Planet Financial Group will donate $100,000 to a project that distributes food surplus to food banks. The donation will be made to The Farmlink Project, a nonprofit organization that aims to reduce carbon emissions and save millions of pounds of fresh produce by connecting farmers to food banks.
Since Farmlink launched in 2020, more than 50 million people received meals and about 70 million pounds of food were through the project.
“Farmlink is transforming our food system to reduce climate change while providing millions of meals to families in need,” said Michael Dubeck, Planet Financial Group’s chief executive officer and president.
In addition to the donation from Planet Financial Group, the firm’s employees will also volunteer hours to Farmlink initiatives in four cities including Rochester, New York, and Irving, Texas.
“Every year, billions of pounds of produce go to waste while millions of Americans go hungry,” said James Kanoff, Farmlink Project’s chief executive officer. Farmlink estimates about 31% of food produced go to waste, which could feed families, but instead goes to landfills. Diverting produce from landfills prevents 17 million pounds of carbon dioxide, decreasing the rate of human-caused climate change from agriculture footprint, the organization added.
Planet Financial Group, an integrated family of companies delivering origination, servicing, and asset management solutions, is the parent of Planet Home Lending. Founded in 2007, Planet Home Lending originated $28 billion in 2021, up 45% year over year, becoming the 31st biggest lender in the country, according to Inside Mortgage Finance. The lender ranks 12th in the correspondent channel with a volume of $22.8 billion last year.
In April, Planet Home Lending entered into an agreement to acquire assets from lender Homepoint’s delegated correspondent channel for $2.5 million in cash.
The deal for the delegated correspondent assets also include an earnout payment based on Planet Home Lending’s correspondent origination volume during the two-year period starting on the closing date of the transaction. The two firms expect the deal to close in the second quarter of this year.
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