As we reported last week, those involved in the shutdown of Taylor, Bean and Whitaker are still negotiating who will take over escrow accounts and reconcile accounts. All parties have to agree on which agencies will handle what – which should happen before Oct. 31, but until those agreements have been made, we may not see any new answers.
However, many questions remain, and we talked to Georgia Department of Banking and Finance Director of Mortgage Supervision Sandra Sheley for answers to a few important ones this week:
When a mortgage closes, the mortgage is recorded and the documents are supposed to be kept by the companies involved. Where are the Taylor Bean and Whitaker documents going? Who is going to end up with all of the closing documents?
In Georgia, both the mortgage broker and the mortgage lender are required to keep copies of closing files. The investor, or whoever buys the loan, is also required to have these, either in electronic or hard-copy form. Plus, a required closing attorney also keeps any documents he or she was responsible for. “It’s almost always possible to get the closing documents from at least one of the entities involved,” Sheley said. The actual deeds are recorded at the county courthouse.
When loans get paid off because of refinancing, who should people call for the release of documents?
There are a limited number of TBW employees still working on payoffs and releasing existing TBW loans. While that process might not be as timely as we would hope, it still should be possible to release those documents before the Oct. 31 negotiations deadline. If a borrower is unable to get information regarding their loan payoff and subsequent release of the documents, they should contact their state regulator.
Leave your comments and questions below, and be sure to check out some of the other Taylor Bean and Whitakter updates on ThinkGlink.com