At Dec. 31, MetLife held approximately $11.74 billion in whole loans. In the past, the life insurer had focused on seasoned mortgages, but two years ago started buying newly-originated prime and near-prime mortgages.
The CFPB is updating policies regarding civil investigative demands to ensure the government is providing more information about potentially wrongful conduct under investigation.
One of the stipulations of the sale is that the buyer of the package cannot attempt to refinance the loans for at least 24 months – an indication the seller could be a wholesaler.