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MetLife Originations Strengthen

MetLife Originations Strengthen$4.5 billion Q4 production

February 11, 2009

By staff

Home loan fundings have picked up steam at MetLife Inc.’s new mortgage unit.Residential production was $5.8 billion last year, the company reported to MetLife Home Loans began operations in September 2008 when it acquired most of First Horizon National Corp.’s mortgage operations.

Fourth-quarter 2008 originations were $4.5 billion, MetLife said. Third-quarter production — including $1.3 billion originated as MetLife Bank during September and $3.1 billion originated as First Horizon in July and August — was $4.4 billion.

Last month, residential fundings were $2.8 billion — suggesting first-quarter originations could exceed $8 billion.

MetLife serviced 506,601 residential mortgages as Dec. 31. The portfolio included 159,286 loans owned by MetLife and 347,315 loans serviced for others.

Mortgages and consumer loans held-for-investment were $49.4 billion at yearend, rising from $49.2 billion at the end of the third quarter.

Commercial mortgage holdings were $36.0 billion on Dec. 31, up slightly from $35.9 billion three months earlier.

Net income at MetLife was $3.1 billion last year, according to its earnings report. Income fell from $4.2 billion in 2007..

During just the fourth quarter, earnings were $1.0 billion, up from $0.6 billion in the third quarter and $1.1 billion a year earlier.

The New York-based institution said it employed 2,794 full-time mortgage employees at the end of December.

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