Make us your home page

Florida regulators order Taylor, Bean & Whitaker to halt foreclosures, late charges

Florida regulators today ordered Ocala-based mortgage lender Taylor, Bean & Whitaker Mortgage Corp. to stop any foreclosure proceedings, stop assessing late charges and stop reporting late payments to any credit bureaus.

The cease and desist order from Florida's Office of Financial Regulation comes in the wake of a federal raid on Taylor Bean earlier this month. After the raid, Taylor Bean was forced to stop issuing FHA-insured mortgage loans and laid off nearly 1,000 of its employees.

However, it maintained a much smaller staff on its campus to service existing loans, the bulk of which are being transferred to Bank of America.

Under the terms of the state order, Taylor Bean must transfer all loans to a new servicing company within 60 days, safeguard customers' payments including escrow funds by establishing custodial accounts, provide the state with daily reports on the serviced loans, and forward all checks it receives to the new servicers on a timely basis.

"This action underscores the fact that the OFR will use every available enforcement power to protect the financial interests of Florida customers," Linda Charity, acting commissioner of the Office of Financial Regulation, said in a statement.

Jeff Harrington can be reached at or (727) 893-8242. Follow him on Twitter at

Fast facts

Consumers seeking assistance with Taylor, Bean & Whitaker Mortgage Co. should contact the Office of Financial Regulation consumer helpline toll-free at 1-800-848-3792.

Florida regulators order Taylor, Bean & Whitaker to halt foreclosures, late charges 08/21/09 [Last modified: Tuesday, September 22, 2009 2:08pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. Starbucks to close all Teavana locations, including five in Tampa Bay


    Local Teavana locations include Tyrone Square in St. Petersburg, International Plaza and Westfield Citrus Park in Tampa, Brandon and Clearwater.

    Starbucks announced Thursday plans to shut down all 379 Teavana stores, citing "underperformance." Starbucks acquired the mall-based tea chain for $620 million in 2012. [ CANDICE CHOI | AP file photo]
  2. Trigaux: Closing Iron Yard coding school hits area tech hard but leaders talk of options


    The coming shutdown this fall of the Iron Yard software coding school in downtown St. Petersburg — announced this month as part of a national closing of all 15 Iron Yard locations — remains a shocking event to a Tampa Bay technology community that dreams big of becoming a major player in the Southeast if not …

    In better days last fall, friends and family of graduates at The Iron Yard, based in the Station House in downtown St. Petersburg, applaud during "Demo Day" when grads of the coding school show off their skills. Despite the local success and strong job placement by the coding school, The Iron Yard is closing all of its 15 locations across the country this summer. [LARA CERRI   |   Times]
  3. U.S. economy gathers steam in second quarter


    WASHINGTON — The U.S. economy revved up this spring after a weak start to the year, fueled by strong consumer spending. But the growth spurt still fell short of the optimistic goals President Donald Trump hopes to achieve through tax cuts and regulatory relief.

    A government report released Friday showed economic output picked up in the second quarter. 
[Associated Press file photo]
  4. Founder of Tampa home sharing platform questions Airbnb, NAACP partnership


    TAMPA — A Tampa rival to Airbnb, which was launched because of discrimination complaints on the dominant home sharing platform, has concerns about the new partnership between Airbnb and NAACP announced this week.

    Rohan Gilkes poses for a portrait at his home and business headquarters in Tampa. 

Innclusive, a Tampa-based start-up, is a home-sharing platform that focuses on providing a positive traveling experience for minorities. [CHARLIE KAIJO | Times]
  5. Appointments at Port Tampa Bay and Tampa General Medical Group highlight this week's Tampa Bay business Movers & Shakers



    Port Tampa Bay announced that Jamal Sowell has been named director of special projects. Sowell, a former member of the U.S.Marine Corps, will support internal, external and special projects, assist the executive team with management oversight and serve as a liaison on a variety of port …

    Port Tampa Bay announced this week that Jamal Sowell has been named director of special projects. [Handout photo]