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The Federal Housing Administration has insured over 35 million home mortgages and 47,205 multifamily project mortgages since 1934. Currently, FHA has 4.8 million insured single-family mortgages and 13,000 insured multifamily projects in its portfolio.
FHA SUSPENDS TAYLOR, BEAN & WHITAKER MORTGAGE CORP. AND PROPOSES TO SANCTION TWO TOP OFFICIALS Ginnie Mae Issues Default Notice and Transfers Portfolio
WASHINGTON - The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting TBW’s participation in its Mortgage-Backed Securities (MBS) program and is ending TBW’s Ginnie Mae loan servicing rights. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW’s nearly $25 billion Ginnie Mae portfolio.
FHA and Ginnie Mae are imposing these actions because TBW failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor even though the auditor ceased its financial examination after discovering certain irregular transactions that raised concerns of fraud. Read press release, consumer loan Q and A's, or industry loan Q and A's
Single Family has FHA's primary mortgage insurance program, known as Section 203(b).
Health Care Facilities access to financing for your capital project.
MultiFamily Housing insurance has provided incentives for tens of thousands of rental projects.
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