Is MetLife’s decision to exit the banking sector but remain in residential mortgages a trend or just an aberration? Time will tell, but with all the new rules and regulations (Dodd-Frank, Basel III capital rules and MSRs) for the past year we’ve been hearing from industry officials who believe nonbanks may be the net winners here, at least when it comes to mortgage banking. Case in point: Just take a look at all the new conduits and mortgage REITs out there. (Bank of America has lost plenty of top warehouse and correspondent talent to publicly traded REIT, PennyMac.) Then again, many of these new creations are chasing jumbo loans and have yet to issue any MBS.
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