Hundreds of MetLife Home Loans employees have been recruited as another Texas-based lender expands its operations in the eastern half of the country. It’s the third mass hiring of employees impacted by MetLife’s decision to get out of the business.
Irving, Texas-based MetLife disclosed in January the decision by parent MetLife Inc. to shut down the mortgage unit.
Within a month, Provident Financial Holdings hired 40 MetLife employees in Northern California, including 26 retail loan production staff and 14 support employees.
Less than a week later, Seattle-based HomeStreet Bank reported that it hired 160 employees in the Northwest. HomeStreet said that the recruits represented “a substantial majority” of mortgage production staffers employed by MetLife in Idaho, Oregon and Washington.
Now, Caliber Funding LLC said it picked up around 300 MetLife employees. The move will double its staff size.
More recruiting is planned in the coming weeks.
The hirings will enable Dallas-based Caliber to expand into four new regional markets including New England; Washington, D.C.; and the Great Lakes. The fourth market includes Delaware, New Jersey and Philadelphia.
“Through this expansion, Caliber is enhancing its geographical footprint across the U.S. and positioning itself for substantial growth in new markets,” Caliber said in a statement.
Caliber Chief Executive Officer Brian Simon called the move “game-changing.”
Caliber, which opened for business in May 2008, says that it is backed by Lone Star Funds — the former parent of Accredited Home Lenders Inc., which filed bankruptcy in May 2009.
In September 2009, Caliber disclosed plans to acquire technology and operational assets from StoneWater Mortgage.
