Those engaged in foreclosure defense should take a closer look at loans originated by TBW  when structuring their defense strategy…

Florida Company Reaches Multi-state Agreement Over Non-traditional Loans

Carrie Bay | 06.25.09

Taylor Bean & Whitaker Mortgage Corp. (TBW), a wholesale lender based in Ocala, Florida, has agreed to pay 13 states and the District of Columbia $9 million in fines after regulators took a closer look at the company’s nontraditional mortgage loans made in 2006.The examination alleged TBW, currently one of the 10 largest wholesale mortgage lenders in the United States, altered borrowers’ income and asset information in order to qualify applicants for mortgage loans they couldn’t afford and place them into so-called exotic loans, such as interest-only mortgages, payment option adjustable-rate mortgages, and stated income loans.

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Tags: TBW, subprime, mortgage, forensic, foreclosure, default, realestate, loan, loanmodification, shortsale

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