Taylor, Bean & Whitaker Mortgage Corp. lost its Freddie Mac approval and immediately halted their wholesale home loans operations. The company hopes a business restructuring will remedy its situation. The loss of Taylor, Bean and Whitaker as a wholesale lender is a major blow to U.S. mortgage brokers who say it means home loan applicants who were in process at the wholesaler will need to purchase new appraisals and potentially sit through new waiting periods. The action follows Taylor Bean’s suspension yesterday by the Federal Housing Administration and the Government National Mortgage Association or Ginnie Mae.
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August 10, 2009
Taylor Bean Freezes Wholesale Home Loan Division
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