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Major US lender suspended for fraud

by Staff Reporter7 minute read
The Adviser

The Federal Housing Administration (FHA) has suspended Taylor Bean under suspicion of fraud.

Taylor Bean, based in Ocala Florida, does business across the US through loan brokers and other lenders.

It ranked twelfth among US mortgage originators in the first half of this year with $17 billion of loans, industry newsletter Inside Mortgage Finance has said.

According to the FHA, Taylor Bean didn’t submit a required annual financial report and “misrepresented that there were no unresolved issues with its independent auditor”.

The auditor discovered irregular transactions that raised concerns of fraud, the FHA said in a statement.

The issue is currently under investigation.

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