PNC Financial Services is taking a look at parts of MetLife Mortgage, according to industry advisors familiar with the situation.
Late last week officials from both institutions declined to comment.
In early October, MetLife Inc., the insurance company parent of the mortgage company, said it was throwing in the towel on residential finance and would entertain offers for the unit.
The insurer entered the business more than three years ago, buying at the bottom of the market and growing MetLife Mortgage into the nation’s 12th largest originator.
Among servicers, it ranks 10th with $108 billion in housing receivables, according to figures compiled by National Mortgage News and the Quarterly Data Report.
Back in July PNC hired E. Todd Chamberlain as a senior executive in the mortgage group. He left a position at Regions Financial to join the company. PNC and Regions have been engaged in merger talks as well.
Daily Briefing | Monday, December 5, 2011
Hike in Fannie/Freddie G-Fee May Fund Payroll Tax Holiday
To break a Congressional deadlock and fund the payroll tax break, Sen. Bob Casey, D-Penn., is proposing an increase in the guarantee fees charged by Fannie Mae and Freddie Mac.
Treasury Steps Up Efforts to Push Banks Out of TARP
The Treasury Department is stepping up efforts to unwind its remaining commitments from the 2008 bailout.
GNMA Warned Seven Issuers on MBS Violations
The Government National Mortgage Association warned seven of its MBS issuers during the first nine months of 2011 that they are in violation of agency’s rules, according to an audit by the General Accountability Office.
NCB Originates $41 Million of Cooperative Loans
National Cooperative Bank FSB, Arlington, Va., originated $41 million in residential cooperative loans during the third quarter. This brings its total up to $118 million in new loans for 542 residential cooperative unit owners through Sept. 30.
CRE Exposure Leads to Five Bank Closures
Five banks across the nation failed in November, according to Trepp LLC’s latest report, with commercial real estate a major contributing factor.
National Production Manager for Supreme
Supreme Lending, a Dallas-based mortgage banker, has hired James E. Iley Jr., as the company’s new senior vice president, national production manager.
New Institute to Offer Insights on Distressed Customers’ Mindset
Encore Capital Group of San Diego has established the Consumer Credit Research Institute in an effort to promote financial literacy through a better understanding of distressed customers and the way they make financial decisions.
CFPB ‘Deadlock’ Depends on 2012 Election, Rep. Frank Says
Rep. Barney Frank, the lead Democrat on the House Financial Services Committee, said late last week that the ongoing stalemate over the confirmation of a director at the Consumer Financial Protection Bureau will not be resolved until at least 2012.
CS: MI, “Disorderly” European Woes Among Risks to Watch
Mortgage insurance concerns and the possibility of a “disorderly” European recession are among the market risks that should be watched going forward, Credit Suisse strategists said in a global outlook conference call Monday morning.
Sales Director Departs Allonhill
Mike Hartman, the sales director of Allonhill for the past two years, has left the due diligence firm to “pursue other opportunities,” the company said.
Fitch Says Outlook Change for Defeased CMBS Unlikely
Fitch Ratings said Friday that an outlook change to negative for “defeased” U.S. CMBS looks unlikely despite the use of government debt in defeasance and a recent revision of the sovereign outlook to negative.
D.C. Law Firm Buys Mortgage Banking Practice
The law firm Ballard Spahr announced Monday that it has added a new mortgage banking practice, tapping three partners and one associate from Patton Boggs.