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MetLife Bank

Check's In the Mail: Four Million-Plus Borrowers to Receive Servicing Settlement Payouts


Payments to 4.2 million borrowers are scheduled to begin on April 12 following an agreement reached by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board with 13 mortgage servicers. The agreement, which was reached earlier this year, provides $3.6 billion in cash payments to borrowers whose homes were in any stage of the foreclosure process in 2009 or 2010 and whose mortgages were serviced by one of the following companies, their affiliates, or subsidiaries: Aurora, Bank of America, Citibank, Goldman Sachs, HSBC, JPMorgan Chase, MetLife Bank, Morgan Click to continue

Goldman Sachs and Morgan Stanley Reach Agreement With Federal Reserve on Servicing Practices

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Goldman Sachs and Morgan Stanley have reached agreements in principle with the Federal Reserve Board to pay $557 million in cash payments and other assistance to help mortgage borrowers. These agreements are similar to those announced on Jan. 7, 2013, between 10 mortgage servicing companies and the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board. Like the other institutions, Goldman Sachs and Morgan Stanley were subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing.Click to continue

MetLife to Sell Its Servicing Platform to Walter Investment


Walter Investment Management Corporation has announced a definitive agreement to acquire the residential mortgage servicing platform, including certain servicing related technology assets, of MetLife Bank NA located in Irving, Texas. The assets to be acquired do not include any mortgage loans or mortgage servicing rights.Click to continue

Ten Servicers to Shell Out $8.5 Billion-Plus for Deficient Practices

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Ten mortgage servicing companies subject to enforcement actions for deficient practices in mortgage loan servicing and foreclosure processing have reached an agreement in principle with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to pay more than $8.5 billion in cash payments and other assistance to help borrowers. The sum includes $3.3 billion in direct payments to eligible borrowers and $5.2 billion in other assistance, such as loan modifications and forgiveness of deficiency judgments.Click to continue

Gary B. Fabian Joins Stearns Lending as CFO


Stearns Lending Inc. has announced that Gary B. Fabian has joined Stearns Lending Inc. as chief financial officer. Fabian brings 26 years of executive level financial experience specific to the mortgage banking and financial services industries.Click to continue

MetLife Exits the Reverse Mortgage Business and Sells Reverse Portfolio to Nationstar Mortgage


MetLife Inc. has announced that it is exiting the reverse mortgage business, and that Nationstar Mortgage LLC will be purchasing MetLife Bank's reverse mortgage servicing portfolio. The transaction is subject to certain regulatory approvals and other customary closing conditions. MetLife Bank will no longer accept new reverse mortgage loan applications and registrations.Click to continue

MetLife's Warehouse Business Acquired by EverBank


EverBank has agreed to acquire MetLife Bank's Warehouse Finance business. Financial terms of the transaction were not disclosed. The acquisition, which is expected to close in the first half of 2012, will leverage EverBank's residential lending expertise and increase EverBank's assets by approximately $400 million.Click to continue

Scott Houp Joins Kinecta as Director of National Correspondent Wholesale Loan Production


Kinecta Federal Credit Union has announced the hiring of Scott Houp as director, national correspondent wholesale loan production. Reporting directly to Kinecta Senior Vice President, Chief Credit Officer Brian Robinett, Houp will be responsible for overall residential mortgage loan sales production through various lending channels, as well as the development of new loan accounts and business relationships through sales, marketing and referrals. He will be based out of Kinecta’s Chicago Mortgage Operations Center.Click to continue