Remember that whole Taylor, Bean & Whitaker mess? It’s been on my mind since it happened, I think in part because I have friends whose mortgage is with TBW. And one of the questions they asked was “where do I pay my mortgage?” Word to the wise … keep paying. They’ll tell you where to send your next payment.
A couple of days ago, the news in the mortgage industry was the beat down Taylor, Bean & Whitaker was getting. Since that post, I’ve contacted a few past clients and friends who have used TBW to secure their mortgages, and everyone wants to know …
WASHINGTON – The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW’s ability to continue to service Ginnie Mae securities. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW’s nearly $25 billion Ginnie Mae portfolio.