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Met Life Looking to Sell its Mortgage Division

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Mortgage and Lending with Primary Residential Mortgage Inc. NMLS 38783

Met Life Bank which is a division on of Met Life Inc is looking to sell its mortgage division because of the over regulation of the industry through the passage of Dodd-Frank Bill and the new Federal Reserve Regulation.  The increased legislation has made it much more expensive to operate a mortgage banking company as it now requires more human staff and more systems to comform to the new regulations.   Met Life wants to get rid of its banking division to focus on its insurance and group benefits which is the backbone of the company.  You can get more information on the annoucement at Met Life Story.

This just goes to show that Congress is making it harder for companies to operate and turn a profit in the mortgage business which ultimately is worse for the consumer.  Less choices in the market place means less flexibility for the consumer and higher costs.  All of the legislation passed since 2008 has done nothing but increase the cost of doing the loan for a consumer from HVCC appraisal law to the Dodd-Frank law.

If you would like to apply for a home loan for the purchase or refinance of a home in Delaware, Maryland, or PA please call us at 302-703-0727 or you can APPLY ONLINE. 

John R. Thomas
Certified Mortgage Planner - NMLS 38783
Primary Residential Mortgage
248 E Chestnut Hill Rd
Newark, DE 19713
302-703-0727 Office
www.DelawareMortgageLoans.net


 

 

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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

It's hard to believe but MET Life used to own Century21 back in the 1980's !!!!

Dec 13, 2011 01:46 PM
John Thomas
Primary Residential Mortgage Inc. - Newark, DE
First Time Home Buyer Expert

Hi Mike,

I never knew that Century 21 was owned by Met Life.  Wow, small world.

John Thomas

Dec 13, 2011 01:50 PM
John Thomas
Primary Residential Mortgage Inc. - Newark, DE
First Time Home Buyer Expert

Hi Erica,

Met Life isn't the only one, AllState has a banking division and they tried to sell it to Discover but was approved, still waiting approval to close its banking division from the Fed.  Because of Dodd-Frank, lots insurance companies want out of the banking business as it is effecting their insurance business because of the over regulation, the man power and systems needed to conform to the new laws are cutting into the bottom line where it just doesn't make sense anymore.

John Thomas

Dec 13, 2011 01:53 PM
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

You gotta love the Feds and the rest of the complete bufoons running the monkey show on Capital Hill. Depending on which way the wind blows lets regulate this... no lets regulate that. Oh and make sure we change the rules and regs at least 4 times / yr so we can fine the daylights out of all these people who are working their rear ends off... to ensure we (the monkey show) have cush lives and excellent health care benefits!

Dec 13, 2011 02:00 PM
John Thomas
Primary Residential Mortgage Inc. - Newark, DE
First Time Home Buyer Expert

nothing will ever change because who is going to vote to limit their own power in Congress, the may run on reform and change but none of them will ever vote to lower their pay or decrease their benefits or power.  So we are stuck with the corrupt system we have.

Dec 16, 2011 02:47 PM
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Delaware Mortgage loans for the purchase or refinance of homes in Delaware. Advice on Delaware mortgage rates and loan programs. Delaware FHA Loans, Delaware USDA loans, Delaware VA loans, and Delaware Reverse Mortgages. John R. Thomas is the author of the book, Your Guide to Buying Your First Home in Delaware.

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