E-mail Sent To Taylor, Bean and Whitaker Employees
This is a copy of the email that all TBW employees received earlier today.
From: Spata, Melissa
Sent: Wednesday, August 05, 2009 1:40 PM
Subject: TBW Press Release
TAYLOR BEAN MUST CEASE ALL ORIGINATION OPERATIONS EFFECTIVE IMMEDIATELY
Ocala, Florida - Taylor, Bean & Whitaker Mortgage Corp. ("TBW") received notification on August 4, 2009 from the U.S Department of Housing and Urban Development, Freddie Mac and Ginnie Mae (the "Agencies") that it was being terminated and/or suspended as an approved seller and/or servicer for each of those respective federal agencies. TBW has unsuccessfully sought to have the termination/suspension decisions of each of those agencies reversed.
As a result of these actions, TBW must cease all origination operations effective immediately. Regrettably, TBW will not be able to close or fund any mortgage loans currently pending in its pipeline. TBW is cooperating with each of the Agencies with respect to its servicing operations and expects to continue to service mortgage loans as it restructures its business in the wake of these events.
We understand that this could have a significant impact on our valued employees, customers and counterparties, and are very disappointed that a less drastic option is unavailable.
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