MetLife to exit mortgage business; keep ‘reverses’

MetLife Bank, the nation’s 12th largest funder of residential mortgages and a division of insurer MetLife Inc., announced it is selling its mortgage business, citing “uncertainty in the marketplace and a regulatory environment that requires excessive resources.”

The company said devoting people and capital to handle the regulatory environment in the mortgage space “would divert these resources away from MetLife’s primary focus on its global insurance and employee benefits businesses.”

MetLife began originating mortgages through its MetLife Homes Loans division in 2008. However, the company plans to continue writing reverse mortgages.

The bank will originate new home loans and service existing mortgages while it looks for a buyer.