Friday Round Up: MetLife Quits Reverse Mortgages

In case you missed it, here’s what happened in reverse mortgage news this week. MetLife exited the reverse mortgage business. In an announcement Thursday, MetLife stated its decision to leave the reverse mortgage origination business and sell its servicing portfolio to Nationstar mortgage. Read our coverage of the exit. CFPB continued its mortgage industry audits, […]

MetLife: New, Younger Borrowers Need Reverse Mortgages

The reverse mortgage borrower of today is getting younger, and the age may be declining even further as a result of the financial stresses of the past four years, according to a study released this week by MetLife’s Mature Market Institute. This new group of borrowers is also using the reverse mortgage in a new […]

Game On: HUD says Reverse Mortgage Financial Assessment Still Coming

In the wake of efforts by MetLife to implement a financial assessment for its reverse mortgage borrowers and Urban Financial Group releasing a financial assessment draft seeking feedback, the Department of Housing and Urban Development has not changed course in the development of its own rule. “Because of the specialized nature of this program, FHA […]

New York Life and AARP to Team Up on Reverse Mortgage Initiative?

New York Life has yet to make any official move into reverse mortgages, but more information has surfaced suggesting that the insurance powerhouse plans to work with AARP when it does. A new position posted on New York Life’s website shows the company is looking for a Senior Strategy Officer who will be responsible for […]

MetLife: 41% of Boomers Cite Home Equity as Possible Income Source

Baby Boomers are more likely than younger generations to count on their family being able to use their home’s equity as income in the event that they passed away unexpectedly, according to a MetLife Mature Market Institute survey, “Multi-Generational Views on Family Financial Obligations.” All three generations, including Gen Xers and Gen Yers, believe they […]

MetLife Sheds Warehouse Lending Business, Reverse Mortgage Lines

EverBank Financial Corp. announced last week is has agreed to acquire MetLife Bank’s Warehouse Finance business under undisclosed terms. A company spokesman confirmed this week that the warehouse business being sold will include MetLife’s reverse mortgage warehouse lines. “An arrangement has been made to sell MetLife Bank’s entire Warehouse Finance Unit. This includes several warehouse […]

MetLife Forced to Suspend Financial Assessment as Others Fail to Follow

Since industry discussions in October set the bar for lenders to implement a financial assessment for reverse mortgage borrowers, MetLife has been the only major lender to formally introduce and launch such a policy. Now, effective today, the company has announced it has suspended those financial assessment guidelines, citing consumer confusion and the lack of […]

MetLife Fails to Sell Forward Mortgage Business, Reverse Remains

MetLife (NYSE: MET) has announced that it has decided to wind down all of MetLife Home Loans’ forward origination business and had stopped accepting applications as of 5 pm today. After announcing in October it was seeking a buyer, the insurer said it did not find such a buyer, and will close its forward origination […]

New York Life Making Move Into Reverse Mortgages

MetLife (NYSE:MET) and Genworth (NYSE:GNW) may not be the only insurance powerhouses in the reverse mortgage business in 2012. While there have been rumors floating around for the last few months that New York Life, one of the largest mutual life insurance companies in the United States, was looking to enter the space, a new job opening […]