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Wells Fargo & Co., Bank of America Corp. and other large lenders are fleeing the reverse mortgage industry, leaving specialty lenders with more business than they know what to do with.
November 18 -
Zions Bancorporation and Regions Financial Corp. were the biggest winners among bank stocks Wednesday after the Federal Reserve gave the two regional companies the go-ahead to finally repay the the Troubled Asset Relief Program.
March 14 -
EverBank, which has been carefully growing its mortgage business the past few years, has agreed to purchase the warehouse division of MetLife, the company confirmed to National Mortgage News.
February 10 -
HomeStreet Inc. in Seattle has hired more than 160 former MetLife Inc. mortgage professionals across three Pacific Northwest states.
February 8 -
MetLife senior vice president Brian Lewand confirmed to National Mortgage News that his institution is targeting growth in reverse mortgage lending.
June 21
MetLife (MET) Thursday afternoon said it will exit the reverse mortgage business — where it ranks among the top five producers — selling the division to Nationstar Mortgage (NSM) of Texas.
Few details were available, but MetLife, one of the largest insurers in the U.S., said Nationstar will also buy its reverse servicing business.
"The transaction is subject to certain regulatory approvals and other customary closing conditions," the insurer said. "MetLife Bank will no longer accept new reverse mortgage loan applications and registrations."
Earlier this year MetLife closed its forward residential funding division, cutting 4,200 workers in the process.
Sources say it is currently marketing its $80 billion MSR portfolio.
