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MetLife Boosts Mortgage Force

MetLife Boosts Mortgage Force$10.6 billion Q2 originations

August 3, 2009

By MortgageDaily.com staff

Mortgage employee headcount jumped as home loan originations edged higher at MetLife Home Loans. The company’s reverse mortgage originations exceeded 3,700 loans, while the reverse servicing portfolio exceeded 18,000 mortgages.

The Bridgewater, N.J.-based lender funded 45,893 mortgages for $10.6 billion during the second quarter, according to data provided to MortgageDaily.com.

MetLife reported first-quarter originations of $10.4 billion.

MetLife acquired 250 mortgage production offices from First Horizon National Corp. in September 2008. Originations during the second-quarter 2008 at just those branches were 31,597 loans for $6.6 billion, while home loan production at all of First Horizon during that period was $6.8 billion.

The servicing portfolio was 540,650 loans for $97.8 billion on June 30, climbing from 524,149 mortgages for $93.2 billion as of March 31. The latest holdings included 308,616 portfolio loans for $53.3 billion and 232,034 subserviced loans for $44.6 billion.

On the reverse mortgage side, second-quarter originations were 3,774 loans for $0.7 billion. Reverse Market Insight reported that MetLife endorsed 2,307 reverse mortgages during the first quarter.

The reverse mortgage servicing portfolio was 18,465 units for $2.7 billion at the end of June.

MetLife employed 3,811 mortgage employees as of June 30, soaring from 2,956 as of March 31.

Parent MetLife Inc. reported a $1.4 billion second-quarter loss, worse than the $0.6 billion first-quarter loss.

MetLife profile

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