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Taylor Bean Suspended By FHA

OCALA, FL-The agency action follows a raid by federal agents at the company's headquarters.

By Carl Cronan | Updated on August 05, 2009

OCALA, FL-Locally based Taylor Bean & Whitaker Mortgage Corp. has been suspended by the Federal Housing Administration from making loans insured by the agency, according to the Wall Street Journal . The action follows raids by federal investigators earlier this week at the company’s headquarters as well as those at Florida offices of Montgomery, AL-based Colonial BancGroup.

As a result of the FHA action, Taylor Bean issued a statement Wednesday saying it is shutting down: “TBW is cooperating with each of the agencies with respect to its servicing operations and expects to continue to service mortgage loans as it restructures its business in the wake of these events.”

The Department of Housing and Urban Development, which oversees the FHA, said it took action against Taylor Bean because the company failed to submit a required annual financial report and to disclose “certain irregular transactions that raised concerns of fraud.” Officials declined to provide details about the possible fraud.

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