Sign of the Times: MetLife, a Fortune 50 company with annual revenue around $66 billion, is getting out of the mortgage business.
Why? Apparently, with today’s burdensome regulatory environment, it’s just not worthwhile anymore. Surely, that’s not what federal legislators had in mind when they "reformed" the financial industry in 2010.
The decision didn’t come easy: the company expects this shift to cost $90 to $110 million, after taxes. MetLife tried to sell its mortgage division for some time. When that led nowhere, they decided to close up shop. The company will continue to honor its commitments to date, and is still originating reverse mortgages.
All of which begs the question: Who’s next?