UPDATE
Taylor Bean and Whitaker has posted a new link that searches for your new servicer by entering your Taylor Bean and Whitaker loan number. You can find this page by clicking here.
This has been a question I’ve been receiving more lately. Calling Taylor Bean and Whitaker’s exit from the mortgage industry “Ungracious” would be the understatement of the year. Many borrowers had gone as far as signing their loan with Taylor Bean and Whitaker and were left with nothing but unanswered questions.
An article from Tampa Bay Times was telling people to mail their checks in to the old Taylor Bean and Whitaker address as recently as August 14th. Today, August 18th, Taylor Bean’s website is now telling a different story. There are now different addresses to send your payments. However, the information given isn’t very clear.
First, you cannot make your payments online. Second, Taylor Bean no longer offers automatic payment deductions. If you were on automatic payment deductions and are worried you will be double charged for sending in a check, you’ll be okay. Taylor Bean stopped automatic payments on August 10th, so if it hasn’t been drafted yet, send in your payments. I’m not sure how they’re going to handle late charges if received after the 15 day grace period, but I sure hope they accommodate their clients.
To add insult to injury, not all Taylor Bean loans need to go to the same place. You have to determine what KIND of Taylor Bean loan you have then find the proper address and phone number. Instructions for this are below.
I will try to do my best to break it down so everyone knows exactly what to do.
RECOMMENDATIONS ON HOW TO SEND YOUR PAYMENT REGARDLESS OF WHAT KIND OF TAYLOR BEAN LOAN YOU HAVE
Here is what’s recommended on Taylor Bean’s website:
- Write your loan number on your check
- Include special payment instructions such as additional payments to principal or escrow
- Use your Taylor Bean loan number until you receive a new loan number from your new servicer
Here are some extra precautionary measures you can take (Please remember that these items are not required nor recommended by any of the loan servicers. This is nothing more than an extra level of tracking and paper documentation for your knowledge and protection):
- Send payments using some form of tracking, such as Fedex, UPS or certified mail
- Print and store copies of the cancelled check to show it was cashed and cleared by the servicer
- Print the instructions from Taylor Bean and Whitaker’s website on where and how to send your payments on store it in a file
- Be sure to open all of your mail. Some may look like junk mail. However, it could be your new mortgage company telling you how and where to send your payments. Open everything before you throw it away.
IF YOUR LOAN IS OWNED BY GINNIE MAE
Most homeowners don’t know who Ginnie Mae is. Simply put, Ginnie Mae purchases government backed mortgages. If your loan was a FHA, VA or USDA loan and serviced through Taylor Bean, then your payments should now go to Bank of America. I would not go into a Bank of America branch to make a payment (yet).
Taylor Bean is telling clients who have Ginnie Mae loans to send their payments to Bank of America. Here are the instructions from Ginnie Mae on where to send your payments if your Taylor Bean loan is owned by Ginnie Mae.
Here is the information you need to make your payment.
ADDRESS
Bank of America Home Loans, LPO
Payment Processing
P.O. Box 10334
Van Nuys, CA 91410-0334
Phone: 1-800-669-6607
MY LOAN IS OWNED BY FREDDIE MAC
Freddie Mac was the primary purchaser of Freddie Mac conforming/conventional loans.
Unfortunately, Taylor Bean and Whitaker did not post an address to send your payments to. There are different servicers for your mortgage depending on whether you’re current or not current on your mortgage payments. Use this link to determine if your loan is owned by Freddie Mac. If it is, see the instructions below:
FOR HOME MORTGAGE CUSTOMERS WITH A FREDDIE MAC LOAN, YOUR LOAN WILL NOW BE SERVICED BY ONE OF THE FOLLOWING SERVICERS:
IF YOUR LOAN IS CURRENT, YOUR SERVICER WILL BE CENLAR. CENLAR CAN BE REACHED AT 1-877-680-5583 .
IF YOUR LOAN IS NOT CURRENT, YOUR SERVICER WILL EITHER BE SAXON OR OCWEN. SAXON CAN BE REACHED AT 1-888-422-6451 . OCWEN CAN BE REACHED AT 1-800-74-OCWEN .
MY TAYLOR BEAN AND WHITAKER LOAN ISN’T OWNED BY GINNIE MAE OR FREDDIE MAC. WHAT DO I DO?
Follow the instructions above on how to send your payment and use this address:
TAYLOR, BEAN & WHITAKER MORTGAGE CORP.
ATTN: CASHIERING
1417 N. MAGNOLIA AVE
OCALA, FL 34475
PHONE: 1-888-225-2164 or
1-800-530-2602
I’ve heard horror stories of wait times and disconnects when you call Taylor Bean, so be prepared to either wait or call back if you get disconnected. Hopefully the information here is detailed enough that you won’t have to call them.
Good luck!
UPDATE
The FDIC and Federal Reserve have released a new customer hotline for Taylor Bean and Whitaker customers.
