Residential originations plummeted by more than 90 percent from the prior quarter at MetLife Inc. as it winds down its mortgage business. Attrition appears to be taking its toll on staff size.
Between Jan. 1 and March 31, MetLife originated $0.699 billion, the Irving, Texas-based lender reported to Mortgage Daily.
Loan production was just a fraction of the $8.25 billion in volume generated during the fourth quarter.
The sharp decline reflects MetLife’s decision announced in January to exit traditional mortgage lending.
The life insurance company has since disclosed plans to exit the reverse mortgage business.
In the first-quarter of last year, 15,307 residential loans were originated for $3.752 billion.
The residential servicing portfolio finished March at $94 billion. Three months earlier the total servicing portfolio was $95.6 billion, while it stood at $116.1 billion a year earlier.
MetLife said earlier this month that it reached an agreement to sell its reverse mortgage servicing portfolio to Nationstar Mortgage LLC.
As MetLife Home Loans employees hit the exits to find new jobs, the number of mortgage employees has fallen to 3,399 as of March 31 from 5,406 as of Dec. 31, 2011. A year prior, the staff size was 4,956.