FHA suspends Taylor Bean & Whitaker Mortgage Corp.
WASHINGTON, DC – August 4, 2009 – (RealEstateRama) — 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.
2 Comments
→
i have a mortgage through TBW and just want to know who i will be making payments to my mortgage is due now
Paul,
Make sure to continue making your mortgage payment. You loan will probaley be resold and a new servicer will take the loan over and handle future paymens.
Do not skip any payments make sure continue to pay and keep track of your records. This closing of TBW should not affect your current mortgage.
The Mortgage Pro