OCALA, Fla. (AP) - One of the nation's largest wholesale mortgage lenders has stopped funding mortgages, a day after federal authorities barred it from making loans insured by the Federal Housing Administration.
Taylor, Bean & Whitaker Mortgage Corp. stopped its mortgage lending operations on Wednesday. The agency on Tuesday suspended the firm from originating new FHA-insured mortgages, and on Monday federal agents raided the lender's Ocala, Fla.-based headquarters, along with the Orlando office of Colonial BancGroup. Federal authorities say the firm failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor.
Taylor, Bean & Whitaker recently planned to make a $300 million equity investment in Montgomery, Ala.-based Colonial, but that deal fell through Friday.