Fitch Withdraws Taylor Bean & Whitaker Servicer Ratings

Posted by Orb Staff on October 29, 2009 No Comments
Categories : Mortgage Servicing

Fitch Ratings has withdrawn Taylor Bean & Whitaker Mortgage Corp.'s U.S. residential servicer ratings.

The withdrawals are based on a lack of sufficient information to maintain the ratings, as Fitch does not rate the credit or financial strength of Taylor Bean.

In addition, Fitch has been involved in ongoing conversations with Wells Fargo as master servicer for the Taylor Bean transactions. Wells Fargo is in the process of transferring the servicing of these transactions to its subservicer, Coppell, Texas-based American Home Mortgage Servicing Inc. (AHMSI).

According to AHMSI, the agreement with Wells Fargo covers about 16,000 loans that were previously serviced by Taylor Bean and have been boarded onto AHMSI's servicing system. Processes have commenced to notify borrowers and verify loan information provided by Taylor Bean, AHMSI adds.

SOURCES: Fitch Ratings, AHMSI

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