Taylor, Bean & Whitaker Mortgage Corp. will be paying $9 million in a settlement to the state of New Jersey. In part of a multi-state settlement with a Florida-based mortgage company, the corporation was accused of mortgage fraud by selling high risk mortgages and using shady lending procedures. The state banking agency identifying as the plaintiff in this case also claimed that half of the money to be dispersed in the settlement will go to the national system in progress that will attempt to prevent fraud and make the mortgage regulation process more efficient.
Over $3 billion in assets were apparent in the Ocala, FL company. $30 billion in loans were made annually as well. TBW gave over $100,000 in refunds in response to erroneously charged fees to all their New Jersey customers from 2006. The Obama administration’s foreclosure prevention program, known as the Making Home Affordable program, will be used in the guidelines the TBW corporation will adapt with in relations with their customers with loans.
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