MetLife layoffs with mortgage cuts

IRVING, Texas (AP) - MetLife Inc.'s decision to cut most of its resident mortgage operation will cost more than 850 jobs in the Dallas suburb of Irving.

Dallas television station WFAA reported Tuesday  that the company says about 860 of the 1,400 employees with MetLife Home Loans in Irving will lose their jobs.

Irving Mayor Beth Van Duyne says the city was notified Tuesday.

MetLife says it will no longer originate forward residential mortgages, which bring in only a fraction of the revenue that its global insurance and employee benefits businesses do.

The company says it will continue to service its current mortgage customers as well as to originate reverse mortgages. It also will honor all commitments for loans in process.