The Government National Mortgage Association is advising FHA borrowers on loans serviced by Taylor, Bean & Whitaker Mortage Corp. to send their payments to a Bank of America Corp. subsidiary.
In an online message to Taylor Bean borrowers, Ginnie Mae said Bank of America, a master sub-servicer for the government-owned entity, has taken over the servicing on Taylor Bean’s FHA portfolio. Also impacted are borrowers of Sparta Special Servicing.
On Aug. 4, Ginnie terminated Taylor Bean’s ability to issue it mortgage-backed securities or service the underlying loans. The move followed the U.S. Department of Housing and Urban Development temporary suspension of the company’s FHA approval.
The Ocala, Fla.-based lender 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.
In the latest notice, Ginnie advised borrowers to send their payments to BAC Home Loans Servicing LP, Payment Processing, P.O. Box 10334, Van Nuys, Calif., 91410-0334.
BAC is expected to send notices to the impacted borrowers within two weeks of adding the loans to its systems.
“You will not be affected at this time,” Ginnie’s statement said. “You should continue making your mortgage payment at its normally scheduled time.”
Ginnie assured delinquent borrowers in the loss mitigation department that BAC’s home retention team will contact them “as quickly as possible.”
