Tag Archives: MetLife

Non-QM residential mortgage loan provider adds 30-year veteran as its new VP of Correspondent Client Development.

The decision to remove the "systemically important" designation from MetLife has been viewed as a victory for opponents of Dodd-Frank Wall Street reform. However, they should not be so quick to celebrate, according to Treasury Secretary Jacob Lew.

MetLife admitted that from September 2008 through March 2012, it repeatedly certified for FHA insurance mortgage loans that did not meet HUD underwriting requirements. The bank admitted it was aware that a substantial percentage of these loans were not eligible for FHA mortgage insurance due to its own internal quality control findings.

MetLife, Inc., announced an agreement to sell MetLife Bank, N.A.'s mortgage servicing portfolio to JPMorgan Chase Bank, N.A.

The Mortgage Bankers Association released a report Friday that ranked mortgage giant Wells Fargo last year's top commercial and multifamily mortgage originator. The trade group offered a set of comprehensive listings responsible for tracking originations by different investor groups. Wells Fargo snagged mentions in several listings, including those for commercial banks, savings institutions, Fannie Mae, Ginnie Mae, the Federal Housing Administration, Real Estate Investment Trusts, and other investors.

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 not immediately clear how much Nationstar paid to buy the reverse mortgage portfolio from MetLife. The life insurer also said that it would cease receiving any new reverse mortgage loan applications and registrations. MetLife said that retail banking, including reverse mortgages, accounted for less than 2 percent of operating earnings for the company last year.

MetLife originated $11 billion in commercial mortgages in 2011, making last year the largest on record for the life insurer. The company said in a statement Monday that it achieved the results by signing off on a number of real estate transactions with mortgages roughly equal to $200 million and above. It said that these include $350 million on a loan for commercial real estate in Manhattan and $255 million on a mortgage for an office building in Chicago. The record-breaking loans from last year come on the heels of a pullout by MetLife from the forward mortgage origination business.

Citigroup joined a host of other financial institutions Wednesday by declaring that it plans to exit the mortgage brokerage business. A spokesperson said that the bank decided to depart from the brokerage channel in order to focus on the rest of the business, particularly mortgage origination in the correspondent and retail lending sectors. The move follows similar departures from around the mortgage origination and servicing sectors by Bank of America, JPMorgan Chase, MetLife, and Morgan Stanley last fall.

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 existing customers, even while it ceases accepting new loan applications for forward mortgages. MetLife also said that it would continue to originate reverse mortgages. MetLife said it expected to incur as much as $90 to $110 million in costs after tax next year for leaving the business.

Amid declining share and revenue across the industry, financial services firm Morgan Stanley announced that it will eliminate about 1,600 jobs, or about 2.6 percent of all employees, multiple news outlets said Friday. The move arrives for the financial services firm amid continued problems for the investment trading industry and debt crises for euro zone countries. Earlier this year Bank of America, Citigroup, and MetLife all followed the same route by announcing job-slashing measures.