OCALA, Fla. – U.S. Bancorp has filed suit against failed mortgage lender and servicer Taylor, Bean & Whitaker Mortgage Corp. to turn over more than $180 million of home loans Taylor, Bean is servicing for the bank.
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U.S. Bancorp said in a suit filed in federal court here that Taylor Bean is not in compliance with a contractual agreement requiring it to pass on servicing to another company.
Taylor Bean was shut down in early August by federal regulators. The company services 1,926 loans for the bank. Also in early August, the FHA suspended Taylor Bean, citing potential fraud, the FHA said.
