The bankrupt Taylor Bean & Whitaker Mortgage Corp., once the largest independent mortgage originator in the U.S., will sell 23 reverse mortgages for $1.135 million unless a better offer is made by June 17.
The mortgages have a combined balance of $2.763 million. Fourteen are guaranteed by the Federal Housing Administration.
After the Chapter 11 filing in August, Taylor Bean sold 1,046 parcels of repossessed real estate for $81.2 million to Selene Residential Mortgage Opportunity Fund LP.
The bankruptcy came three weeks after federal investigators searched the offices of the Ocala, Fla., company. The day following the search, the FHA, the Government National Mortgage Association and Freddie Mac prohibited Taylor Bean from issuing new mortgages and terminated servicing rights.
Taylor Bean managed an $80 billion mortgage servicing portfolio. The petition said assets and debt both exceeded $1 billion.
