MetLife Home Loans Exits the Mortgage Business

MetLife exits mortgage businessAs quickly as Metlife popped onto the South Bay lending screen back in 2010, the company announcd last week that they will be exiting the mortgage business, with January 13th, 2012 being their last day to accept new loan applications. 

From the company press release:

MetLife expects $90 to $110 million, after tax, in costs related to exiting the business to be incurred over the next year, with no expected impact on the company’s operating earnings.

On December 27, 2011, MetLife announced that GE Capital Financial Inc. had agreed to acquire most of MetLife Bank’s depository business, including certificates of deposit and money market accounts.

MetLife’s entire retail banking business, including mortgages, represented under two percent of MetLife’s 2011 operating earnings as of September 30.

See the MetLife website here <<--