MetLife grabs a 2 percent share of residential mortgage market

New York /
Jun.June 13, 2011 09:49 AM

MetLife has grabbed a 2 percent share of New York’s residential mortgage market just as rock-bottom lending rates and rising consumer confidence begin to spur home sales, according to Crain’s. The nation’s largest life insurer, with $55.9 billion in revenues, is planning a measured approach to growth in its hometown.

“As a new lender, we don’t have the baggage of the past,” said Tony Clintock, northeast regional sales leader for the residential mortgage division of the bank.

The move into the residential market has been in the works since 2008 when MetLife acquired the residential mortgage business from Tennessee-based First Horizon National.

Since then, the sales force has grown to 40, covering all five boroughs. Most of its volume comes from financing sales at dozens of new condo developments where the bank acts as the projects’ preferred lender,
such as Extell Development’s the Aldyn and the Rushmore.

The company is slated to open an office in Park Slope this summer and another in Queens, by the end of 2011.

“Right now, MetLife is doing everything right,” said David Lykken, managing partner at consultant Mortgage Banking Solutions. “New York is one of the hardest markets to crack, but they will be one of the dominant lenders here.” [Crain’s]


Related Articles

arrow_forward_ios
One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)
Extell lands $690M refinancing package for One Manhattan Square
Extell lands $690M refinancing package for One Manhattan Square
From left: MetLife's Michel A. Khalaf and Clarion's David Gilbert along with with 44 Berry Street and 139 North 10th Street in Williamsburg (Getty, LoopNet, Clarion, MetLife)
MetLife pays $68M cash for Williamsburg apartments
MetLife pays $68M cash for Williamsburg apartments
Extell Development’s Gary Barnett and Ze'ev Jabotinsky St 3 in Jerusalem, Israel
Gary Barnett gives Jerusalem a chance with land purchase
Gary Barnett gives Jerusalem a chance with land purchase
Joseph Tabak, Gary Barnett and Robert Gans with 617 11th Avenue, 603 West 45th Street, 533 West 27th Street (LinkedIn, Robert's Skeathouse, Google Maps, Getty)
Extell, Tabak poised to take over prized Hell’s Kitchen parcel
Extell, Tabak poised to take over prized Hell’s Kitchen parcel
From left: Nir Meir, Gary Barnett, Konrad Bicher, Eric Adams and Paul Manafort (Photo Illustration by Steven Dilakian for The Real Deal with Getty, HFZ Capital Group, Twitter/Konrad Bicher)
New York’s biggest, baddest and juiciest real estate lawsuits of 2022
New York’s biggest, baddest and juiciest real estate lawsuits of 2022
From left: The Solaire in Battery Park City; Extell’s Brooklyn Point in downtown Brooklyn; the Skyline Tower in Long Island City; The Cortland NYC; Extell Development's Gary Barnett; Related Companies' Stephen Ross (Getty, Extell Development, Google Maps, Jim.henderson, CC BY-SA 4.0 - via Wikimedia Commons)
Brooklyn, Queens gain market share in wild year for new condo sales
Brooklyn, Queens gain market share in wild year for new condo sales
Extell Development’s Gary Barnett with 217 West 57th Street
Another $50M sale as Barnett’s Central Park Tower discounts continue
Another $50M sale as Barnett’s Central Park Tower discounts continue
Extell Development's Gary Barnett and 252 South Street (Getty, Extell Development, One Manhattan Square)
Extell refinances 355 unsold units at One Manhattan Square for $266M
Extell refinances 355 unsold units at One Manhattan Square for $266M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...