Business & Tech

MetLife to Lay Off 55 Employees

The retail banking corporation says it has plans to close its residential mortgage branch and is no longer accepting new applications.

MetLife Inc. has announced plans to leave the home mortgage business, closing their Hauppauge office and laying off 55 employees.

MetLife filed a WARN notice with New York State on Feb. 2, citing "economic" reasons for ending its home mortgage origination operations. It will begin laying off employees on April 30, closing their Hauppauge office by May 31.

Long Island Business News reports that MetLife is retiring thousands of employees nationwide, as it closes its mortgage division. MetLife Bank is no longer accepting new loans for forward mortgage applications. However, it will continue to originate reverse mortgages, according to LIBN's report.

Current applicants already in the process do not need to worry, as Metlife has promised to “honor all contractual commitments for loans in process."

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Click here for more information on MetLife's layoffs and exit from the home mortgage business on Long Island Business News [subscription required].


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