Taylor, Bean and Whitaker Mortgage Corp. – one of the largest non-bank residential lenders in Florida – has been barred from issuing mortgages in the state by the Florida Office of Financial Regulation.
The state agency released an emergency cease and desist order Aug. 7 against Ocala-based Taylor Bean, which has 30 offices in Florida. State residents in the middle of the application process should be placed with viable alternate lenders.
“Our main goals in this order are to limit Taylor, Bean and Whitaker’s operation in Florida and to protect any Florida consumers who may have a mortgage application in the pipeline with them,” Acting office Commissioner Linda Charity stated in a press release.
According to the order, Taylor Bean’s lines of credit have been suspended and it is not able to fund loans, including 60 that have closed.
This week, the U.S. Department of Housing and Urban Development and the Federal Home Loan Mortgage Corp. banned Taylor Bean from selling and servicing mortgages for them. On Wednesday, the company announced that it has ceased processing and closing mortgages.
The Wall Street Journal called Taylor Bean the third-largest underwriter of FHA loans in the country.
Taylor Bean, leading a consortium of mortgage brokers that included two Orlando companies, offered to invest $300 million in Colonial Bank in exchange for a 75 percent equity stake. Colonial needed the money to qualify for $530 million in federal bailout funds. But the bank announced last week that the deal fell through.
Federal law enforcement agents raided a Colonial office in downtown Orlando and Taylor Bean’s headquarters Monday carting off records.
Also on Friday, Colonial warned investors that it is the subject of a criminal probe and that Alabama banking regulators plan to ask the bank to submit to receivership.
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