MetLife

Industry Update: MetLife Bows Out 

In late April, MetLife announced its exit from the reverse mortgage business. While not easy to digest, the move was anticipated by players accustomed to the industry’s persistent evolution. The insurance provider announced the sale of its servicing portfolio to Texas-based Nationstar Mortgage, the same company that bought the rights to Bank of America’s reverse mortgage servicing last year. One of the largest mortgage servicers, Nationstar is backed by Fortress Investment Group, a New York-based hedge fund and private equity group. MetLife was once the largest reverse mortgage provider in the U.S. with 23 percent of the market in the