U.S. Bancorp has asked a federal court to force Taylor, Bean & Whitaker Mortgage Corp. to turn over more than $180 million of home loans serviced for the banking company.
Taylor Bean is not complying with agreements requiring it to pass on servicing to another company, U.S. Bancorp said in a lawsuit filed Monday in the U.S. District Court in Ocala, Fla.
Taylor Bean shuttered its mortgage lending business this month after federal agencies seized the company.
U.S. Bancorp, of Minneapolis, is a trustee for six mortgage-backed securities made up of loans serviced by Taylor Bean, the lawsuit said. Taylor Bean is servicing 1,936 loans with a total balance of more than $180 million, U.S. Bancorp said.
On Aug. 4 the Federal Housing Administration suspended Taylor Bean, its third-largest lender, citing possible fraud.
Taylor Bean did not submit a required annual financial report and "misrepresented that there were no unresolved issues with its independent auditor," the FHA said.