Although insurance giant MetLife Inc. is contemplating bids for its banking and mortgage divisions, the company's warehouse lending unit is nearing the $1 billion mark in terms of commitments.
According to survey figures compiled by National Mortgage News, MetLife Bank ended September with $902 million of warehouse commitments and sources close to company anticipate the number could grow to $1 billion by yearend.
MetLife Bank entered the warehouse sector last year and has aggressively grown the business. It has 26 nonbank customers.
Advisors contend the parent company may keep the warehouse group intact instead of selling it.
To date, the parent company has not offered much detail regarding the auction process for both MetLife Bank and MetLife Home Loans. (The bank has only one branch.)
As reported by NMN this week, PNC Bank and American Express have both shown interest in parts of the mortgage division. All parties involved have declined to comment.