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38 loss mitigation, and risk reduction. ese should encompass everything from special forbearance to loan modifications and other default resolution options aimed at avoiding costly foreclosures. e end goal is to limit losses and optimize portfolios by employing proactive strategies for reducing default and foreclosure risk among this subset of potentially higher-risk borrowers—objectives that grow more critical during recessions. Challenge #2 - Strong residential transi- tion loans (fix-and-flip) origination, servicing, and asset management become critical during periods when property values stagnate or decline. When real estate markets are rising, flippers who experience cost overruns and project delays can often recoup those extra, unexpected costs. In a declining market, unanticipated costs and home price depreciation can leave flippers underwater. Solution #2 - Hands-on, proven experience in RTL and renovation servicing can help protect portfolios in changing markets. e ability to have experts step in and complete RTL projects when borrowers default or walk away has been an advantage to our clients this past year. Planet Management Group's high-touch asset managers have decades of advisory experience. e deep bench of data-driven, discerning professionals with robust asset class experience ensured clients' RTL and renovation portfolios were optimized at every stage. What are the victories from 2022 that you're most proud of yourself and your team for accomplishing? What were the keys to success that enabled you to succeed in these areas? To create a mortgage company built to last, you must have a sustainable business model that can withstand market fluctuations. Planet Finan- cial Group's wins in 2022 came about because we made strategic decisions and investments that make us better able to sustain difficult market conditions than single-channel companies focused on the short term. Win #1 - Planet Home Lending earned Fannie Mae's 2021 Servicer Total Achievement and Rewards™ (STAR™) Program recognition, which acknowledges mortgage servicers for their effective, standardized processes that help drive their performance and operational success. We earned dual accolades in General Servicing and Solution Delivery, an accomplishment shared with only 10 of our peers across the industry. Win #2 - Planet Home Lending acquired certain assets of the correspondent division of Home Point Financial Corporation (Home- point), a $96 billion Ann Arbor, Michigan-based originator. e transaction more than doubled the company's client base, bolstered the balance sheet, and created growth during a period when corre- spondent volumes were dropping industrywide. Win #3 - Compliance reviews are a hidden win for most companies, including Planet. Unless there's a finding resulting in a fine, you rarely hear about compliance reviews. Planet has a relentless, extraordinary cultural commitment to compli- ance. We choose the right partners and employ- ees, do business the right way, and say "no" even when it's hard to do so. Win #4 -e Planet Home Lending servicing portfolio grew to $72 billion at year-end 2022, up 44% over the year. Planet now serves more than a quarter million customers. Michael Merritt SVP, Customer Care and Mortgage Default Servicing, BOK Financial What are the biggest challenges you are trying to solve for in 2023? How are you working to surmount those challenges? Continuing to adapt to how to interact with customers using formats they prefer. We will fo- cus on looking at new technology and platforms to better reach customers. We will also look holistically at all our training programs to refresh those and improve our customer-facing agents. Next year could have more negative econom- ic headwinds that will again stretch mortgage servicers' capacity. COVID-19 made all of us more flexible and better at using resources in new ways to handle spikes in volumes. Even with his- toric volumes, we continued to deliver top-notch customer service and are focused on maintaining that high level of service going forward. Default volumes are likely to increase in 2023. We may start to see more delays in the courts due Feature By David Wharton "To create a mortgage company built to last, you must have a sustainable business model that can withstand market fluctuations." —Samantha Manfer, Chief Business Development and Brand Officer, Planet Home Lending