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Article submitted by: 911 Foreclosure – Loan Modification Advice
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After many years of providing mortgages through it’s mortgage broker network, Taylor, Bean and Whitaker closes shop after the Feds barred the company from originating any new FHA loans. Ginnie Mae also terminated the company’s ability to issue mortgage-backed securities.

With a FHA rescue out of the picture and additional financing unavailable, the companies only other option was to close its doors. Management contacted the employees conveying their disappointment and explaining that another option was unavailable. Now recognize that Taylor, Bean and Whitaker was not a tiny company. At the time of the closure, they employed almost 2,000 people.

Federal authorities “raided” the company’s main offices in Ocala, Florida on August 3, 2009.

Notice I put “raided” in quotes? It’s such a made for media term – it makes you think of the days of Elliot Ness and Al Capone. But the feds performed a site visit examination after TBW failed to submit a required financial report. It was also stated that the company did not disclose certain irregular transactions that subsequently “raised concerns of fraud”.

Starting as a small town retail mortgage firm in 1982, Taylor, Bean and Whitaker grew from the grass roots. However in the past 10 years, TBW has grown substantially to be come on of the top mortgage resellers in America.

What this closure means is another stake in the heart of the mortgage brokerage industry. Look – I’m not saying that Taylor Bean was completely above reproach – I personally have never had any direct dealings with the firm. But through my many years in this industry, I had never heard a disparaging remark about them. As far as I know, this company was one of the better mortgage lenders out there. And now they are gone. And now there is one less competitor, one less company for a broker to choose from.

What comes to the next evolution of the mortgage industry? Well, pay attention because we’re already pulling back the veil. Mortgage borrowers can choose from a Governmental Lender Service or from the remnants of the once powerful brokerage networks. But Who’s LEFT!? Only a few small Local Lenders that still portfolio their own Loans. I hope you can see that your choices are being eliminated since it becomes harder and harder each day to find a broker. Now you may choose a fixed rate – oh, you can choose 30 or 20 or even 15 years or one of a couple of adjustable programs left – 5, 7 or 10 year fixed rate products that convert to floating rates after the fixed rate portion ends. Is that what you call choice? Well that’s all that’s left! And you call this good for business.

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