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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 22 July 2023 Industry Update PLANET EXPANDS SERVICING PORTFOLIO WITH $10 BILLION MSR ACQUISITION P lanet Home Lending, LLC solidified its position as a mortgage servicing rights (MSRs) investor with a $10 billion bulk acquisition from Village Capital & Investment LLC, Henderson, Nevada. In the second half of the year, Planet plans to continue acquiring MSRs through bulk and co-issue transactions. "Planet continues to be a liquidity provider to mid- and smaller-tier issuers," said Michael Dubeck, CEO and President of Planet Financial Group, parent of Planet Home Lending. "Our robust MSR desk ca- pably handles bulk deals of any size. Sellers like to close transactions with us because we're transparent, reasonable on terms, and competitively priced." The Village portfolio consists of 45,000 home loans securitized by Ginnie Mae. As of June 2023, Planet's servicing portfolio stood at $94 billion. The acquisition further strength- ens Planet's position in the industry and increases its MSR book by 10.6%. JPMORGAN CHASE ANNOUNCES NEW COMMITMENTS TO HELP CLOSE HOUSING AFFORDABILITY GAPS J PMorgan Chase announced new philanthropic and expanded business commitments as part of its firmwide approach to addressing the housing afford- ability gap. This includes: » New philanthropic commitments totaling $7.65 million to support three nonprofits working to improve housing affordability and stability for underserved households, including Black, Latino, and Hispanic households in Washington D.C.; » Expanded Chase Home Lending's $5,000 Homebuyer grant, a part of its Special Purpose Credit Program (SPCP), to include 16 additional mark rserved households. Since 2021, JPMorgan Chase has deployed more than $224 million in low-cost loans, equity investments, and grants to 153 orga- nizations across the U.S. to help close the housing affordability gap. This work has helped preserve or create more than 12,500 housing units, serve more than 46,000 households, and leverage an additional $680 million in capital. The Washington D.C. region's housing crisis is one of affordability and inventory. According to the Metropolitan Washington Council of Governments, the region needs 320,000 additional units of housing by 2030 to accommodate burgeoning demand. The result is too many people chasing after too few homes. Additionally, according to the U.S. Census Bureau, in Washington D.C., the homeownership rate for Black and Hispanic households is 50% compared to 70% for white households. New philanthropic commitments support programs that aim to increase the supply of affordable, climate-friendly housing and increase homeownership and wealth for