Metlife probably lays claim to being one of the oldest home loan institution in the market. Although Metlife is huge in relation to insurance, In large part one of its most reassuring features is the inhouse services and depth of resources they have available. A MetLife mortgage producer not only originates the loan, he or she underwrites and closes the loans, and then remains the borrower’s primary contact for servicing matters after closing. Hardly any loan company can say that they will deal with your loan entirely inhouse. Unfortunately, in 2015: “MetLife Bank took advantage of the FHA insurance program by knowingly turning a blind eye to mortgage loans that did not meet basic underwriting requirements, and stuck the FHA and taxpayers with the bill when those mortgages defaulted,” said U.S. Attorney John Walsh of the District of Colorado. “[Metlife’s actions] also contributed to a catastrophic wave of home foreclosures across the country.”
Metlife Up To Date Digital Approval Process
There are lots of degrees of digitalization out there in the home loan market, some new financial services try to digitize all of the process. Some of those companies use that process to get the borrower to agree to either fees or services like appraisals before they really know that the loan is theirs. By contrast, MetLife’s in-depth, up-front due diligence before loan application ensures less process risk. Most of their experience is with commercial and business size loans, but they seem willing to take on retail level loans again.
Can You Trust Metlife?
It is really hard to speculate about how much change has occurred and how secure any of this process can be at this point. The fine that Metlife paid for issuing FHA loans that were destined to go bad was $123 million. Hard to say what kind of scrutiny they are under at this point given their past behavior.