Bank of America told employees it’s leaving the reverse mortgage business on Friday. The company left the “forward” wholesale business last. “We made the strategic decision to exit the reverse.
"[The] reverse mortgage business has operating and capital characteristics that are different from the forward mortgage business," he said. MetLife is the No. 1 provider of reverse mortgages in the U.S., now occupying the top position following the exits of Wells Fargo and Bank of America from the business.
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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.
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· Today they announced they haven’t found a buyer and are ceasing forward mortgage operations. Here’s the meat of the press release : NEW YORK-(BUSINESS WIRE)-Jan. 10, 2012- MetLife, Inc. (NYSE: MET) announced today that it is exiting the business of.
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.
About 860 people employed by MetLife Inc. in Irving are slated to lose their jobs as the New York-based insurance giant exits the mortgage origination business. MetLife said it would continue to.
Last year, after wells jumped ship, MetLife saw itself as the cleanup hitter in a rather weak reverse mortgage lineup. It had lower pricing for its products and took the lead in the industry’s.
MetLife sold off its MetLife Bank deposit business to GE Capital and sold of its warehouse finance business to EverBank, reverse mortgage servicing portfolio to Nationstar Mortgage and exited its.
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If the consumer later exits bankruptcy on November 2 and has not discharged personal liability for the mortgage loan pursuant to 11 U.S.C. 727, 1141, 1228, or 1328, such that the mortgage loan ceases to be subject to the requirements of § 1026.41(f), the single-statement exemption would apply again beginning on November 2.
MetLife Investment Management has originated an average of $8 billion to $10 billion in commercial mortgages annually for the past 10 years.
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