It's Official: Bank of America Takes Over Where TBW Failed
Taylor, Bean & Whitaker Mortgage Corp. customers will receive letters from Bank of America [BAC] within the next two weeks, announcing that bank's official takeover of their mortgages.Oh, and the FHA is footing the bill to keep TBW staff around to run the show:
The letters will have the homeowners' new account numbers and information about where to send monthly mortgage payments, said Bank of America officials Tuesday.
Taylor, Bean & Whitaker were raided earlier this month by federal agents and lost their ability to do business with the Federal Housing Administration, Ginnie Mae and Freddie Mac, which made up the bulk of the Ocala-based business' mortgage portfolio.
Best of luck to you, Bank of America!
Some former Taylor, Bean & Whitaker Mortgage Corp. employees are staying at their posts to help transfer the lending giant's nearly 150,000 mortgages to Bank of America - and will be paid by the Federal Housing Administration to do the work.
More than a dozen people who once helped run the company are helping with the complex transition process.
The information was confirmed by the Florida Office of Financial Regulation, which is the state agency that regulates Florida mortgage lenders. Last week it stripped the company of its license to issue any more mortgage loans.
The OFR's bureau chief, Andy Grosmaire, said the former Taylor Bean employees were the logical choice to tap for help because they already know the mortgage company's computer and data systems.
Now there's just that problem of making sure TBW mortgage-holders get their payments in to the right agency:
• Florida financial regulators and Taylor Bean itself have told customers to make payments to the same Ocala address they always have. That advice hasn't changed, Andy Grosmaire of the Florida Office of Financial Services said Thursday.(source)
• Federal housing loan guarantor Ginnie Mae and the U.S. Department of Housing and Urban Development, however, have been steering customers to make payments to Bank of America, which is taking over servicing of the loans. Both agencies' Web sites highlight a California address for sending checks to BAC Home Loans Servicing. Ginnie Mae has been promoting the address all week.
• In the middle is Bank of America, which has given some customers the option of, well, doing nothing. At least not immediately.
Oh wait, nevermind, Bank of America is happy to take your TBW funds. Are they also going to cover the back payments TBW neglected to take care of for the last few months?
The story thus far is here and it's ugly. I think we're done? Hahahahahahahahahahahaha yeah okay. This one is going to drag out as long as possible and Bank of America has its work cut out for it.