MetLife exits forward mortgage business

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, 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.

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On January 11, 2013, MetLife Bank and MetLife, Inc. completed the sale of the depository business of MetLife Bank to GE Capital Retail Bank. Subsequently, MetLife Bank terminated its deposit insurance and MetLife, Inc. deregistered as a bank holding company. Additionally, in August 2013, MetLife Bank merged with and into MLHL, a non-bank affiliate.

METLIFE EXITS FORWARD MORTGAGE BUSINESS NEW YORK, January 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.

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(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.

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.

Since that time, MetLife has reached agreements to sell MetLife Bank’s deposit business to GE Capital and to sell the bank’s warehouse finance business to EverBank. In addition, the bank has ceased.

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"[The] reverse mortgage business has operating and capital 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 of Wells Fargo and Bank of America from the business.

MetLife Inc.’s bank will lay off 4,300 employees as it exits the business of originating traditional, or forward, residential mortgages, with MetLife expecting to incur $90 million to $110 million.