Loan buyer's Closing Puts Banks on Hook - KAIT Jonesboro, AR - Region 8 News, weather, sports

Loan buyer's Closing Puts Banks on Hook

LITTLE ROCK, Ark. (AP) - The closing of a large Florida mortgage company has affected several banks in Arkansas. The federal government Tuesday suspended the business of Taylor Bean and Whitaker, a mortgage originator in Ocala.

 That prevents it from originating and underwriting mortgages insured by the Federal Housing Administration. Randy Dennis, president of DD&F Consulting Group, a bank consulting company in Little Rock, says that while banks and mortgage companies have other options, many small community banks in Arkansas will be affected.

Dennis says Taylor Bean was considered the mortgage solution for members of the Independent Community Bankers of America, and many small banks used the firm to fund their mortgages.

Dennis says he does not know exactly how many Arkansas banks have been affected. --- Information from: Arkansas Democrat-Gazette, http://www.arkansasonline.com

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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