State officials have ordered Taylor, Bean & Whitaker Mortgage Corp., a national mortgage company, to immediately cease and desist from operating as a mortgage lender or servicer in Michigan. The Federal Housing Administration (FHA) suspended Taylor Bean’s approval to make FHA loans and the company’s status as an approved Freddie Mac and Ginnie Mae mortgage servicer was terminated due to questionable business practices and disclosures. Last week, federal investigators raided Taylor Bean’s headquarters in Ocala, FL.
As of Dec. 31, 2008, Taylor Bean made nearly 4,000 mortgages in Michigan totaling more than $500 million and serviced more than 10,000 mortgages totaling over $1.2 billion.
“Consumers who have mortgages with Taylor Bean should continue to make their payments as usual and if they have any questions or complaints they should contact OFIR.” Commissioner Ken Ross said.
Consumers can contact OFIR toll-free at 877-999-6442.
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This is who my mortgage was actually with. All mortgages with them have been transfered to Bank of America