MetLife exits forward mortgage business

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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, the largest U.S. life insurer and reverse mortgage lender, made a surprise shift on Thursday with the sale its reverse mortgage business as part of its.

A company spokesman said a majority of the 4,300 employees, of which 1,500 are sales associates, at the forward mortgage business will be let go. A number of the workers will stay on to help with.

Life insurer MetLife announced Thursday that it will exit the reverse mortgage origination business, with plans to sell the division responsible for these loans to Nationstar Mortgage LLC. It was.

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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.