Here on the front lines, the biggest mortgage industry news this week was MetLife looking to sell their mortgage division (press release, links below). I’m friends with MetLife agents who sought stability there after too many years of chaos. And now they’re all reexamining their fate once again.
I’ll comment further this weekend, but tonight I continue the 31 days of Rocktober and dedicate Iron Maiden’s The Trooper to all MetLife loan agents. It’s the perfect song to both capture your rage and get you fired up for whatever’s next. The lyrics say it all: “So when you’re waiting for the next attack / You’d better stand there’s no turning back.” You’ll always have a place to work and serve your clients if you’re good. So for now, blast this shit and get some Piece of Mind.
–Full-text press release below
–BusinessWeek: MetLife May Sell Mortgage Business
–WSJ: MetLife Adds Mortgage Unit To Selling Block
–MortgageNewsDaily: MetLife Insiders Comment On News
MetLife to Explore Sale of MetLife Bank’s Forward Mortgage Business
NEW YORK, Oct 12, 2011 (BUSINESS WIRE) –
MetLife, Inc. (NYSE: MET) announced today that, in addition to its previously announced decision to explore a sale of MetLife Bank, N.A.’s depository business, the company will now also explore a sale of the Bank’s forward mortgage business.
Today’s uncertain marketplace and regulatory environment require a tremendous amount of resources – both in terms of people and capital – to effectively compete in and profitably grow the forward mortgage business. Doing so would divert these resources away from MetLife’s primary focus on its global insurance and employee benefits businesses. As previously noted, exiting the depository business and deregistering as a bank holding company also will enable MetLife to operate within the same regulatory framework as other insurance companies.
MetLife Bank began originating forward and reverse mortgages in 2008 through its MetLife Home Loans division.
MetLife Home Loans will continue to originate forward mortgages while the business is being marketed for sale. The company also remains committed to continuing to service all of its mortgage clients.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East. For more information, visit www.metlife.com.
SOURCE: MetLife, Inc.