Florida mortgage company to pay N.J., other states, in $9M settlement
New Jersey will get about $321,500 as part of a multi-state settlement with a Florida-based mortgage company accused of selling mortgages considered high-risk and using questionable lending procedures, a state banking agency said today.
Taylor, Bean & Whitaker Mortgage Corp., which did not admit to wrongdoing, agreed to pay $9 million in the settlement. Half the money will be divided among the states and half will be paid to a national system in the works that will try to prevent fraud and streamline mortgage regulation.
