MetLife To Close Home Loan Unit

Posted by Orb Staff on January 11, 2012 No Comments
Categories : Residential Mortgage

10688_closed MetLife To Close Home Loan Unit MetLife is planning to close its residential mortgage origination business, which will result in the loss of nearly 4,300 jobs.

The New York Times reports that MetLife is closing its mortgage operations after failing to find a buyer for the unit. Last month, MetLife announced the sale of most of the depository business of its MetLife Bank NA unit to GE Capital Financial Inc.

A MetLife spokesperson said the winding down of the residential mortgage origination business may cost the insurer as much as $110 million. MetLife also plans to continue servicing its existing residential mortgage clients and will offer reverse mortgages.

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