Taylor Bean and Whitaker: Relief On The Way – 11Alive.com | WXIA | Atlanta, GA.
You asked. We listened. We have been bombarded with complaints from homeowners following our original investigation of Taylor Bean and Whitaker. Missing mortgage payments, escrow payments not applied and bounced checks! Finally we have some good news for you.
Nearly all of the 488,000 Taylor Bean and Whitaker loan portfolios have been transferred to 10 new loan servicing companies. Some of the biggest include Bank of America, Ocwen , Saxon and Cenlar. Last week another 14 thousand loans were transferred leaving only 2 thousand mortgage accounts still with TB&W.
We are now hearing from the company for the first time since it closed its door in August after being raided by the feds and filing for bankruptcy. Things are looking better. We have been assured that homeowners are the court’s primary concern. TB&W’s former management team has been replaced. The company’s customer service line is being answered and consumers’ loans are being sorted out.
We are told that if customers have continued to make mortgage and escrow payments on time, that the new loan servicing companies are obligated to make sure those payments are applied properly and that you are made “whole”. However, if you received an NSF check from TB&W for an escrow “over payment ” or a refund, you will have to line up like any other creditor in the bankruptcy proceeding to get your money back.
TB&W used Colonial Bank for many of its accounts. When Colonial failed and was seized by the FDIC many accounts were frozen. TB&W had comingled mortgage money with general operating funds, a violation of regulations, according to Florida regulators. The FDIC is now trying to sort it out and has created a list of TB&W customers whose money was tied up in the bank failure. Bank of America
has told The Center for Investigative Action that it’s received that list and is working with customers who are on it. That may include having to rewrite some mortgages to make things right. The FDIC has set up a number to report problems; 800-405-8739. The FDIC tells us it will be a matter of weeks and everything will be resolved.
The big question, will there be enough money in the bankruptcy proceedings to take care of homeowners? The representative for TB&W ‘s new management team, attorney David Dantlzer of Troutman Sanders, is optimistic.
Also will the failure of Colonial Bank leave the FDIC on the hook for thousands of TB&W homeowners whose mortgages were tied up in the bank? Stay tuned.
