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Information about Taylor, Bean & Whitaker Mortgage Corp.

Taylor, Bean & Whitaker Mortgage Corp. (“TBW”), headquartered in Ocala, Florida, issued a press release dated August 5, 2009, which announced that it had ceased all mortgage loan origination operations as of that date, and that TBW was unable to close or fund any mortgage loans pending in its pipeline as of that date.

On August 7 and 11, 2009, the Federal Housing Administration (FHA) posted on the HUD / FHA Web site consumer guidance and industry guidance relating to the FHA loans, which TBW had been originating or servicing.  You may access the information on the FHA Web site by clicking on the following links: http://www.hud.gov/news/consumer-guidance.pdf and http://www.hud.gov/news/industry-guidance.pdf.

On August 18, 2009, TBW posted on its Web site information for its home mortgage customers relating to the transfer of certain existing mortgages to new servicers and instructions to certain customers relating to making payments.  For more information you may access the TBW Web site by clicking on the following link: http://www.taylorbean.com/.

Information is available for homeowners with loans securitized by Ginnie Mae that were being serviced by TBW.  (According to Ginnie Mae’s Web site, “If your loan was insured by the Federal Housing Administration, Veterans Administration or USDA’s Rural Development, it was likely securitized by Ginnie Mae.”)  Read the questions and answers by visiting the Ginnie Mae Web site (www.ginniemae.gov) or by clicking the following link: http://www.ginniemae.gov/media/TBW_consumer_grid.pdf.

Information is available for homeowners with loans owned by Freddie Mac that were being serviced by TBW.  Read the questions and answers by visiting the Freddie Mac Web site (www.freddiemac.com) or by clicking the following link: http://www.freddiemac.com/news/archives/corporate/2009/20090820_tba-qa.html.

Borrowers, whose TBW loans have been transferred to Cenlar FSB (Federal Savings Bank) for servicing, may obtain more information by visiting Cenlar’s Web site (www.cenlar.com) or by clicking the following link: http://www.cenlar.com/TBW.htm.

Borrowers, whose TBW loans have been transferred to Saxon Mortgage Services, Inc. for servicing, may obtain more information by visiting Saxon’s Web site (www.saxononline.com) or by clicking the following link: https://www.saxononline.com/common/home/servicingUpdate.aspx.

Borrowers, whose TBW loans have been transferred to Ocwen Loan Servicing, LLC, may obtain more information about their new servicer by visiting Ocwen’s Web site (https://www.ocwencustomers.com/home.cfm).  (As of the time of this update, we found general information for mortgage customers but no specific information for TBW customers.)

TBW customers, who also have issues with Colonial Bank, Montgomery, Alabama, should be aware that the Alabama State Banking Department closed Colonial Bank on August 14, 2009, and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver.  Customers with questions about these events may call the FDIC at 1-800-405-8739 or visit the FDIC Web site at www.fdic.gov or click the following link: http://www.fdic.gov/bank/individual/failed/colonial-al.html.

On August 24, 2009, TBW announced that it had filed for relief under Chapter 11 of the U.S. Bankruptcy Code, and that its case would be administered before the United States Bankruptcy Court in Jacksonville, Florida.  Read the copyrighted news article on www.ocala.com by clicking the following link: http://www.ocala.com/article/20090824/ARTICLES/908249956/1402/NEWS?Title=Taylor-Bean-has-filed-for-bankruptcy.

On September 1, 2009, a copyrighted news article on www.ocala.com reported that certain TBW bank accounts at Colonial Bank have been frozen by the FDIC and that a resolution is being sought in the pending U.S. Bankruptcy Court proceeding.  Read the copyrighted news article by clicking on the following link: http://www.ocala.com/article/20090901/ARTICLES/909011003.

The following information is not specific to the TBW situation but may be useful general information for borrowers to have in dealing with their present or future mortgage situations.

A federal law known as the Real Estate Settlement Procedures Act (RESPA) governs the notice of transfer and other protections for the borrower.  One can read more about this subject on the Web site of the U.S. Department of Housing and Urban Development (HUD), www.hud.gov.  One might start with HUD’s article, “Your rights and the Responsibilities of the Mortgage Servicer,” by clicking on the following link: http://www.hud.gov/offices/hsg/ramh/res/rightsmtgesrvcr.cfm.

One can read about various mortgage lender closing and bankruptcy scenarios on the Web site of the Federal Trade Commission (FTC), www.ftc.gov.  One might start with the FTC Facts for Consumers article, “How to Manage Your Mortgage If Your Lender Closes or Files for Bankruptcy,” by clicking on the following link: http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea12.shtm.

With regard to the crediting of loan payments, a borrower may want to keep a close watch on bank records and mortgage servicer records to verify proper crediting of each payment.  One can read the FTC Facts for Consumers article, “Mortgage Servicing: Making Sure Your Payments Count,” to learn more on this and other servicing issues, by clicking on the following link: http://www.ftc.gov/bcp/edu/pubs/consumer/homes/rea10.shtm.

 

NOTE: The consumer information provided on the Web site of the Georgia Department of Banking and Finance is provided for general information only and is not intended to be legal or financial advice.  The Georgia Department of Banking and Finance is not responsible for the accuracy of information published on third party Web sites.

(Updated 9/3/2009)