WOW! This puts things into perspective a bit. We all complain about the banks on their underwriting and that they are “not lending” now. I knew they were pummeled with new regulations but had no idea to what extent.
The nation’s 11th largest mortgage servicer and 13th largest mortgage originator is getting out of the business due to excessive regulations according to HousingWire. If a company can walk away from a$115.9billion servicing business it has to be bad…
MetLife Bank, a division of insurer MetLife Inc. (MET: 31.75 0.00%), is selling the bank’s mortgage business, citing uncertainty in the marketplace and a regulatory environment that requires excessive resources.
…In 2010, MetLife Home Loans ranked as the 11th largest mortgage servicer in the U.S., with its servicing business valued at $115.9 billion in the fourth quarter. The company also ranked 13th on the list of mortgage originators, holding 1.4% of the market and originating roughly $22 billion in mortgages last year.
This not the direction we should be heading in to improve the housing market. Having more banks lending would be helpful, not banks walking away from the business…
- If You Think Metlife Gives a Damn About You, You Are in for a Rude Awakening (fhhmcaught.blogspot.com)
- Lenders Mortgage Insurance Costs (themortgagepot.com)
- Want to refinance your mortgage? Get in line (msnbc.msn.com)