Although insurance conglomerate MetLife failed to unload its residential mortgage banking business, it is moving forward with a plan to sell its profitable warehouse lending division, according to industry officials briefed on the matter.
Warehouse sources say MetLife has already contacted a handful of active players about the business — and at least one bidder who is not yet in the warehouse space.
At yearend, MetLife had roughly $1 billion in outstanding loans commitments to nonbank originators.
This week media contacts for MetLife refused to give any guidance about the future of its warehouse business. Some of those employees work out of MetLife office space in Boston.
Mid-week the insurance company announced plans to shutter its forward residential origination unit, MetLife Home Loans, which is headquartered in Irving, Texas. For now, it will retain its $85 billion mortgage servicing portfolio.
Roughly, 4,300 mortgage workers at MLHL were handed pink slips this week, but some of its loan officers are being solicited by competing firms. (For an expanded analysis on the future of MLHL’s LOs see the Monday edition of National Mortgage News.)