MetLife Exits Reverse Mortgages, Completing Exit from Mortgages
MetLife completed its exit from the mortgage business today by agreeing to see its reverse mortgage servicing to NationStar. Press release below and some other useful links below that, including a piece I did when they exited all other mortgage operations.
MetLife Bank’s Reverse Servicing Portfolio to Be Purchased by Nationstar Mortgage LLC
NEW YORK, NY – April 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’s entire retail banking business, including mortgages, represented under two percent of MetLife’s 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. 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 taking forward mortgage applications.
MetLife was advised by K&L Gates LLP and Deutsche Bank Securities Inc.
–MetLife Shuts Down Reverse Mortgage Business (ReverseMortgageDaily)
–MetLife CEO Retreats From Banking (Bloomberg)
–MetLife Exiting Mortgage Business: My Advice To Their Loan Agents
–$MET (Metlife realtime news on Stocktwits)