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.
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.”
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.