American 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.
