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MetLife Back in Mortgages with First Horizon.
Bridgewater, NJ -- Thirteen years ago insurance giant MetLife said goodbye to mortgage banking. Last week it re-entered the business by agreeing to purchase the national lending business of First Horizon National Corp. of Memphis.
"MetLife is hoping to catch the business at the bottom and ride it up," said one investment banker close to the deal. "It's good to see new entrants getting in."
The banking affiliate of MetLife agreed to buy - through an asset purchase - 230 retail and wholesale offices, and a servicing platform belonging to First Horizon. No purchase price was disclosed.
Roughly, 3,000 mortgage workers will shift over to MetLife Bank, which is based here in suburban New Jersey. The branches acquired do not take deposits.
According to just-released figures compiled by National Mortgage News, First Horizon ranked 15th among all lenders in the first quarter, producing $7.6 billion in new loans. Half of its production is retail, the other half, wholesale.
MetLife also will acquire $20 ...
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Source: HighBeam Research, MetLife Back in Mortgages with First Horizon.