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Shuttered Taylor, Bean & Whitaker issues mortgage payment instructions

After more than a week of confusing and often conflicting instructions for mortgage holders following the collapse of Ocala's Taylor, Bean & Whitaker, some clarity is emerging about who to pay and where.

Many former Taylor Bean customers are complaining their home insurance payments had not been paid from their escrow accounts or were nearly due and remain unpaid. The Ocala mortgage company closed its doors shortly after a federal raid on Taylor Bean's headquarters and allegations of fraud.

After a meeting with state banking regulators Tuesday, Taylor Bean now offers on its Web site ( more explicit details for mortgage payers. These are the highlights:

• Taylor Bean continues to say it cannot offer an online payment option or automatic payment deductions for home mortgage customers. No automatic debit payments have been made since Aug. 10.

• Taylor Bean reiterates it no longer services Ginnie Mae or Freddie Mac loans.

• For Ginnie Mae loans, mortgages will be serviced by Bank of America at this toll-free phone number: 1-800-669-6607. Payments should be sent to:

Bank of America Home Loans, LP

Payment Processing

P.O. Box 10334

Van Nuys, CA 91410-0334

• For Freddie Mac loans, mortgages will be serviced by different servicers. If your mortgage is current, Taylor Bean says customers will be serviced by Cenlar at this toll-free number: 1-866-430-9689.

• If your Freddie Mac mortgage is not current, one of two different servicers will handle your payments, though Taylor Bean does not clarify which one you have been assigned. Saxon can be reached toll-free at 1-888-422-6451. The other servicer, Ocwen, can be reached toll-free at 1-800-746-2936.

• Any additional questions on Freddie Mac loans can be asked directly to Freddie Mac at (703) 903-2000.

• Any questions about FHA-insured loans can be directed toll-free to FHA's resource center at 1-800-225-5342.

• For all other mortgage customers, Taylor Bean asks that payments be mailed to this address:

Taylor, Bean & Whitaker Mortgage Corp.

Attn: Cashiering

1417 N Magnolia Ave.

Ocala, FL 34475

In all payment cases, include your loan number on your check and include any special payment instructions such as additional payments to principal or escrow. Continue to use your Taylor Bean loan number until your new servicer issues a new loan number.

Still have questions? Taylor Bean says it can be reached toll-free at 1-888-225-2164 or 1-800-530-2602.

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

Shuttered Taylor, Bean & Whitaker issues mortgage payment instructions 08/19/09 [Last modified: Tuesday, September 22, 2009 12:00pm]
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