MetLife Departure Leaves Some Opening for Competitors
October 21, 2011
The departure of MetLife Bank, a division of insurer MetLife Inc., from the mortgage business will leave a gap in the FHA market that should not be hard to fill. The bank recently announced its intention to sell its mortgage business due to uncertainty in the marketplace and the rising cost of compliance in an excessively burdensome regulatory environment. It is getting too difficult to compete and be profitable under these conditions, the bank said in a statement. MetLife Banks mortgage-related woes reflected on its FHA origination volume and market share, both of which have been shrinking over the last couple of quarters. MetLife ranked fourth among ...