Another short week as we gear up for the new year… Here’s what happened in reverse mortgage news before we sign off and see you back in 2012.
MetLife announced the sale of its bank to GE Capital. MetLife (NYSE: MET) said GE will acquire most of its depository bank business in a deal expected to close in the second quarter of 2012 under undisclosed terms. The company’s reverse mortgage business will remain unchanged, a MetLife spokesman told RMD.
Reverse applications saw a very slight uptick in November. Applications received by the Federal Housing Administration rose to 7,508 in November, up 2.5% from October but still down 8.6% year-over-year.
…and we asked you, our readers, for your vote on the year’s biggest reverse mortgage news. An overwhelming 56% majority said it was Wells Fargo’s departure from the business, with other responses below.
…we also took our own tally of the year’s Top-10 reverse mortgage news stories. See the list here.
We’ll be signing off for the long weekend to celebrate the new year, but will return with the news on Tuesday, January 3. Wishing you a happy 2012!
—The RMD Team