La. among states settling mortgage dispute
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Louisiana is one of 14 states that signed off on a settlement under which Taylor, Bean & Whitaker Mortgage Corp. will modify loans for struggling homeowners and pay $9 million in fines.
The 14 states will divide $4.5 million of the settlement, with each getting a little more than $321,000. The remaining $4.5 million will go to help fund the Nationwide Mortgage Licensing System, a standardized system established by state regulators to track mortgage licensing.
The Pennsylvania Department of Banking led the multistate examination of nonstandard mortgage loans that Taylor, Bean originated in 2006. The investigation uncovered numerous instances in which applicants’ incomes and assets were allegedly altered in order to gain loan approvals.
Taylor, Bean, which is based in Ocala, Fla., originated 215,880 traditional and nontraditional mortgage loans nationally between 2006 and 2007.
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