Taylor, Bean & Whitaker
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| Taylor, Bean & Whitaker Mortgage Corp. | |
|---|---|
| Type | Privately Owned company |
| Founded | 1982 |
| Headquarters | Ocala, Florida |
| Key people | Lee Farkas, Chairman Paul Allen, CEO Ray Bowman, President, Stuart Scott, COO |
| Industry | Finance and Mortgage |
| Products | Mortgage |
| Employees | 2,050 |
| Website | Taylor, Bean & Whitaker |
Taylor, Bean & Whitaker is a top 10 wholesale mortgage lending firm. Taylor, Bean & Whitaker closed $35 billion in residential mortgage loans in 2007. The company employs about 2,050 workers and is headquartered in Ocala, Florida.
[edit] History
Taylor, Bean & Whitaker was incorporated in 1982 and began operations as a small town retail mortgage firm. Lee Farkas purchased the firm in 1990. At the time the company closed roughly $1 million in loans per month with six employees. The company now closes roughly $3 billion per month. Since then, TB&W has ascended to a national mortgage lending institution with offices across the country. Taylor, Bean & Whitaker Mortgage Corp. (TB&W), headquartered in Ocala, FL
The company’s rise within the mortgage industry is the result of multi-faceted strategic objectives: scalable operational infrastructure, strong management and marketing teams, strategic partnership building, and diversification of business opportunities. Technological innovations, automated processes, streamlining efficiencies, an evolving product line and continual commitment to customer service are key contributing growth factors.
TB&W continues to build upon an annual production volume exceeding $35 billion and assets approaching $5 billion. These substantial numbers and aggressive technological programs aimed at thousands of community banks and independent mortgage brokers only promise continued exponential growth and a strengthened position among the nation’s leading wholesale mortgage lenders.
[edit] Taylor, Bean and Whitaker REO (Foreclosures Bank Owned Properties)
Taylor, Bean and Whitaker Mortgage Corporation offers its Real Estate Owned (REO) properties via its TB&W REO website. REO is a class of property owned by a lender, typically a bank, after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank. The minimum bid in most foreclosure auctions equals the outstanding loan amount, the accrued interest and any costs associated with the foreclosure sale including attorneys' fees.
After an unsuccessful auction, the bank will go through the process of trying to sell the property on its own. It will remove some of the liens and other expenses on the home and try to resell it to the public, either through future auctions or direct marketing through a Realtor. Generally speaking, bank REO properties are in poor shape in terms of repairs and maintenance; however, real estate investors will often go after these properties as banks are not in the business of owning homes and so, in some cases, the low price can more than compensate for the condition of the property.
To learn more about TB&W REO or to see its National listing of TB&W REO Bank Owned Properties, please go to www.taylorbeanhomes.com.
