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WHEREAS, TAYLOR, BEAN & WHITAKER MORTGAGE CORP. ("Taylor, Bean & Whitaker" or the "Corporation"), a corporation headquartered in Ocala, Florida with full knowledge of its rights to Notice and Hearing pursuant to the laws of: the States of Arizona, Florida, Georgia, Idaho, Illinois, Louisiana, Maryland, Mississippi, New Jersey, Vermont, North Carolina, the District of Columbia and the Commonwealths of Pennsylvania and Massachusetts (collectively the "States") and having waived those rights, consents to this agreement ("Settlement Agreement") with representatives of the Arizona Department of Financial Institutions; the District of Columbia Department of Insurance, Securities and Banking; the Florida Office of Financial Regulation; the Georgia Department of Banking and Finance; the Idaho Department of Finance; the Illinois Department of Financial Professional Regulation-Division of Banking; the Louisiana Office of Financial Institutions; the Maryland Office of Financial Regulation; the Massachusetts Division of Banks; the Mississippi Department of Banking and Consumer Finance; the New Jersey Department of Banking and Insurance; the North Carolina Office of the Commissioner of Banks; the Pennsylvania Department of Banking; and the Vermont Department of Banking, Insurance, Securities and Health Care Administration (hereafter the "State Mortgage Regulators") dated June 22, 2009, solely for the purpose of resolving this matter in its entirety, and without admitting any allegations or implications of fact or the existence of any violation of laws, regulations, and rules governing the conduct and operation of the mortgage business in each of the States.
WHEREAS, the State Mortgage Regulators conducted a multi-state examination ("Multi-State Examination"), of Taylor, Bean & Whitaker in order to evaluate Taylor, Bean & Whitaker's compliance with applicable state laws, which included evaluation of Taylor, Bean & Whitaker's underwriting standards, risk management practices, and other applicable laws, regulations, and rules governing the Corporation's mortgage business.
WHEREAS, the Multi-State Examination was limited to non-traditional mortgage products (as defined by the Interagency Guidance on Nontraditional Mortgage Products Risks) (hereinafter "Non-Traditional Mortgage Products") originated by Taylor, Bean, & Whitaker in 2006.
WHEREAS, each State Mortgage Regulator conducted the Multi-State Examination pursuant to its statutory authority, and certain of the States conducted parallel examinations of Taylor, Bean & Whitaker resulting in the issuance of State-Specific Reports of Examination to the Corporation.
WHEREAS, Taylor, Bean & Whitaker is licensed under the laws of the States.
WHEREAS, the confidential findings of the Multi-State Examination and related State-Specific Reports of Examination which were prepared by the State Mortgage Regulators and issued to Taylor, Bean & Whitaker, identified alleged compliance exceptions with applicable laws, regulations, and rules governing the mortgage business. The confidentiality of information relating to the report of examination by Florida's Office of Financial Regulation will be determined by Section 494.00125, Florida Statutes.
WHEREAS, on or about February 25, 2009, Taylor, Bean & Whitaker filed Responses to the findings and violations alleged in the Multi-State Report of Examination, as well as State-Specific Reports of Examination (collectively referred to as the "Report"), with the State Mortgage Regulators whereby the Corporation contested the concurrent findings and alleged compliance exceptions described in the Report.
WHEREAS, after negotiation and solely for the purpose of resolution of all compliance exceptions alleged by the State Mortgage Regulators and noted in the Report, which the parties now dispute and wish to resolve without protracted administrative proceedings and judicial review, Taylor, Bean & Whitaker hereby waives its right to the hearing process relative to this proceeding and affirms that the Corporation desires to participate in and support industry reform, and is willing to take action as set forth in this Settlement Agreement.
WHEREAS, Taylor, Bean & Whitaker consents to the adoption of this Settlement Agreement and the entry of a Final Order in any settling State where so required, and further agrees that it waives all rights to appeal any such Final Order entered consistent with the terms of this Settlement Agreement.
THE MULTI-STATE EXAMINATION ALLEGATIONS
WHEREAS, the State Mortgage Regulators allege Taylor, Bean & Whitaker has been the subject of certain compliance exceptions under each of the various States' mortgage brokerage or mortgage lending laws, which alleged exceptions may include those further described herein.
WHEREAS, the alleged compliance exceptions set forth in the Report were based on a targeted sampling of select closed loans, and address the underwriting standards and oversight of risk management practices in connection with Non-Traditional Mortgage Products in the time-frame considered in the examination process.
WHEREAS, the alleged compliance exceptions were disputed by Taylor, Bean & Whitaker in a Response dated January 25, 2009 and no exceptions relating to compliance with applicable law, regulations or rules were admitted by the Corporation.
WHEREAS, the Multi-State Examination and Report cited allegations related to Taylor, Bean & Whitaker's offering of Non-Traditional Mortgage Products to prospective borrowers, and compliance with the Corporation's investor guidelines.
WHEREAS, the Multi-State Examination and Report identified certain changes to underwriting standards, compliance and risk management practices that were alleged to be necessary to address the Corporation's business practices and underwriting system.
WHEREAS, the parties now seek to resolve by mutual agreement all alleged compliance exceptions identified during the Multi-State Examination and Report, to promote industry reform and to serve the interest of consumers who have financing through the Corporation.
NOW COME the parties in the above-captioned matter, the State Mortgage Regulators acting under their statutory authority and Taylor, Bean & Whitaker, and agree as follows:
Dated at Ocala, Florida, this 19th day of June, 2009.
SIGNATORY ON BEHALF OF TAYLOR, BEAN AND WHITAKER MORTGAGE CORP
Paul AllenChief Executive Officer
SIGNATORY FOR EACH STATE MORTGAGE REGULATOR:
Felecia A. Rotellini, Superintendent of Financial InstitutionsArizona Department of Financial Institutions
Thomas E. Hampton, CommissionerThe District of Columbia Department of Insurance, Securities and Banking
Terence M. Straub, Director, Division of FinanceFlorida Office of Financial Regulation
Rob Braswell, CommissionerGeorgia Department of Banking and Finance
Gavin M. Gee, Director of FinanceIdaho Department of Finance
Jorge A. Solis, Director, Division of BankingIllinois Department of Financial and Professional Regulation-Division of Banking
John P. Ducrest, CommissionerLouisiana Office of Financial Institutions
Sarah Bloom Raskin, CommissionerMaryland Office of Financial Regulation
Steven L. Antonakes, Commissioner of BanksMassachusetts Division of Banks
John S. Allison, CommissionerMississippi Department of Banking and Consumer Finance
Steven M. Goldman, CommissionerNew Jersey Department of Banking and Insurance
Mark Pearce, Deputy Commissioner of BanksNorth Carolina Office of the Commissioner of Banks
Steven Kaplan, Secretary of BankingPennsylvania Department of Banking
Paulette Thabault, CommissionerVermont Department of Banking, Insurance, Securities and Health Care Administration