A Florida-based firm has agreed to pay Mississippi and 13 other states $9 million to help them oversee the company's mortgage lending practices.
The state Division of Banks said the agreement was reached with Taylor, Bean & Whitaker Mortgage Corp. after a multi-state examination of non-traditional loans issued by the firm in 2006.
The loans include interest-only mortgages, payment option adjustable-rate mortgages, and stated income loans.
The firm, one of the ten largest wholesale mortgage lenders in the country, stopped offering non-traditional mortgages in 2007. It has also agreed to hire an outside company to review the loans. The firm did not immediately return a request for comment.
The agreement also covers Arizona, Florida, Georgia, Idaho, Illinois, Louisiana, Maryland, Massachusetts, New Jersey, North Carolina, Pennsylvania, Vermont and the District of Columbia.