The financing volume of the Planet Home Lending correspondence channel increased by 93% in the first half of 2020 compared to the previous year, the company said.
The company, based in Meriden, Connecticut, also announced that its customer base grew 26% in the first half of the year. It retained over 47% of its existing customers who had refinanced or taken out a new home loan when mortgage rates fell as a result of the coronavirus pandemic.
"Planet Home Lending has strengthened for customers during the volatile spring market and has maintained a constant level of service and price. We continued to take the opportunity to increase the volume of financing while other players curbed or closed the volume," said Michael Dubeck, CEO and President of the Planet Financial Group said in a press release. "This year we have pursued two goals: the best possible customer loyalty and the provision of employees and tools – both technologically and financially – for our channels to be successful in any market and economic climate."
The pandemic brought difficulties to borrowers and forbearance exceeded 4 million loans. With a service portfolio of $ 22 billion, Planet Home Lending has created a digital indulgence support portal to request extensions, display repayment options, and upload files securely.
"Borrowers can also call us and we will guide them through their refill and repayment options over the phone," said Sandra Jarish, president of Planet Home Lending. "This is a very individual decision, so we take the time to explain the choices and the options available to them, and to answer questions thoroughly."