TAYLOR BEAN MORTGAGE GOES OUT OF BUSINESS!
Taylor Bean mortgage company announced that it will no longer be doing mortgage in America. It has ceased its operations as of today. The mortgage industry continues to consolidate after the financial shake up. The failure of the privately held Taylor Bean, based in Ocala, Fla., came a day after the Federal Housing Administration barred it from making loans insured by the government agency. Among originators of FHA mortgages, Taylor Bean was the third-largest, and it was the nation's 12th-largest home-mortgage lender overall, according to Inside Mortgage Finance CITED CLICK HERE
The FHA closed the doors. Many borrowers were calling to see if there would be funded or not. It was a privately held company. The company failed to submit an annual report to HUD. So, it took action and closed the doors. It did not feel confident in their performance as a company according to inside sources.
The closing of the mortgage company will leave consumers with fewer selections which can cause a delay the housing market to recover and consumer loan costs will increase with a lack of competition. We have over 70 banks that have closed in America. The banking industry is going through a mass consolidation. It seems the Big Boys will be the only ones left.
The employees of Taylor Bean Mortgage company were blind sided. I am sure many of them did not have a Plan B. Losing a job is quite the ordeal in this economy. The unemployment rate is at 10% and increasing each month.
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