Metlife

I wanted to do a quick update on some rumors that have been circulating around the industry for a while that were confirmed yesterday.

Metlife’s mortgage division is closing their doors. Most of the 4,500 employees with Metlife will be losing their jobs in the next 90-180 days. Apparently they will continue to take rate-locks and new submissions until Friday January 13^th and have promised to close out their existing pipeline in a timely manner.

 However, it appears that all pre-approvals and files not locked or submitted by this Friday will be voided.

 You can find the entire story here:

 http://www.chicagotribune.com/business/sns-rt-us-metlifetre80929q-20120110,0,5164614.story

http://www.businessweek.com/news/2012-01-10/metlife-exits-mortgage-business-most-of-4-300-will-lose-jobs.html

I’m always upset to see any company within my industry fail.  However, I can’t help but find these events to be a testament to the sound business practices of the company I work for. Additionally, there are several lenders I know at Metlife that may be migrating over to my company and we welcome these producers with open arms.

 If you have any questions about these developments, please call or text Scott Groves at (818) 679-5188