Taylor Bean and Whitaker, Colonial Bank and Bank of America Update
Here’s the latest news from the Taylor, Bean and Whitaker Mortgage Company:
We spoke with the Director of Mortgage Supervision at the Georgia Department of Banking and Finance this afternoon. Bank of American is taking over the servicing rights for FHA loans and Ginnie Mae loans only. While these government-sponsored loans made up the majority of loans Taylor Bean and Whitaker Mortgage company was servicing (accounting for roughly 100,000 loans), it isn’t all of their loan portfolio.
Other servicers will be brought in to take over Freddie Mac and conventional loans. Those plans are still in the works.
The acquisition by Bank of America should be done “any day now,” according to Sandra Sheley, the Director of Mortgage Supervision at the Georgia Department of Banking and Finance.
Taylor Bean and Whitaker Mortgage Georgia Customers’ Property Taxes are Due September 1, 2009
The big issue now is how Georgia homeowners are supposed to pay their property taxes, which are due tomorrow, September 1, 2009. Sheley says that a very complicated issue and one they are focused on. All of those the escrow accounts for property taxes and insurance premiums were being held in accounts at Colonial Bank.
Based in Montgomery, Alabama, Colonial Bank became the sixth-largest bank failure in U.S. history when it folded on August 14, 2009. When Colonial Bank went under, the FDIC froze all of its accounts.
The Georgia Department of Banking and Finance is monitoring that situation, working with the FDIC and state representatives daily to try to solve this ever-changing situation. We will update the story tomorrow.
Making Your Taylor Bean and Whitaker Mortgage Payment
As far as making sure you’re making the correct mortgage payment, there are several different options for Taylor Bean and Whitaker Mortgage company customers who are confused about how to pay their mortgage, and have been having trouble reaching anyone from Talyor Bean and Whitaker on the phone.
The first step to determining your payment method is to figure out if your loan is a Freddie Mac loan. Visit FreddieMac to check if your loan is a Freddie Mac loan. If it is a Freddie Mac loan, follow the directions on that page to complete payment of your mortgage.
If your loan is NOT a Freddie Mac mortgage, it could be serviced by Bank of America or there are still some loans that are held by Taylor Bean and Whitaker. While the details of which service providers are taking over loans are still being hammered out, it is recommended to MAIL your mortgage payments directly to Taylor Bean and Whitaker with a service that can give you proof of delivery.
Bank of American has assured the Georgia Department of Banking and Finance that any payments sent directly to Taylor Bean and Whitaker will not be considered past due even if they reach Bank of America after the due date.
Taylor Bean and Whitaker is not set up for ACH payments and payments must be sent directly to their processing center. Payments can be mailed to:
TBW Mortgage Corporation
1417 N Magnolia Ave
Ocala, FL 34475
You must write the loan number on the check, along with any special instructions. It’s not required, but a representative from the Georgia Department of Banking and Finance recommended sending payment via a method that requires a signature, or some way that can be tracked and verified.
Please leave your questions and comments here and we will try to get to them for you.
Taylor Bean and Whitaker Mortgage Company Hotline Information for Borrowers
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