MetLife Inc. has announced that it is exiting the reverse mortgage business, and that Nationstar Mortgage LLC will be purchasing 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.
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· MetLife Inc.’s bank will lay off 4,300 employees as it exits the business of originating traditional, or forward, residential mortgages, with MetLife.
· Life insurer MetLife announced Thursday that it will exit the reverse mortgage origination business, with plans to sell the division responsible for these loans to Nationstar Mortgage LLC.
CIT Bank on Friday announced a deal to sell Financial Freedom. which are the core of our go-forward strategy. We are pleased to have reached this agreement, which will enable CIT to exit the.
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Jan. 10, 2012- MetLife, Inc. (NYSE: MET) announced today 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 longer accept new loan applications for forward mortgages. MetLife Home Loans continues to originate reverse mortgages.
MetLife Home Loans will continue to service its current mortgage customers. In addition, MetLife Home Loans will honor all contractual commitments for loans in process and expects the majority of loans to close in 90 days. MetLife expects $90 to $110 million, after tax, in costs related to exiting the business to be incurred over the next year, with no expected impact on the company’s operating earnings.
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.
appropriately staffed with qualified auditors to execute on our planned mortgage servicing audits in 2012 and those underway in 2011. With MetLife’s announcement to sell its bank deposit business, as well as the sale of the forward mortgage business, staffing requirements will be re-evaluated based on the outcome of a sale.
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