As the servicing portfolio grew at MetLife Home Loans and earnings increased at its parent, residential originations have fallen more than 40 percent in the past three months and by more than half during the prior 12.
First-quarter originations were 20,008 mortgages for $4.4 billion, the company reported to MortgageDaily.com. Volume sank from 34,361 loans closed for $7.4 billion in the fourth quarter and $10.4 billion in volume a year earlier.
First-quarter activity included 17,189 residential loans for $4.0 billion, tumbling from 29,249 loans for $6.6 billion three months earlier.
In addition, 2,819 reverse mortgages were originated for $0.4 billion, also tumbling from the prior month — when 5,112 reverse mortgages for $0.8 billion were closed.
MetLife’s residential servicing portfolio finished March at 598,446 loans for $109.2 billion. The company’s portfolio finished last year at 564,276 loans for $103.4 billion.
In its report of first-quarter earnings, MetLife said it owned $48.4 billion in mortgages for investment, higher than $48.2 billion three months prior but off from $49.1 billion 12 months prior. The March 31 figure included $34.7 billion in commercial mortgages, $1.5 billion in residential and consumer loans and $2.0 billion in loans held-for-sale.
First-quarter income at MetLife Inc. was $835 million, according to first-quarter earnings data. The company had a $320 profit in the fourth quarter and a $544 million loss in the first quarter of last year.
MetLife employed 3,975 people in mortgage positions as of March 31, a decline from 4,057 people in the mortgage operation as of Dec. 31. But mortgage headcount was substantially higher than 2,956 mortgage employees as of March 31, 2009.