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Fla. mortgage firm settles with Pa., other states
Taylor, Bean & Whitaker Mortgage Corp., of Ocala, Fla., has agreed to modify loans for homeowners and pay $9 million in fines as part of a settlement with Pennsylvania and 13 other state mortgage regulators.
Taylor, Bean & Whitaker Mortgage Corp., of Ocala, Fla., has agreed to modify loans for homeowners and pay $9 million in fines as part of a settlement with Pennsylvania and 13 other state mortgage regulators.
The agreement comes after an investigation of nontraditional mortgages originated by the company in 2006 uncovered numerous instances in which applicants' incomes and assets were altered to gain loan approvals, said Steve Kaplan, state banking commissioner. - Alan J. Heavens