Make us your home page
Instagram

Tips for homeowners with Taylor, Bean & Whitaker loans

Taylor, Bean & Whitaker's sudden closure last week continues to send ripples through the mortgage industry, causing its customers frustration and government regulators angst.

Freddie Mac said the collapse of the Ocala-based mortgage lender may cause it "significant" losses. Taylor Bean accounted for about 5.2 percent of Freddie Mac's single-family mortgage purchases last year, according to a regulatory filing.

Meanwhile, some who have FHA mortgage loans through Taylor Bean or were in the midst of closing have complained that they haven't been able to post their mortgage payments or reach anyone at the company.

The U.S. Department of Housing and Urban Development is urging patience. Bank of America will be taking over the servicing of Taylor Bean's loans.

"You will receive a letter from BAC Home Loans Servicing (a Bank of America subsidiary) confirming this transfer and welcoming you as a valued customer within two weeks of your loan being added to their systems," HUD said.

Other governmental advice:

• Federal loan guarantor Ginnie Mae is telling customers to make payments directly to BAC Home Loans Servicing LP, Payment Processing, P.O. Box 10334, Van Nuys, CA 91410-0334. For additional questions about loan servicing, contact Bank of America Home Loans Customer Service toll-free at 1-800-669-6607.

• If you're falling behind on payments, call HUD's National Servicing Center toll-free at 1-888-297-8685. Or you may seek help directly from a HUD-approved Housing Counseling Agency. To find one near you, call toll-free 1-800-569-4287.

• If you had a loan application in the pipeline and are unsure of its status, contact your mortgage broker or bank. You may need to seek a new FHA-approved lender.

• If you had an appraisal completed as part of an uncompleted loan application, your loan file (including the appraisal) could be transferred to another lender. FHA appraisals are valid for six months.

Jeff Harrington can be reached at jharrington@sptimes.com or (727) 893-8242. Follow him on Twitter at http://twitter.com/jeffmharrington.

Tips for homeowners with Taylor, Bean & Whitaker loans 08/11/09 [Last modified: Tuesday, September 22, 2009 11:51am]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. In advertising, marketing diversity needs a boost in Tampa Bay, nationally

    Business

    TAMPA — Trimeka Benjamin was focused on a career in broadcast journalism when she entered Bethune-Cookman University.

    From left, Swim Digital marketing owner Trimeka Benjamin discusses the broad lack of diversity in advertising and marketing with 22 Squared copywriter Luke Sokolewicz, University of Tampa advertising/PR professor Jennifer Whelihan, Rumbo creative director George Zwierko and Nancy Vaughn of the White Book Agency. The group recently met at The Bunker in Ybor City.
  2. Tampa Club president seeks assessment fee from members

    News

    TAMPA — The president of the Tampa Club said he asked members last month to pay an additional assessment fee to provide "additional revenue." However, Ron Licata said Friday that the downtown business group is not in a dire financial situation.

    Ron Licata, president of the Tampa Club in downtown Tampa. [Tampa Club]
  3. Under Republican health care bill, Florida must make up $7.5 billion

    Markets

    If a Senate bill called the Better Care Reconciliation Act of 2017 becomes law, Florida's government would need to make up about $7.5 billion to maintain its current health care system. The bill, which is one of the Republican Party's long-promised answers to the Affordable Care Act imposes a cap on funding per enrollee …

    Florida would need to cover $7.5 billion to keep its health care program under the Republican-proposed Better Care Reconciliation Act of 2017.  [Times file photo]
  4. Amid U.S. real estate buying binge by foreign investors, Florida remains first choice

    Real Estate

    Foreign investment in U.S. residential real estate recently skyrocketed to a new high with nearly half of all foreign sales happening in Florida, California and Texas.

    A National Association of Realtors annual survey found record volume and activity by foreign buyers of U.S. real estate. Florida had the highest foreign investment activity, followed by California and Texas. [National Association of Realtors]
  5. Trigaux: Tampa Bay health care leaders wary of getting too far ahead in disruptive times

    Business

    Are attempts to repeal Obamacare dead for the foreseeable future? Might the Affordable Care Act (ACA), now in dire limbo, be revived? Will Medicaid coverage for the most in need be gutted? Can Republicans now in charge of the White House, Senate and House ever agree to deliver a substitute health care plan that people …

    Natalia Ricabal of Lutz, 12 years old, joined other pediatric cancer patients in Washington in July to urge Congress to protect Medicaid coverage that helped patients like Ricabal fight cancer. She was diagnosed with Ewing's sarcoma in 2013 and has undergone extensive treatments at BayCare's St. Joseph's Children's Hospital in Tampa. [Courtesy of BayCare]