Taylor, Bean and Whitaker Mortgage Companies of Ocala, Fl had their FHA approval to grant loans suspended in early August. Its shutdown resulted in hundreds of thousands of homeowners being thrown into a mess of confusion, including bounced checks from Taylor Bean, and misleading information on which lenders took over Taylor, Bean and Whitaker loans.
Taylor Bean hasn't been the only one to have their certification revoked. The Department of Housing and Urban Development’s (HUD) Mortgagee Review Board from July 10, 2008 to August 4, 2009, reveals nearly 200 mortgage companies settled actions, paid civil money penalties, had their FHA approvals revoked or not renewed, were suspended, or put on probation.
Included on the list are 67 mortage lenders who failed to meet FHA criteria and had their FHA approval suspended for a year. In addition are 41 lenders who had to pay a $3,500 penalty for failing to comply with the recertification process with FHA in a “timely manner.”
View the full list of suspended lenders at CBS MoneyWatch.
Comments(0)