MetLife (MET) Thursday afternoon said it will exit the reverse mortgage business — where it ranks among the top five producers — selling the division to Nationstar Mortgage (NSM) of Texas.
Few details were available, but MetLife, one of the largest insurers in the U.S., said Nationstar will also buy its reverse servicing business.
"The transaction is subject to certain regulatory approvals and other customary closing conditions," the insurer said. "MetLife Bank will no longer accept new reverse mortgage loan applications and registrations."
Earlier this year MetLife closed its forward residential funding division, cutting 4,200 workers in the process.
Sources say it is currently marketing its $80 billion MSR portfolio.