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FHA Suspends Taylor Bean

Company also suspended as Ginnie Mae issuer

August 4, 2009

By MortgageDaily.com staff


Taylor, Bean and Whitaker Mortgage Corp. lost its FHA approval, while its Ginnie Mae servicing portfolio was seized. The company allegedly hid the fact that its own auditor uncovered potential mortgage fraud on government-insured loans and failed to disclose two state investigations during the past year.

A news release today from the U.S. Department of Housing and Urban Development said the temporary suspension will prevent the Ocala, Fla.-based firm from originating or underwriting FHA-insured loans.

HUD said Taylor Bean is the third largest FHA direct endorsement lender.

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 HUD. The auditor reportedly halted its financial examination after discovering potentially fraudulent transactions.

HUD also said that the company failed to disclose two examinations by the Commonwealth of Kentucky into its business practices during the past year.

"FHA decided that Taylor, Bean and Whitaker Mortgage Corp.'s immediate suspension is in the best interest of the public and is necessary to protect the financial interests of the department
," the statement said.

The company's president, Ray Bowman, was sent a notice of proposed debarment because he allegedly submitted two false certifications to HUD.

In addition, the Government National Mortgage Association is "defaulting and terminating" Taylor Bean as an issuer of its mortgage-backed securities -- immediately eliminating the company's ability to issue Ginnie Mae securities or service the underlying loans. Taylor Bean is reportedly the eighth largest issuer of Ginnie securities.

Ginnie will take control of a $25 billion portfolio from Taylor Bean.

Taylor Bean Chief Executive Officer Paul R. Allen has been sent a notice of proposed debarment for allegedly submitting false or misleading information to Ginnie about a delay in submitting audited financial reports for fiscal year ended March 31.

The suspension will continue until HUD's Office of Inspector General completes an investigation. The company has 30 days to appeal its immediate suspension.

HUD Secretary Shaun Donovan warned other noncompliant lenders, "operate within our standards or we won't do business with you."

FHA Commissioner David Stevens added, "FHA won't tolerate irresponsible lending practices."

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