MetLife, Inc. Rotten Score Breakdown

MetLife Home Loans, successor to MetLife Bank, agreed to pay $123.5 million to resolve federal allegations concerning loans insured by the Federal Housing Administration. DOJ said MetLife Bank failed to comply with FHA underwriting and quality-control requirements while originating and underwriting federally insured mortgage loans. The government alleged that the bank knowingly approved loans that did not meet basic FHA requirements and failed to report serious underwriting deficiencies to HUD, causing FHA to insure loans that were not eligible for insurance. When those loans defaulted, the federal government paid insurance claims and suffered substantial losses. MetLife accepted responsibility for its conduct as part of the resolution. Primary source: DOJ — MetLife Home Loans to Pay $123.5 Million to Resolve FHA Mortgage Lending Violations: https://www.justice.gov/archives/opa/pr/metlife-home-loans-llc-successor-metlife-bank-na-pay-1235-million-resolve-alleged-federal