MetLife Pulling out of the Mortgage Business

 

 

I was watching Fox Business News yesterday and confirmed it that MetLife is pulling out of the mortgage business.  MetLife entered the market back in June 2008 when it bought a bunch of divisions of First Horizon Corp.  They are now exiting out of this market 3 and 1/2 years later.  This is good for me, because it is less competition, but this brings me back to my first thought after hearing this information.  I am curious to understand why consumers continue to trust these big companies for their mortgage needs.  Working for a very small mortgage bank, we could never afford to make the kind of splash MetLife made when they entered our market.  Heck they have “Snoopy” to help get a brand message across.  What can I offer?,  just old fashion good service, honesty and a reputation for getting mortgage loans approved for clients.

MetLife is not the only big company making changes in their mortgage business.  More big banks are rethinking their positions in being entrenched in this business.  I know of 2 bigger mortgage players that are either scaling back their mortgage operations or looking at exit strategies all together.  Does the one stop banker for all your financial needs really work?  The market is showing signs of no.  Heck my philosophy about this business has been simple.  Focus on what you do best.  I know my company does one thing great and that is originate mortgage loans for our clients.