TBW Ceases Origination Operations

Fla.-based Taylor, Bean & Whitaker Corp. (TBW) has ceased all origination operations, effective immediately. The decision to close up shop comes on the heels of notification from the U.S. Department of Housing and Urban Development, Freddie Mac and Ginnie Mae that TBW was either suspended or terminated as an approved seller and/or servicer for the agencies. ‘TBW has unsuccessfully sought to have the decisions of each of those agencies reversed,’ a company [link=http://www.taylorbeanonline.com/RateSheets/tbwannouncements/TBW%20Press%20Release%2008052009.pdf][u]statement[/u][/link] says. ‘Regrettably, TBW will not be able to close or fund any mortgage loans currently pending in its pipeline.’ The company says it is cooperating with the agencies with respect to its servicing operations and expects to continue to service mortgages as it restructures its business. More than 1,000 employees lost their jobs as a result of the announcement, reports [link=http://www.ocala.com/article/20090806/ARTICLES/908061013/1001/NEWS01?Title=Hundreds-left-jobless]Ocala.com[/link]. SOURCES: TBW, [link=http://www.ocala.com]Ocala.com

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