MetLife Sheds Warehouse Lending Business, Reverse Mortgage Lines

EverBank Financial Corp. announced last week is has agreed to acquire MetLife Bank’s Warehouse Finance business under undisclosed terms. A company spokesman confirmed this week that the warehouse business being sold will include MetLife’s reverse mortgage warehouse lines.

“An arrangement has been made to sell MetLife Bank’s entire Warehouse Finance Unit. This includes several warehouse lines in place for HECM,” the spokesman told RMD in an email.

EverBank said the expansion will work to diversify its lending platform.

“We’ve been interested in entering the warehouse lending business for some time,” said Rob Clements, Chairman and CEO of EverBank. “The MetLife Warehouse Finance business represents a natural business line expansion for EverBank and diversifies our lending platform with high quality asset generation capabilities.”

MetLife got into the warehouse lending in 2010, citing a natural fit for the company.

Written by Elizabeth Ecker

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