MetLife to layoff 55 employees

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."

Source: Hauppauge Patch