Cease and Desist Order Issued for Taylor, Bean & Whitaker
On August 4, 2009, the mortgage company Taylor, Bean & Whitaker (TBW), was no longer a HUD-approved company. This revocation in turn led the Kentucky Department of Financial Institutions to issue a cease and desist order to TBW. Any loan that was in the process of being approved by TBW is hereby null and void. All individuals that were going through the process must find another loan. Kentucky is taking steps to make sure that current loans will be properly serviced through TBW.
This order also prevents TBW from advertising new loans. What will happen remains to be seen. However, HUD suspended TBW on suspicion and/or allegations of fraud. I foresee additional lawsuits filed by various entities against TBW, so we should expect more news to come.
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