FDIC 1-877-275-3342
Federal Reserve 1-888-851-1920
RELATED LINKS
www.keaneloans.com/2009/08/06/taylor-bean-and-whitaker-is-closed-now-what
Deborah,
I know it appears risky to trust anything on their site, but remember any content on that site is usually put there and facilitated by the US Government. TBW is in a Bankruptcy court and their employees are not the ones managing the company or the website. Only after the government stepped in did we start getting information regarding how to find your servicer and where to send your payments.
Here is the link
https://www.tbwloansearch.com/LoanCheck.aspx
Haven’t seen this on here yet… I was with TBW and did a refi with them that closed on 7/29/09, funded 8/3/09. I rec’d information that my OLD TBW loan number was transferred to CENLAR, but they had no information about my NEW TBW account. TBW website showed both accounts, the old one being paid in full, the new one for the correct new mortgage amount. This is/was a Freddie Mac loan. I checked the loan search on the TBW site and it says the OLD loan is being serviced by CENLAR, the new one by TBW – called TBW, told them this is a Freddie Mac loan (verified by call to Freddie Mac) and needs to be transferred to CENLAR, they told me no, I need to send money to TBW – ya, right!
So, right now, two servicers are asking me for money on one property – CENLAR is asking me for payments on my OLD mortgage and TBW is asking for payments on my NEW loan.
I have faxed EVERYTHING to CENLAR (since 9/15/09) and still have not heard back from them. Apparently, the people in their “research” area (where I was instructed to send the fax) cannot take phone calls and the CSR rep are of NO help.
oh, and by the way, the Deed of Trust (for the NEW mortgage) HAS been recorded with the county Recorders office, so I know the “funding” did happen (it was internal within TBW)
Any suggestions on how I can force TBW to transfer my NEW loan to CENLAR?
T Randall,
Wow, you’re absolutely right. That’s news to me. So you HAD Taylor Bean and refinanced through them.
First, I’d start by sending proof of your recorded loan to Cenlar. See if that gets them off your back. I’d get a copy of your final HUD statement from escrow showing the recording, the Deed of Trust you mentioned and a copy of your new Note that’s recorded. All should be in your loan docs. Recorded copies can be received at your recorder’s office, which is even better.
The fact that Taylor Bean has your NEW loan and it matches the loan number is interesting. Have you entered that loan number in the Taylor Bean loan search function on their site? If THAT says it’s still with Taylor Bean also, you may want to send payments but keep records of them. I know it’s scary, but everything put in place to service clients like you has been enforced by the Federal Government. Be sure to keep all records.
I think all the credit bureaus will be easy to work with regarding late payments regarding Taylor Bean loans, but I feel they may not be lenient on clients who choose to not send any payments. I’d ONLY send the payments via a personal check, ask your bank for copies of the cancelled checks and send the checks via CERTIFIED MAIL and keep the tracking. Keep calling and bugging them to insure your payments are safe.
I wish you the best of luck. That’s a tough one.
Keane
I have faxed over 100 pages to CENLAR including proof of the recorded loan (obtained from recorders office), all loan docs, closing statement, etc.
I’ve entered both loan numbers into the loan search on the TBW site and it says the OLD loan is being serviced by CENLAR and the new one is being serviced by TBW.
I’d feel more comfortable sending my payments to CENLAR with the NEW loan number. Thoughts?
So, the loan search features says you have two loans. That’s great (sarcastic tone used).
What did Cenlar say after you sent them those documents?
Ya, I know… I laughed too! CENLAR has not gotten back to me on anything I’ve sent them. When I call, they tell me it is being researched and is set to be completed 11/10/09. But they won’t let me talk to anyone in the Research dept, nor will they have anyone call me. I’m not panicking yet, but I will definitely make a decision and send a check to someone by 11/15/09.
You’re on the right track then. Keep records…keep records and keep records! Ultimately, I would find the loan that most looks like the one on the title. That’s the one tied to the property, which is why I suggested you send the payment to Taylor Bean.
Also see if the escrow company who handled your closing has proof of a full reconveyance from your refinance. This is proof the old lien was paid and cleared from title.
Will do.. thanks for your input!
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round point is collecting my mortgage payments for taylor bean and they have my account all messed up. when i try to get it corrected they end up hanging up on me. i have been making e-tra payments and they are getting lost somewhere. what can a person do to get out of this hell hole?
Peggy,
You can keep Roundpoint accountable. Be sure to have your bank send you back copies of your cancelled checks and send your payments via certified mail until they get it fixed. I know it’s a pain but it’s the only way you can prove you’ve made the payments and they’ve cleared.
If they still don;’t have it correct after that, you can report them to the FDIC.
I love your post was really interesting, but I was wondering If the US senate has a hard time understanding the new health care bill from Obama how can common folks? When will we be able to understand what he has done?