In the end, MetLife Inc. wasn't crazy about the residential finance business, but it had a darn good quarter origination wise, according to final survey figures the company provided to National Mortgage News.
In 4Q – the last full quarter that MetLife Home Loans was still in business -- the mortgage division originated $8.3 billion of new home loans, an 18% jump from the same period in 2010.
The 4Q gain for MetLife came amid a 25% decline in originations for all mortgage bankers (compared to 4Q 2010).
Compared to the third quarter, MLHL grew its production by an impressive 30%.
Retail accounted for 60% of its originations, according to NMN and the Quarterly Data Report with wholesale and correspondent accounting for the balance.
But although its loan production remained strong right up until the end, its servicing balance fell.
At yearend MLHL serviced $85 billion in home mortgages compared to $87 billion at yearend 2010.
The parent company is in the process of shuttering MLHL's forward lending business after failing to find a buyer for the division. It's anticipated that in time it will auction off its remaining MSRs.
