MetLife Exits Reverse Mortgage Sector

Posted by Orb Staff on April 27, 2012 No Comments
Categories : Residential Mortgage

11429_closed MetLife Exits Reverse Mortgage Sector MetLife Inc. has announced that it is exiting the reverse mortgage business. Nationstar Mortgage LLC will purchase MetLife Bank's reverse mortgage servicing portfolio.

According to a press statement issued by the company, MetLife Bank will no longer accept new reverse mortgage loan applications and registrations. Nationstar Mortgage's purchase of MetLife Bank's portfolio is subject to regulatory approvals and other customary closing conditions.

MetLife says that its entire retail banking business, including mortgages, represented under 2% of its 2011 operating earnings. "Given MetLife's strategic focus as a global insurance and employee benefits leader, the company decided in 2011 that a bank holding company structure was no longer appropriate," the company says.

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