CONTACT: Terry Straub
PHONE NUMBER: 850/410-9544
TALLAHASSEE, FL – The Office of Financial Regulation (OFR) today ordered Taylor, Bean and Whitaker Mortgage Corporation (TBW) to cease foreclosure proceedings, cease assessing late charges, and cease reporting late payments to any credit bureau.
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) on August 4 and 5, 2009 which terminated or suspended TBW from participating as a mortgage seller or servicer for those organizations.
Acting Commissioner Linda Charity stated, “This action underscores the fact that the OFR will use every available enforcement power to protect the financial interests of Florida customers.”
Under the terms of the order, TBW must also transfer all loans to a new servicing company within 60 days, safeguard customers’ payments including escrow funds by establishing custodial accounts, provide OFR with daily reports on the serviced loans, and timely forward all checks received to the new servicers.
Consumers seeking assistance with Taylor, Bean and Whitaker Mortgage Corporation should contact the OFR consumer helpline at 1-800-848-3792.
About the Florida Office of Financial Regulation
The Office of Financial Regulation (Office) is dedicated to safeguarding the private financial interests of the public by licensing, chartering, examining and regulating depository and non-depository financial institutions and financial service companies in the State of Florida. The Office strives to protect consumers from financial fraud, while preserving the integrity of Florida’s markets and financial service industries. Please visit our website at www.flofr.com or call us toll free at 800-848-3792 or directly at 850-410-9898.
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