From Housingwire, MHProNews.com learns that MetLife recently closed its forward home loan business. The company will continue to originate reverse mortgages, however. MetLife had had been trying to sell the division since October due to what the report says the company considered excessive regulations post-banking crisis. The insurance giant also recently sold its MetLife Bank in December to GE Capital Financial. Effective immediately, Irving, Texas-based MetLife Home Loans will no longer accept new mortgage applications. MetLife expects those already in the process to close within 90 days. Writing more than $22 billion in home loans, MetLife was the United States’ 13th largest mortgage originator in 2010.
(Image Credit: MetLife)