First Horizon National Corp. has parted with its mortgage operations outside Tennessee.
MetLife Bank, N.A., completed its acquisition of around 250 First Horizon mortgage production offices outside Tennessee on Aug. 31, an announcement today said. Included with the deal were origination and servicing platforms.
A $19 billion first lien servicing portfolio was also included in the sale.
First Horizon also said it expects $35 to $50 in second-half mortgage charges, though net charge-offs are expected to increase by $100 million to between $485 million and $585 million. Some of the additional losses are attributable to its one-time close portfolio and its commercial real estate loans.
The acquisition was originally announced in June following MetLife’s acquisition of EverBank Reverse Mortgage LLC of Bloomfield, N.J., from EverBank Financial Corp.
MetLife was expected to pick up around 3,000 employees with the First Horizon acquisition. The president of MetLife Bank is Donna DeMaio.
Related:
First Horizon to Sell Mortgage Unit
First Horizon National Corp. has found a buyer for its mortgage unit.
