MetLife Reverse Mortgage Volume Increased Substantially says CFO

image MetLife Bank’s residential lending operations are performing well, and its home mortgage originator is growing quickly, the company’s executive vice president said Monday.

In 2009, origination volumes of both its reverse mortgage and forward home mortgages " increased substantially," and the bank’s profitability has been strong, said William J. Wheeler, MetLife’s chief financial officer, speaking during an investor day conference. 

The company will begin reporting separate financial data on the bank beginning in the fourth quarter, which Wheeler said "reflects the growing importance of MetLife Bank" to the company’s profits. 

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The company estimated that MetLife Bank will report 2009 operating earnings of $280 million to $290 million, and full-year 2010 earnings of $170 million to $ 190 million.

As you can see from the chart below, MetLife’s reverse mortgage volume is up big in 2009.   

Chart: MetLife Reverse Mortgage Volume

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  • When I think of Snoopy, one guy who has really contributed to the industry as a whole and is the face of MetLife to many of us on a national level is the Co-Chairman of NRMLA, Mr. Joe DeMarkey. Congratulations to MetLife, its entire staff, and, yes, Mr. DeMarkey.

  • Met Life is doing a lot of business because it pays more to the mortgage company than the others do. Their service is HORRIBLE. They are slow and have really ridiculous condtions.I hate them.

  • Met Life is doing a lot of business because it pays more to the mortgage company than the others do. Their service is HORRIBLE. They are slow and have really ridiculous condtions.I hate them.

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