Taylor Bean to Unload Reverse Mortgage Loans

NewImage.jpgAmerican Banker is reporting that Taylor Bean & Whitaker Mortgage Corp is planning to sell 23 reverse mortgages for $1.135 million unless a better offer is made by June 17. 

The mortgages have a combined balance of $2.763 million, with fourteen guaranteed by the Federal Housing Administration said AB.

After the Chapter 11 filing in August, Taylor Bean sold 1,046 parcels of repossessed real estate for $81.2 million to Selene Residential Mortgage Opportunity Fund LP.

Taylor Bean had a small reverse mortgage business, originating 6 HECMs during 2009.  For more information see its listing on ReverseBase.

Taylor Bean to Sell Reverse Mortgages

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