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Insurance industry

Mellon Mortgage Company Completes Acquisition of Metmor Financial, Expanding Residential and Commercial Servicing Presence

Strategic Insights

— 2 min read

Pittsburgh-based Mellon Mortgage Company, a subsidiary of Mellon Bank Corporation, has completed its acquisition of Metmor Financial, Inc., a residential and commercial mortgage banking subsidiary of Metropolitan Life Insurance Company. The acquisition adds 24 residential branch mortgage origination offices in the southwestern and midwestern United States, eight commercial origination offices nationwide, and a $13 billion residential and commercial loan servicing portfolio to Mellon Mortgage's operations. This strategic move positions Mellon Mortgage Company as the 11th largest servicer of residential mortgages in the country, with a residential portfolio of approximately $45 billion and 104 residential mortgage origination offices in 22 states. Additionally, the acquisition makes Mellon Mortgage Company the seventh largest servicer of commercial mortgages, with a commercial servicing portfolio of $6.4 billion and 15 commercial origination offices in seven states.

Key Takeaways:

  • Mellon Mortgage Company has acquired 24 residential branch mortgage origination offices in the southwestern and midwestern United States and eight commercial origination offices nationwide as part of its acquisition of Metmor Financial, Inc.
  • The acquisition adds a $13 billion residential and commercial loan servicing portfolio to Mellon Mortgage's operations, expanding its servicing presence nationally.
  • Mellon Mortgage Company now has a residential portfolio of approximately $45 billion and 104 residential mortgage origination offices in 22 states, positioning it as the 11th largest servicer of residential mortgages in the country.
  • The acquisition also makes Mellon Mortgage Company the seventh largest servicer of commercial mortgages, with a commercial servicing portfolio of $6.4 billion and 15 commercial origination offices in seven states.
  • MetLife, one of the world's largest and most secure financial services companies, has a significant stake in the acquisition through its subsidiary, Metropolitan Life Insurance Company.
  • The acquisition is expected to contribute to the growth of Mellon Mortgage Company through the expansion of its servicing presence and the addition of new offices.

Statistics:

  • $13 billion: Value of residential and commercial loan servicing portfolio acquired by Mellon Mortgage Company.
  • 24: Number of residential branch mortgage origination offices acquired in the southwestern and midwestern United States.
  • 8: Number of commercial origination offices acquired nationwide.
  • $45 billion: Approximate value of residential mortgage portfolio held by Mellon Mortgage Company.
  • 104: Number of residential mortgage origination offices operated by Mellon Mortgage Company in 22 states.
  • 15: Number of commercial origination offices operated by Mellon Mortgage Company in seven states.
  • $6.4 billion: Value of commercial servicing portfolio held by Mellon Mortgage Company.

Sources:

  • Mellon Mortgage Company press release, dated September 1, 1995.
  • Metmor Financial, Inc. press release, dated September 1, 1995.
  • Metropolitan Life Insurance Company press release, dated September 1, 1995.
  • Mellon Bank Corporation press release, dated September 1, 1995.

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