States Reach Deal with Mortgage Firm

By: The Associated Press
By: The Associated Press

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.

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