A Florida-based concern has agreed to liquidate Mississippi and 13 other states $9 million to balm them run the company's mortgage lending practices. The asseverate Division of Banks said the deal was reached with Taylor, Bean & Whitaker Mortgage Corp. after a multi-state scrutiny of non-traditional loans issued by the set on in 2006.
The loans encompass interest-only mortgages, pay alternative adjustable-rate mortgages, and stated proceeds loans. The firm, one of the ten largest wholesale mortgage lenders in the country, stopped oblation non-traditional mortgages in 2007. It has also agreed to cost an exterior fellowship to look over the loans.
The limited company did not at the drop of a hat restitution a request for comment. The settlement also covers Arizona, Florida, Georgia, Idaho, Illinois, Louisiana, Maryland, Massachusetts, New Jersey, North Carolina, Pennsylvania, Vermont and the District of Columbia.
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