Taylor Bean Whitaker Mortgage Company Customer Advice From CENLAR

Added September 1, 2009 by Ilyce R. Glink

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Summary: Since Taylor Bean & Whitaker Mortgage Company shut its doors on August 5, 2009, hundreds of thousands of customers have not understood what is happening. We have information for those customers whose loans were not picked up by Bank of America but by CENLAR. This information is from the CENLAR website as well as from the Georgia Department of Banking and Finance. Check back frequently, as we will be updating the information as often as possible.

Cenlar and RoundPoint are two companies that will be handling a lot of the servicing of mortgage payments from Taylor Bean & Whitaker Mortgage Company customers. Here is the welcome note from Cenlar, which is available on the company's website.

Taylor Bean Whitaker Mortgage Company Customers Welcome From CENLAR

Please be assured your mortgage loan is in good hands. There is no action necessary on your part. The term of your loan will remain the same. We are here to assist you with all your servicing needs and hope you find the following questions and answers helpful. Please refer to the letter you received from us for our contact information.

Answers To Your Frequently Asked Questions

Who is Cenlar FSB?

Cenlar FSB d/b/a Central Loan Administration & Reporting (CENLAR), located in Ewing, NJ, is a privately owned, federally chartered savings bank that specializes in mortgage servicing nationwide. We have serviced residential loans for over 50 years.

How do I order a payoff statement?

Please e-mail the following information to TBWpayoff@cenlar.com

• Your 10 digit Cenlar loan number or the TBW loan number
• Attach borrower’s authorization to release payoff statement or authenticate by providing the last 4 digits of their social security number
• A fax number for delivery, or if to be mailed, include your mailing address
• Your telephone number
• The expected payoff date (cannot be more than 30 days out)

I am on automatic draft, will my payment continue to be automatically withdrawn?

If your loan payment drafted in the past this service will continue. There is nothing that you are required to do at this time. September and subsequent payments will be drafted no later than the next scheduled draft date. If your payment did not draft in the month of August it will be drafted at a later date once the servicing transfer is complete. We will notify you accordingly. Please be assured that there will be no adverse credit reporting or action taken as a result of delays. Your patience is appreciated.

What do I do if the mortgage payment I made by check to TBW for the period August 2009 has not yet cleared my bank account?

As a result of the transition of the servicing of the loans from TBW to Cenlar, some borrower checks/payments have been delayed in the forwarding from TBW to Cenlar. As soon as Cenlar is in receipt of your payment, you can be assured it will be applied to your loan promptly. It may take some time, but we will work with you to address this issue. Please be assured that we will properly account for all payments made to TBW. You will not be assessed a late fee as a result of any delay in payment processing during this transition period. In the event your payment is not properly applied to your mortgage balance, we will work with you to resolve any issues that occurred during the transition period, including waiving late charges when applicable and making appropriate adjustments to payment and credit records.

What should I do now? Should I stop payment on my check? Should I send you a new check?

Please don’t do anything right now. We are working to resolve this issue and still hope to be able to process your check in the normal course. As we mentioned above, you will not be assessed a late fee as a result of any delay in payment processing during this transition period. In the event your payment is not properly applied to your mortgage balance, we will work with you to resolve any issues that occurred during the transition period, including waiving late charges when applicable and making appropriate adjustments to payment and credit records.

Will I be assessed a late charge during the transition period?

No late charges or adverse reporting to credit bureaus will be assessed during the first 60 days.

Who do I make my payment checks payable to?

Central Loan Administration & Reporting

Where do I send my payment?

Please send your payment to Central Loan Administration & Reporting, PO Box 11733, Newark, NJ 07101-4733. You may check our mortgage website to confirm receipt at www.loanadministration.com. Payments can also be made on-line via the website.

Is there a way I can view my account information online?

Yes, please visit our mortgage website at www.loanadministration.com and complete the registration process. Information such as loan balance, last payment amount, tax/insurance payments, and E-Pay via the Web are just a few features available.

How can I contact you by e-mail?

Please e-mail us at CS@Cenlar.com. Please include your loan number on all e-mail communications.

Where do I send my tax and insurance bills?

Real Estate Tax Bills address - Central Loan Administration & Reporting, 6053 S. Fashion Square Dr., Suite 200, Murray, UT 84107 or Fax to (801)-284-4680 Property Insurance Bill address - Central Loan Administration & Reporting, PO Box 202028, Florence, SC 29502-2028 or Fax to (843)-413-7133

Will my hazard insurance mortgagee clause and loss draft information on my policy change?

You should contact your insurance company to confirm that the new servicer change is reflected on your policy. The mortgagee clause should read as follows:

Central Loan Administration & Reporting, its successor and/or assigns, PO Box 202028, Florence, SC 29502-2028

Please include your Cenlar loan number with the Mortgagee Clause change.

Where do I send general correspondence?

Written correspondence should be sent to:

Central Loan Administration & Reporting, PO Box 211091, Eagan, MN 55121

Cenlar's website: http://www.cenlar.com/TBW.htm

What are Cenlar’s hours of operation?

Our hours of operation are Monday through Friday 9:00 am to 6:00 pm, EST. Please be advised that our Call Center is extremely busy at this time due to the heavy volume of calls. We ask for your patience during this period as we service our new customers, and be assured that our Call Center Representatives are diligently working to be able to handle as many calls as they can. During this period you may experience a delay which is not typical of the service we deliver. We appreciate your understanding and your continued patience and look forward to servicing your loan.

READ MORE ABOUT TAYLOR BEAN & WHITAKER MORTGAGE COMPANY

Read new updates on the situation here

Taylor Bean and Whitaker Mortgage Company Hotline Information for Borrowers

Taylor Bean Whitaker Mortgage Company Customer Advice From Freddie Mac

Taylor Bean and Whitaker, Colonial Bank, and Bank of America Update

Information on help hot lines and websites are also available at that blog. Take a look at our at our topic pages for more information on mortgage lenders and mortgage brokers.

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