Michigan Orders Taylor, Bean & Whitaker to Stop Work in State
Michigan state regulators ordered Taylor, Bean & Whitaker Mortgage Corp. (TBW) to stop doing business in the state Thursday. The Office of Financial and Insurance Regulation (OFIR) said TBW originated nearly 4,000 mortgages worth more than $500m in the state. The office also ordered TBW to file a report detailing each of the more than 10,000 mortgages worth more than $1.2bn it services in the state, along with a list of the names and contact information of each Michigan borrower that closed a residential mortgage with TBW after it lost its status as an approved Freddie Mac (FRE) and Ginnie Mae servicer last week. The office added that failure to comply with the orders carries a civil penalty of up to $3,000 for each violation, up to $30,000 and/or complete restitution to all persons in the state damaged by the violation OFIR commissioner Ken Ross added TBW customers should continue to make their regular mortgage payments, and can contact his office with questions. Write to Austin Kilgore.