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MetLife, Inc. (NYSE: MET) announced that it is exiting the business of originating forward residential mortgages. MetLife Home Loans, the residential mortgage division of MetLife Bank, N.A., will no.
MetLife Bank’s Reverse Servicing Portfolio to be Purchased by Nationstar Mortgage LLC Apr. 26, 2012- MetLife, Inc. (NYSE: met) announced today that it is exiting the reverse mortgage business. Nationstar Mortgage LLC will purchase metlife bank’s reverse mortgage servicing portfolio. The transaction is subject to certain regulatory approvals and other customary closing conditions. metlife bank will no longer accept new reverse mortgage loan applications and registrations.
(Reuters) – MetLife Inc, the largest U.S. life insurer and reverse mortgage lender, made a surprise shift on Thursday with the sale its reverse mortgage business as part of its exit from.
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MetLife says exits forward mortgage business 2 Min Read BOSTON (Reuters) – MetLife will shut down its mortgage operations, the largest U.S. life insurer said on Tuesday, giving up on the unit.
Life insurer MetLife announced Tuesday that it will cease originating forward residential loans and exit the business entirely. The company said in a statement that it would continue to service.
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· MetLife Sells its Banking Unit to Avoid Strict New Fed Regulations. the company offers a variety of mortgage and deposit products. Mortgage products offered by MetLife Bank include forward.
MetLife’s entire retail banking business, including mortgages, represented under two percent of MetLife’s 2011 operating earnings as of September 30. Also, they sent a memo to all the mortgage broker firms who originate and send loans to MetLife (via their wholesale mortgage division, also being shut down), saying that today is the last day.
MetLife said it would continue with its reverse mortgage business. The company forecast up to $110 million in after-tax costs over the next year for the closure but said there would be no impact. The company forecast up to $110 million in after-tax costs over the next year for the closure but said there would be no impact.
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. characteristics that are different from the forward mortgage business,” he said. MetLife is the No. 1 provider of reverse mortgages in the U.S., now occupying the top position following the exits.