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June 04, 2008 at 02:16 PM
The banking arm of a financial services giant has announced one acquisition agreement hours after completing a second deal.
MetLife Bank N.A., Bridgewater, N.J., a subsidiary of MetLife Inc., New York, says it has agreed to acquire the residential mortgage origination and servicing business of First Tennessee Bank National Association, a unit of First Horizon National Corp., Memphis, Tenn.
The acquisition includes all of the origination business outside of Tennessee and servicing assets associated with about $20 billion of first lien mortgage loans, according to MetLife Bank.
MetLife Bank also would enter into a sub-servicing agreement for the rest of First Horizon’s first lien servicing portfolio, or about $65 billion in loans, and it would get about 230 retail and wholesale offices.
