MetLife To Withdraw From Forward Mortgage Business

Law360, New York (January 10, 2012, 7:57 PM EST) -- MetLife Inc.'s home loans subsidiary will shut down its forward mortgage originating business, keeping reverse mortgage operations running, in its latest step out of the banking business, it announced Tuesday.

MetLife Home Loans will no longer accept new forward mortgage loan applications, effective immediately, according to a statement released to investors Tuesday. The company said it will honor its commitments to loans currently in process, and expects most pending loans to close within 90 days.

MetLife said it expects its exit from the forward mortgage business...
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