Another casualty of the ongoing mortgage crisis…
First Horizon National Corp. is shuttering the last of its mortgage operations, according to an internal company announcement.
The bank, which saw annual loan origination volume of $1 billion back in 2007, plans to lay off 40 mortgage bankers across Tennessee at the end of 2010.
Back in mid-2008, First Horizon sold much of its mortgage unit to MetLife Bank.
As part of that deal, First Horizon parted with more than 230 retail and wholesale offices throughout the nation, along with its loan origination and servicing platform.
However, the company retained 21 mortgage offices on its home turf in and around Tennessee, and continued to originate home loans in those areas.
But the model proved to be too small a revenue stream, so they’re pulling the plug.
MetLife clearly benefited from the deal, as it was the ninth largest mortgage lender in the second quarter of 2010, with $5.5 billion in fundings.
Check out the latest list of closed lenders, mortgage layoffs and mergers.