29 Sep Taylor Bean & Whitaker Transfers Away Mortgage Servicing
The bankruptcy of Taylor Bean & Whitaker Mortgage Corp., resulted in the transfer of mortgage servicing on its entire loan portfolio according to information from Bankrate.com. All of the FHA, VA and Rural Housing Services loans that were current as of August were transferred to Bank of America. Delinquent loans were transferred to either Saxon or Ocwen. Mortgagors with loans previously serviced by Taylor Bean & Whittaker should receive letters informing them of the new servicer name and address. Payment due dates and amounts should not be affected by this change. Mortgagors should compare their escrow account statement to make sure the escrow funds are accurately reflected on the books of the new servicer.
Andy Miofsky, Esq.
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