MetLife replaces BofA as KB Home preferred mortgage lender
KB Home (KB) parted ways with Bank of America (BAC) this week, ending its joint venture with the lending giant and announcing a new home lending partnership with MetLife Home Loans. MetLife Home Loans, a subsidiary of the MetLife (MET) family of insurers, became the homebuilder's preferred mortgage lender Monday, KB Home said in its monthly earnings update. "Bank of America will continue to process and close residential consumer mortgage loans that the unconsolidated mortgage banking joint venture originated for the company's homebuyers on or before June 26," KB Home said in its second-quarter results. In April, KB Home suggested its joint venture with BofA could come to an end. In securities filings, the company said BofA came forward suggesting a restructuring of the joint venture, which had allowed BofA to provide KB homebuyers with mortgage and banking services. Write to Kerri Panchuk.