MetLife exits forward mortgage business

MetLife Inc., the insurer seeking to limit federal oversight, will exit the business of originating residential mortgages. The insurer will have. “We continue to move forward with our plans to.

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because Ocwen disclosed in October that it planned to exit its wholesale forward lending business, thereby shutting down its largest mortgage origination channel. Just a few days later, Ocwen said.

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.

 · The shutdown will cost insurer MetLife about $100 million. “We continue to move forward with our plans to cease being a bank holding company,” the CEO said last month. Servicing and reverse mortgage origination will continue, at least at this time.

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Prior to its reverse mortgage exit, MetLife made other changes to a similar effect: it sold its depository bank business to GE Capital Financial Inc. in 2011, wound down its forward mortgage business in 2012 and finally announced it had agreed to sell its warehouse finance unit, including its reverse mortgage warehouse lines, also in early 2012.

Insurance giant MetLife closed its forward home loan business Tuesday, but will continue to originate reverse mortgages. The company had been trying to sell the division since October due to what.

Prior to its reverse mortgage exit, MetLife made other changes to a similar effect: it sold its depository bank business to GE Capital Financial Inc. in 2011, wound down its forward mortgage business in 2012 and finally announced it had agreed to sell its warehouse finance unit, including its reverse mortgage warehouse lines, also in early 2012.

BOSTON (Reuters) – MetLife will shut down its mortgage operations, the largest U.S. life insurer said on Tuesday, giving up on the unit three months after it said it would seek a buyer. MetLife has.

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About 860 people employed by MetLife Inc. in Irving are slated to lose their jobs as the New York-based insurance giant exits the mortgage origination business. MetLife said it would continue to. Last year, after wells jumped ship , MetLife saw itself as the cleanup hitter in a rather weak reverse mortgage lineup.