Bankruptcy Court Approves Freddie-TBW Deal

A U.S. bankruptcy court in Jacksonville, Fla., has approved an agreement between Freddie Mac and Taylor, Bean & Whitaker (TBW) concerning account information for loans that TBW formerly serviced, the Ocala Star-Banner reports.

TBW has agreed to send the information to Freddie Mac, which will then forward the data to its new service providers. As part of the agreement, TBW says it won't interfere with Freddie Mac's attempts to collect money from the more than 100 TBW accounts frozen at Colonial Bank. The accounts comprise almost $2 billion in mortgage and escrow payments.

TBW attorney David Dantzler told the Star-Banner that Freddie Mac will now be able to process ‘tens of millions of dollars’ of payments held at Colonial.

Freddie Mac previously announced that Cenlar, Saxon and Ocwen would share the responsibility of servicing the TBW loans. About 50,000 accounts have been transferred to Cenlar so far, the Star-Banner report adds.

SOURCE: Ocala Star-Banner


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