MetLife Ceases Mortgage Operations

By
Mortgage and Lending with Guaranteed Rate NMLS# 2611 NMLS #151088

After months of pursuing a sale of its mortgage division, MetLife announced today that it would instead wind down its operations.  Rumors of potential suitors have been widely reported over the last few weeks.  In the end, none ever materialized.  As of 5 pm today, the company has stopped accepting new mortgage loan applications.   Their press release stated that they would continue to originate reverse mortgages. 

Their announcement states that "MetLife Home Loans will continue to service its current mortgage customers. In addition, MetLife Home Loans will honor all contractual commitments for loans in process and expects the majority of loans to close in 90 days."

MetLife entered the forward mortgage business in 2008 with the purchase of First Tennessee Bank's First Horizon Home Loan division.  The company announced in December that GE Capital Finance would acquire most of its banking business.  Fortunately for their employees, many have had time to pursue other employment opportunities. 

 

 

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It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

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FHA Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

 

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  • Rodney Mason is a Licensed Branch Manager located in Atlanta, GA.   He can be reached at (404) 591-2453.
  • Providing financing for all cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.

    Providing financing for all cities across Alabama including:
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  • Providing financing for all cities across Florida including: Altamonte Springs, Atlantic Beach, Boca Raton, Bradenton, Cape Coral, Clearwater, Coral Springs, Daytona Beach, Delray Beach, Destin, Fort Lauderdale, Fort Myers, Fort Walton Beach, Gainesville, Hollywood, Homestead, Jacksonville, Jupiter, Key Largo, Key West, Lake City, Largo, Marathon, Mexico Beach, Miami, Naples, New Smyra Beach, Ocala, Orlando, Palm Coast, Panama City Beach, Pensacola, Pompano Beach, Port St Joe, Sanibel Island, Sanford, Sarasota, St Augustine, St Petersburg, Tallahassee, Tampa, Vero Beach, West Palm Beach, & Winter Park, and many more.

 

  • Providing financing for all cities across South Carolina including: Aiken, Anderson, Beaufort, Bluffton, Charleston, Columbia, Conway, Edisto Island, Florence, Greenville, Hilton Head, Johns Island, Myrtle Beach, North Augusta, Orangeburg, Rock, Hill, Spartanburg, Sullivans Island, Summerville, and many more.  
  •   

    Providing financing for all cities across Tennessee including: Athens, Brentwood, Bristol, Chattanooga, Clarksville, Cleveland, Cookeville, Dyersburg, Franklin, Gatlinburg, Greeneville, Johnson City, Kingsport, Knoxville, Maryville, Memphis, Morristown, Murfreesboro, Nashville, Newport, Oak Ridge, Pigeon Forge, Sevierville, and many more

 

All mortgage lending guidelines are accurate at time of post, but are subject to change without notice.  Please call for the most current information.

    

           

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Lynn B. Friedman 01/10/2012 03:55 PM
Topic:
ActiveRain Community
Location:
Georgia
Groups:
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"Whacked"!!!
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Tags:
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Ambassador
414,247
Emily Medvec Qualifying Broker
Hello Realty - Santa Fe, NM
Realtor | Serving Santa Fe & Northern NM

Rodney, thank you for the head's up about MetLife, including the helpful link to their press release. What do you think was at the bottom of their demise? It would appear there is still a lot of adjustment taking place on the financial side.

Jan 10, 2012 02:25 PM #1
Rainmaker
1,317,651
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

That is surprising news.  I wonder why they are going to continue with the reverse mortgages.. Wells Fargo found them to expensive and quit doing them.  Interested in your thoughts.

Jan 10, 2012 02:25 PM #2
Rainmaker
1,143,971
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

I figured as much. The biggest surprise to me is how long they kept it going before they cried out "no mas"

 

Jan 10, 2012 02:31 PM #3
Rainmaker
682,940
Sidney Kutchuk - Realty Works Temecula Kutchuk - Realty Works Temecula
Realty Works Temecula - Temecula, CA
Realty Works Temecula

Another one bites the dust!  And a big one that will make a big thud!

Jan 10, 2012 02:32 PM #4
Rainmaker
421,701
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

Emily....They operated the mortgage division under their banking unit.  They have cited several times in the last few months they are trying to get out of federal oversight tied to banking. 

Joan....Its hard to say about the reverse mortgages.  Many companies have quit doing those recently.  Time will tell though.

US.....They have already experienced employees not waiting around to see what the outcome would be.

Jan 10, 2012 02:39 PM #5
Rainmaker
421,701
Rodney Mason
Guaranteed Rate NMLS# 2611 - Atlanta, GA
VP of Mortgage Lending - AL, FL, GA, SC, & TN

Jane....They were big, but I don't think they ever broke the Top 10.

Jan 10, 2012 02:40 PM #6
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Rainmaker
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Rodney Mason

VP of Mortgage Lending - AL, FL, GA, SC, & TN
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