EverBank, which hopes to go public this year, has agreed to buy the mortgage warehouse division of MetLife Inc., for an undisclosed sum, according to industry advisors close to the deal.
At press time EverBank mortgage chief Tom Wind was in a meeting and could not be reached for comment.
About two years ago the Jacksonville-based EverBank – a top 30 funder of home mortgages – looked at buying the warehouse division of PNC Bank but passed. (PNC eventually closed the unit, its account executives and managers fleeing for competitors.)
At yearend MetLife had roughly $1 billion of commitments on its books.
It's anticipated that EverBank will move to expand the business, focusing on larger credits and growing its book of business to nearly $3 billion, said one observer.
A spokesman for MetLife declined to comment.
