The process of transferring servicing from Taylor, Bean and Whitaker Mortgage Corp. to Bank of America Corp. has been completed.
Taylor Bean was suspended as an approved servicer of the Government National Mortgage Association — or Ginnie Mae — during the first week this month. The suspension came on top of the Ocala, Fla.-based company’s loss of its approval to originate loans insured by the Federal Housing Administration.
The suspension was the result of Taylor Bean’s failure to submit a required annual financial report and its misrepresentation that there were no unresolved issues with its independent auditor, according to U.S. Department of Housing and Urban Development.
Around 180,000 Ginnie Mae-securitized mortgages have been successfully transferred to BoA-subsidiary BAC Home Loans Servicing, a news release today said. Welcome letters will be sent this week to borrowers. BAC is a long-standing master sub-servicer for Ginnie.
In addition to FHA loans, the servicing portfolios include loans from the Department of Veterans Affairs, the Department of Agriculture’s Rural Development and the Office of Public and Indian Housing.
While Taylor Bean was also suspended as a servicer for Freddie Mac, BAC is not taking over servicing on those loans.
Borrowers who already had loan modifications in process at Taylor Bean or Sparta Special Servicing will be contacted by BAC’s loss-mitigation team.
