MetLife Selling Mortgage Servicing Portfolio

BusinessWire informs MHProNews JPMorgan Chase Bank, N.A. is purchasing MetLife Bank, N.A.’s approximately $70 billion mortgage servicing portfolio as MetLife continues to divest itself of its bank holding company structure, a move it began in 2011 when it decided to no longer sell residential mortgages. MetLife Bank President Jim Rose said, “ Since that time, MetLife has entered into agreements to sell MetLife Bank’s deposit business to GE Capital, sold the bank’s warehouse finance business to EverBank, (and) sold the bank’s reverse mortgage servicing rights to Nationstar.” MetLife will return to its focus on insurance and employee benefits where it serves 90 million customers. While the company’s retail banking business, including mortgages, accounted for less than two percent of its 2011 earnings, the $70 billion servicing portfolio will increase Chase’s $1.1 trillion servicing business by over five percent.

(Image credit: bankrate)

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