Mortgage servicers and lenders planet home loan Employee-owned retail unit is being acquired Axia home loan, house line Already learned.
Employees at Axia, a Washington state-based retail and wholesale lender, learned of the deal during a one-hour call with leadership Wednesday afternoon. Planet Home Lending executives also participated in the call.
Sources told HousingWire that Axia’s retail sales staff and most of its key operations personnel will have the opportunity to join Planet. Many employees who have not transitioned to Planet will be “layoffed,” with their last day being Friday, August 2.
Although sources said Axia had recently made layoffs, the news came as a surprise to many.
“I just think this is an ESOP (employee stock ownership plan) and I won’t be caught off guard by layoffs,” one employee said.
Planet Home Lending, led by Michael Dubeck, declined to comment on the deal, and Axia Chairman and Chief Executive Alex Rosenblum did not respond to a request for comment.
Several employees told HousingWire that while Axia, like many lenders, is struggling financially, it is not heavily in debt and has a strong culture. Vested employees will be compensated upon completion of the transaction.
Planet, best known for its agency lending business, hired Doug Long in March to build out the bank’s retail branch business. The Connecticut-based company has previously struck deals for assets from other lenders. Last year, it acquired most Platinum Home Mortgage CorporationFounding employees and affiliates of .
according to Inside Mortgage FinanceIn the first half of 2024, Planet Home Lending ranked as the 22nd largest mortgage lender in the United States, with $8.38 billion in transaction volume. According to statistics, Axia’s financing amount during the same period was approximately US$300 million. Modex.
