EverBank, which has been carefully growing its mortgage business the past few years, has agreed to purchase the warehouse division of MetLife Inc., the company confirmed to National Mortgage News.
"We signed the deal this week," said EverBank president and chief operating officer Blake Wilson. "It will close some time in the first-half."
Roughly 17 MetLife warehouse employees will join the bank. No purchase price was disclosed.
Wilson noted that the Jacksonville-based EverBank will keep the warehouse division in Boston where it is presently headquartered.
Among residential lenders, EverBank ranks 26th nationwide, according to the Quarterly Data Report.
The bank also has a small correspondent lending business. "This deal is a natural extension of our position in residential finance," Wilson said.
At yearend MetLife had $1 billion in warehouse commitments.