Taylor Bean & Whitaker Mortgage Company was a hugely successful mortgage origination and servicing company that was affiliated with Colonial BancGroup. On August 5, 2009, it was shut down. Taylor Bean & Whitaker Mortgage Company was based in Alabama, and did a tremendous amount of loan originations in Georgia and Florida. While we have reported a number of stories on the aftermath of the FDIC shutdown of Colonial BancGroup as well as the shutdown of Taylor Bean & Whitaker Mortgage Company after FHA declined to do business with it (following a pullback from Fannie Mae, Freddie Mac and Ginnie Mae), borrowers are growing frustrated with Taylor Bean Whitaker and are waiting for answers from the United States Government Bankruptcy Court.
We’ve learned that hundreds of thousands of mortgage borrowers are scrambling as their funds have been frozen; we were told that Taylor Bean Whitaker loans were to be ported over to Bank of America’s Home Loan Services group and performing Freddie Mac loans were supposed to go to Cenlar, a legitimate loan servicing company. What do you do if you receive letters from two different mortgage servicing companies claiming that each one of them is going to service your Taylor Bean and Whitaker loan?
While the problems persist, we’ve just received news that the next Taylor Bean Whitaker hearing is scheduled for November 5th. For more information, you can take a look at the past hearing documents from the United States Bankruptcy Court.