Bay County Market Comments for Lynn Haven, Panama City, Panama City Beach

FHA Loans in Florida Likely to Suffer
August 6th, 2009 7:39 AM

Florida mortgage lender Taylor, Bean, and Whitaker shut down it’s mortgage operations on Tuesday. This will certainly hamper loans in the mortgage pipeline and FHA loans given the large size of the operation. Additionally, this is another blow for the unemployment figures in Florida.

The Wall Street Journal reports:

FHA officials said Taylor Bean, which originated and purchased nearly $30 billion in mortgages last year, is the largest lender ever to be suspended from FHA lending. The company is private, but Taylor Bean was the 12th-largest U.S. mortgage lender in the first six months of this year, according to Inside Mortgage Finance, a trade publication. Though Taylor Bean makes most of its home loans through independent brokers and smaller mortgage banks, the Florida lender also owns a small savings-and-loan company, Platinum Bancshares Inc., of Rolling Meadows, Ill., acquired last year.

Click here for the article

Posted in:General
Posted by Wendell Browne, SRA on August 6th, 2009 7:39 AMPost a Comment

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