Taylor, Bean & Whitaker served with cease and desist orders

Several states have filed cease and desist orders against Taylor, Bean & Whitaker Mortgage Corporation, one of the largest wholesale lenders in the country.

Apparently the issues involve Taylor Bean closing FHA loans in several states, but has failed to fund them. Florida, News Jersey, Massachusetts and several other states are prohibiting Taylor Bean from accepting new applications due to the company’s current financial status.

From the Massachusetts Gov:

In anticipation of the number of customers impacted by the closing of Taylor Bean, the Division has been working with representatives of the mortgage lending industry to identify mortgage lenders and mortgage brokers willing to take former customers of TBW.

If a consumer has a pending application with Taylor Bean, they are urged to contact their mortgage broker, if applicable, to place the loan with a qualified lender. Alternatively, consumers can call the Division’s Mortgage Hotline at (800) 495-2265, Ext. 1501.

“I would encourage individuals to call the mortgage hotline,” said Commissioner of Banks Steven L. Antonakes. “The Division of Banks is working with other licensed mortgage lenders and mortgage brokers in Massachusetts to help consumers affected by the problems with Taylor, Bean and Whitaker.”

New Jersey:

The cease and desist order was filed against the Florida-based mortgage lender following actions by the U.S. Department of Housing and Urban Development (HUD), the Federal Home Loan Mortgage Corp. (FHLMC) and the Government National Mortgage Association (GNMA) this week which terminated or suspended TBW from participating as a mortgage seller or servicer for those organizations.

“Our main goals in this order are to shut down Taylor, Bean and Whitaker’s operation in New Jersey, to protect any New Jersey consumers who may have a mortgage application in the pipeline with them and to make sure TBW continues to abide by the terms of the settlement it signed with New Jersey and 13 other states in June,” said DOBI Commissioner Neil N. Jasey.


2 Responses to “Taylor, Bean & Whitaker served with cease and desist orders”

  1. Kimberly says:

    This is great. This mortage company has given me nothing but headaches. I fell behind on my mortage tried to catch it up and they would not except money from me. I was asked by one of their customer service reps how it felt to live in a house for free. This was as I was trying to give them money. Not only that I started a loan modification that they dragged their feet on for over six months and then were going to foreclose. Have not heard anything since . Now I know why. Screw Taylor Bean, they got what they deserved…

  2. Ken says:

    I’m an attorney in Michigan and have been working with several clients who had loans with TBW. When they faced financial hardship, they were transferred to another lender only to receive letters and calls 6 months later from TBW trying to collect money on a closed loan. I’m glad we worked everything out