By Jeff Harrington, St. Petersburg Times Staff Writer - Wednesday, August 12, 2009
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.
