Taylor Bean Whitaker Mortgage Company Customer Advice From Freddie Mac

Added September 1, 2009 by Claire Young

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Summary: Taylor Bean Whitaker Mortgage Company customers are confused about what to do with their money since Taylor, Bean & Whitaker Mortgage Company went bankrupt. Freddie Mac released a fact sheet filled with answers for those customers who have government-backed loans from Taylor Bean Whitaker. If you were current on your Freddie Mac mortgage, Cenlar will now be your mortgage servicer. This page contains the fact sheet from the Freddie Mac website. We have links here to our other Taylor Bean Whitaker stories on ThinkGlink.com. If you have a Ginnie Mae loan, here is a link to a page on their website that contains a similar fact sheet.

ANSWERS FOR HOMEOWNERS WITH TAYLOR, BEAN & WHITAKER MORTGAGE COMPANY LOANS

From Freddie Mac. Last updated from August 29, 2009 See below for additional links to the most current Taylor Bean & Whitaker Mortgage Company information.

Q: My loan is with Taylor, Bean & Whitaker (TBW) and they have closed. What should I do?

Freddie Mac has arranged for several servicing companies to begin working directly with homeowners who have Taylor Bean Whitaker-serviced mortgages. You should soon be receiving notification from your new servicer, the company that collects your mortgage payments.

Which Freddie Mac Servicers are assuming responsibility for servicing Taylor Bean Whitaker mortgages?

Freddie Mac has arranged for Cenlar FSB, Saxon Mortgage Services and Ocwen Loan Servicing to assume responsibility for servicing Freddie Mac mortgages that were transferred from TBW.

How will I know which of the new Freddie Mac servicers will start servicing my mortgage?

If you haven’t already, you should soon be receiving an official welcome letter identifying your new Freddie Mac servicer shortly. In some cases, you may have already received a welcome phone call from your new Freddie Mac servicer. The official welcome letter will include contact information for your new Freddie Mac servicer and the address where you should begin sending your payments and any required documentation.

How can I be sure that my mortgage payments will be accounted for correctly if I sent them to TBW?

Freddie Mac has instructed your new Freddie Mac Servicer to properly account for all payments made to TBW. You should not be assessed a late fee and your credit report should not be impacted as a result of the transition. In the unlikely event your payment was not properly applied to your mortgage balance during the transition or you discover an error with your payment history, immediately contact your new Freddie Mac Servicer. We have instructed them to 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.

My mortgage loan was in default and I was being considered for a loan modification under the Making Home Affordable plan. What should I do?

Freddie Mac and the lenders who are servicing mortgages on our behalf are dedicated to helping you keep your home if possible – so work directly with your new mortgage servicer to find the option that’s best for you. Additionally, if you received a letter from Home Retention Services regarding a loan modification of your TBW-serviced mortgage, please continue working directly with them on this process.

What should I do if I received a welcome letter from Cenlar FSB and RoundPoint Mortgage Company?

Until further notice, if you received a welcome letter from both Cenlar and RoundPoint, you should begin making your mortgage payments to Cenlar as directed in its welcome letter. If you have questions about the servicing of your mortgage, please contact Cenlar directly.

How do I know if Freddie Mac owns my mortgage?

Freddie Mac has created an easy-to-use lookup tool to help you determine if we own your mortgage.

Read More About Taylor Bean Whitaker Mortgage Co.

For the latest and most up to date information on Taylor Bean Whitaker read our blog Taylor Bean and Whitaker Mortgage Company Hotline Information for Borrowers.

For additional information read Taylor Bean And Whitaker, Colonial Bank and Bank of America Update August, 31, 2009

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