MetLife Replaces BofA on Mortgage Deal to Add Younger Borrowers
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MetLife Inc., the life insurer that uses television ads to sell loans to older homeowners, replaced Bank of America Corp. in a mortgage-distribution deal that will offer access to younger borrowers.
MetLife’s banking unit agreed to become the “preferred mortgage lender” of KB Home, the Los Angeles-based homebuilder that targets first-time buyers. The deal, announced yesterday by KB Home, comes as the builder winds down a mortgage joint venture with Bank of America, the biggest U.S. bank by assets and deposits.