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Patrick Administration Announces Multi-State Agreement with Taylor, Bean & Whitaker Mortgage Corporation
Model Agreement Will Bring Relief to Homeowners. BOSTON, MA - June 22, 2009 - (RealEstateRama) — The Patrick Administration’s Division of Banks today announced a major agreement with Taylor, Bean & Whitaker Mortgage Corporation (TBW) regarding its mortgage lending practices for so-called “nontraditional” loans made in 2006. This agreement will result in a detailed review of TBW’s nontraditional loan exceptions, the adoption of the federal loan modification program to assist struggling homeowners, and the payment of $9 million to assist the states in their oversight of mortgage origination practices.