Question: My mortgage is through Taylor Bean and Whitaker which has just been implicated in a fraud scandal, (which made headlines in August.) When no payment was deducted from my husband's bank account in September, we made a call to TBN and were told that the company has ceased to operate, but that we should send a check to the Ocala, FL address. I'm afraid to send my mortgage company now knowing that it has "Ceased to operate," but am equally afraid of missing a mortgage payment. How should we proceed? Jessica, East Waterboro, ME
Answer: You're instincts are right. Before you do anything you need to see who is now responsible for servicing the mortgage. There has been a great deal of confusion since Taylor Bean went under, but it looks like government agencies have straightened it out.
The FDIC and Federal Reserve each offer Taylor Bean and Whitaker customers a hotline to call for more information. The FDIC number is 1-877-275-3342. The Federal Reserve's hotline is 1-888-851-1920.
Basically, if the loan was insured by the Federal Housing Administration, Veterans Administration or USDA's Rural Development, it was probably securitized (turned into a product that can be sold like a bond) by Ginnie Mae. Bank of America has taken over the servicing of government-insured or guaranteed mortgages securitized by Ginnie Mae. The Ginnie Mae website offers more information, and you can get the BofA address. Other TBW loans were securitized by Freddie Mac. It has arranged for Cenlar FSB, Saxon Mortgage Services, and Ocwen Loan Servicing to assume responsibility for the loans. It's website is freddiemac.com.
So, check out where the payment should go first, and then write the check..