STATE OF ILLINOIS DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION DIVISION OF BANKING IN THE MATTER OF: ) ) TAYLOR, BEAN & WHITAKER MTGE. ) CORP.
License No. MB.0005493 315 NE 14th Street Ocala, FL 34470 ) ) ) ) SETTLEMENT AGREEMENT No. 2009-MBR-CD3-c The Illinois Department of Financial and Professional Regulation, Division of Banking (“Department”), Taylor, Bean & Whitaker Mortgage Corp. (“TBW”) and the Taylor, Bean & Whitaker Plan Trust (“Trust”) formed pursuant to TBW’s confirmed plan of liquidation hereby enter into this Settlement Agreement (“Settlement Agreement”) for the purpose of settling the various disputes as set forth hereafter.
RECITALS WHEREAS, TBW is a residential mortgage licensee located at 4901 Vineland Road, Suite 120, Orlando, Florida 32811 and held Illinois license No. MB.0005493 (“License”); WHEREAS, in 2009 the banking departments of 14 states including the Department participated in an examination of TBW’s lending practices (“Multi-State Examination”); WHEREAS, pursuant to the Multi-State Examination, a report was issued detailing alleged deficiencies in TBW’s lending practices (“Multi-State Report of Examination”); WHEREAS, in settlement of the issues raised in the Multi-State Report of Examination, TBW and the 14 states including the Department entered into a settlement agreement dated June 22, 2009 (“MSRE Settlement Agreement”);
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Product or Service Mentioned: Cenlar Mortgage.
Reason of review: Damaged or defective.
Monetary Loss: $146000.