Ginnie Transferring Taylor, Bean Portfolio to Specialty Servicers
The notorious Taylor, Bean & Whitaker mortgage servicing portfolio continues to run off and will soon be in the hands of two specialty servicers, says Ginnie Mae president Ted Tozer.
Taylor, Bean was an Ocala, Fla., mortgage banking firm that collapsed in the summer of 2009 after a federal probe discovered evidence of fraud and fake assets. At the time, the company held $26 billion in Ginnie Mae servicing rights that the agency seized.
Today, there is just $5.9 billion left in the portfolio. Bank of America has acted as the subservicer for some time. Ginnie officials have been trying to transfer the Taylor, Bean portfolio from the bank to a new servicer since last fall.
This year, Ginnie Mae hired Carrington Mortgage Services, based in Santa Ana, Calif., and Selene Finance of Houston, to take over the subservicing job on the storied portfolio. Neither servicer would discuss the transfer.
Ginnie Mae won't be selling the Taylor, Bean servicing rights until next year, Tozer says.