Reverse mortgage production picked up from the first quarter at MetLife Home Loans, as did the volume of traditional mortgage fundings. But overall business tumbled by more than half from a year ago.
Second-quarter residential originations were 20,086 loans for $4.683 billion, MetLife Inc. reported to MortgageDaily.com today. Sales were up slightly from the first quarter’s 20,008 units for $4.4 billion.
But production nosedived from $11.1 billion in the second quarter of last year.
In addition, MetLife originated 3,500 reverse mortgages for $0.463 billion during the latest period, improving from the first quarter’s 2,819 loans for $0.4 billion. A year prior, reverse fundings were higher at 3,774 loans for $0.7 billion.
The mortgage servicing portfolio finished the second quarter at $95.1850 billion, falling from 598,446 loans for $109.2 billion at the end of the first quarter. A year ago, MetLife serviced 540,650 loans for $97.8 billion.
The balance sheet reflected $1.789 billion in residential and consumer loans, higher than $1.548 billion at the end of March and $1.299 billion on June 30 of last year.
Commercial mortgage assets were $34.4 billion on June 30. The March 31 total was $34.7 billion.
“Total operating revenues for MetLife Bank were $337 million, down 16 percent due to lower mortgage refinancing activity,” the report said.
The parent company earned $1.5 billion, improving from an $0.8 billion profit three months earlier and a $1.4 billion loss a year earlier.
MetLife employed 3,959 people in mortgage lending as of June 30, slightly lower than 3,975 on March 31. Headcount was higher, however, than 3,811 employees 12 months prior.