Taylor, Bean & Whitaker Mortgage Corp., which stopped originating loans Aug. 5, said Monday that it is no longer able to offer online payments or automated deductions for those borrowers whose loans it still services.
Customers are being asked to mail checks to the attention of the Ocala, Fla., company's cashiering department. Taylor Bean has not taken any automated debit payments since Aug. 4. It also said it would "continue functioning in a reduced capacity until all loans have been transitioned to new servicers."
Taylor Bean's warehouse lender, Colonial BancGroup Inc., failed on Friday. (See story on page 1.) This month offices of both companies were raided by federal agents.
The Federal Housing Administration and Freddie Mac have said they will no longer do business with Taylor Bean. The Government National Mortgage Association has transferred the servicing of Taylor Bean's government loan portfolio to Bank of America Corp.