MetLife to Exit Mortgage Biz, Citing Increased Regulation
October 24, 2011
MetLifes bank division has become the first major lender to say it plans to exit the mortgage business because of increased regulation. MetLife Bank announced it put its Home Loans unit up for sale earlier this month, a move that followed its decision to explore the sale of its depository business. Todays uncertain marketplace and regulatory environment require a tremendous amount of resources both in terms of people and capital to effectively compete in and profitably grow the forward mortgage business, the company said. Doing so would divert these resources away from MetLifes primary focus on its global insurance and employee benefits businesses.