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Wednesday, August 05, 2009

Frisco Mortgage News, FHA and Taylor Bean and Whitaker

The Federal Housing Administration or FHA suspended Taylor, Bean & Whitaker Mortgage Corp. Tuesday from making loans insured by the federal agency. This is another blow to one of the largest FHA lenders left, and how long they will be suspended, I don't know yet.
JAMES R. HAGERTY and LINGLING WEI wrote,
"The FHA said the Ocala, Fla.-based lender failed to submit a required annual financial report and to disclose to the FHA "certain irregular transactions that raised concerns of fraud." Taylor Bean has 30 days to appeal the suspension.
More
Colonial and Taylor Bean Offices Raided
Taylor Bean was the 12th largest U.S. mortgage lender in the first six months of this year, according to Inside Mortgage Finance, a trade publication. Among originators of FHA loans, Taylor Bean was the third largest in May, with a market share of 4%, according to the publication. Only Bank of America Corp. and Wells Fargo & Co. were larger.
Taylor Bean's woes are a major blow for hundreds of brokers and smaller mortgage banks that sell the loans they originate to the privately owned company. Those small mortgage companies will have to scramble to find new partners if they are to remain in the booming FHA lending business.
FHA loans have surged in popularity over the past two years as other sources of mortgage funding have dried up.

Lee B. Farkas, chairman of Taylor Bean, said in response to questions that he was unaware of the FHA action.

Ginnie Mae, a government agency that guarantees payments to holders of securities backed by FHA loans, said Taylor Bean is also barred from issuing securities backed by Ginnie. Ginnie said it will take control of nearly $25 billion of mortgage securities issued by Taylor Bean.
The moves came a day after federal agents raided the Florida offices of Colonial BancGroup Inc. and Taylor Bean. Taylor had been leading a group of investors that proposed to shore up Colonial by taking a stake in the Alabama-based bank but that transaction fell through last week amid heavy losses at Colonial."

Wow, right!?!?! It was said over a year now that the true broker would slowly be pushed out of this industry, and this is another blow to support that fact.

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Testimonials & About Me

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Frisco, Texas, United States
In 2002, Brad Lynch began energetically consulting families in finding the right mortgage plan for their needs. In the beginning years, he was trained by a mentor who led by example, and this example was the epitome of integrity. Brad learned in the beginning by his mentor that many prospects may not consciously see what good intentions he has for them, do to the “wrap” many have caused w/in this industry, but always do what is right for the customer and in the end it will payoff. Integrity coupled with an energetic nature to nurture relationships, Brad has created clients for life. Through these clients for life, referrals have become the lifeblood of his business.