The news came unexpectedly to many at Axia, who had not anticipated such changes given the company’s employee stock ownership plan (ESOP) structure.
“I just felt that it being an ESOP, I wouldn’t be blindsided by layoffs,” one employee who requested anonymity told Housingwire.
While Axia has faced financial challenges, multiple sources described the company as having a strong culture and a solid financial position. Vested employees will receive their payouts once the deal is finalized.
Planet Home Lending, known for its strength in correspondent lending, has been expanding its retail footprint in recent months. The mortgage lender and servicer hired industry veteran Doug Long, senior vice president and divisional sales manager, to lead this effort.
Planet has also acquired assets from other lenders, including the majority of Platinum Home Mortgage Corp.’s origination staff and branches last year.
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