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A lot has changed in the reverse mortgage industry within the past decade. The last five years alone saw the exits of big banks like Wells Fargo (NYSE: WFC) and Metlife (NYSE: MET) from the reverse.
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Metlife Exits Forward Mortgage Business – Sec – 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 was jumping over dollars to get to dimes. That’s how the huge life insurance company viewed reverse mortgages and, helped along by a slap on the wrist, was the ultimate reason it decided.
· Allen Price, senior vice president of Business Development at RoundPoint Mortgage Servicing. About RoundPoint Mortgage Servicing Corporation Founded in 2007, RoundPoint is a fully-licensed agency and non-agency subservicer for commercial banks, credit unions, mortgage companies and hedge funds.
Reverse Mortgages: Customers Have Little to Fear as Wells Fargo and Bank of America, Two Biggest Players, Exit Business. The bank, one of two biggest providers of such loans (along with Bank of.
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MetLife Inc., (NYSE:MET) the largest life insurance company in the U.S., announced its exit from the originating forward residential mortgages business. With this, the company will no longer accept.
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. characteristics that are different from the forward mortgage business,” he said. MetLife is the No. 1 provider of reverse mortgages in the U.S., now occupying the top position following the exits.
CIT Group’s exit from the reverse mortgage business is. and these actions allow us to apply greater focus in those areas of the business.” The company said that going forward, its mortgage business.
Since that time, MetLife has reached agreements to sell MetLife Bank’s deposit business to GE Capital and to sell the bank’s warehouse finance business to EverBank. In addition, the bank has ceased.