955 million in loans last year, 84% of which was through its retail business.
Axia is licensed to originate in 48 states, as well as Washington, D.C. The company had 145 active originators as of March. It’s not yet clear how many will be making the move to Planet.
“Axia is a well-respected brand with a remarkable customer service record,” said John Bosley, president, mortgage lending at Planet. “Having been the #1 ranked medium-size company on Experience.com, it’s clear the Axia teams share Planet’s commitment to delivering exceptional lending experiences supported by deep personal care for borrowers.”
“We conducted a thorough market analysis, and Planet Home Lending emerged as the ideal partner for Axia,” said Alexander Rosenblum, CEO of Axia. “Planet’s culture of collaboration and innovation aligns seamlessly with ours, promising a supportive and successful future together. Its substantial $25 billion annual volume enhances our market presence and affords our teams greater clout and opportunities for growth.”
Planet has been assertive in the acquisitions market in recent years, purchasing correspondent assets from Homepoint in 2022 and the majority of Platinum Home Mortgage’s origination personnel and branches in 2023.
