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.
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.
MetLife Inc., (NYSE:MET) the largest life insurance company in the U.S., announced its exit from the originating forward residential mortgages business. With this, the company will no longer. MetLife Inc., (NYSE:MET) the largest life insurance company in the U.S., announced its exit from the originating forward residential mortgages business.
Most reverse mortgage competitors agree that MetLife’s exit from the business will. certain kind of lender to drive the market forward. “If the Saver is going to continue to grow, there needs to be.
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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.
Forward-looking statements are based on assumptions and expectations. They involve risks and uncertainties, including the “Risk Factors” MetLife, Inc. describes in its U.S. Securities and Exchange.
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MetLife Inc. agreed to sell the mortgage-servicing business of its bank to JPMorgan Chase & Co. as a non-bank systemically important financial institution after it exits bank status, Kandarian said.
Reverse mortgages are available only to homeowners over age 62. They allow seniors to turn their home equity into cash while staying in their homes. Unlike a forward. exit from the market of Wells.
Life insurer MetLife announced Tuesday that it will cease originating forward residential loans and exit the business entirely. The company said in a statement that it would continue to service.