MASSACHUSETTS
Agency Operations

Home arrow Underwriting arrow Underwriting Bulletins arrow Taylor Bean Whitaker Bankruptcy
Taylor Bean Whitaker Bankruptcy PDF Print E-mail
 

08/25/2009 

To:  All Agents and Approved Attorneys
 
RE: Taylor Bean Whitaker Bankruptcy

Taylor, Bean & Whitaker Mortgage Corp. filed a voluntary Chap. 11 petition in the U.S. Bankruptcy Court for the Middle District of Florida on August 24, 2009, case no. 09-7047. On August 25, 2009, the court entered an order that the debtor shall continue in possession and control of its property, and, as debtor-in-possession, is authorized to operate its business and manage its property during the pendancy of the case. Subject to the provisions of Code Sections 363 and 365 and the notice requirements of Bankruptcy Rule 2002, the DIP is authorized to use, sell and lease property of the estate.  
The DIP was ordered to close its present books of account and ordered to open and maintain new books and accounts as of the date of the petition.  
Accordingly, payments of loan payoffs and proceeds from sale of REO must be made to an account which has been confirmed is a post-petition DIP account. You should not make a payment based on a request made before 8/24/09 unless the check is payable to "Taylor, Bean & Whitaker Mortgage Corp., debtor in possession in the U.S. Bankruptcy Court, Middle District of Florida, case no. 09-7047." Payments by wire should be confirmed as being sent to a post-petition DIP account.
The bankruptcy does not alter our continuing concern that payoff statements coming from the DIP may relate to servicing agreements which were terminated pre-petition. You must continue to ascertain on any payoff statement whether the debtor is a lender or whether they are acting as servicer, and if the latter, under which servicing agreement
 
< Prev   Next >

Copyright © 2010 FNF All Rights Reserved. Privacy Statement