It has been weeks since its shutdown, but many of its borrowers still do not know where they should send their monthly home loan payments. Many of them are also concerned about the payments of their taxes and their homeowners insurance policies.

Before its closure, Ocala, Florida-based Taylor, Bean & Whitaker was the 12th biggest home loan provider in the U.S. It was also the third-biggest provider of loans guaranteed by the Federal Housing Administration in June, based on data from trade publisher Inside Finance.

One of the states significantly affected by the bankruptcy of Taylor Bean is Illinois. Across the state, 25,000 homeowners are asking a lot of questions and expressing a lot of concerns about their mortgage loans.

Alan Anderson, the chief counsel for mortgage banking at the Illinois Department of Financial and Professional Regulation, said that the process of resolving all homeowner concerns in the state is a massive undertaking.

Meanwhile, mortgage lender Taylor Bean said it has not processed automatic debit payments since August 10. According to Alan Anderson, Taylor Bean borrowers are confused because they were not clearly informed about which servicer is taking over their mortgage. They are also bothered about letters of loan reassignment from various servicers.

Based on information from the web site of Taylor Bean, borrowers with Ginnie Mae home loans should make their payments to Bank of America. Freddie Mac borrowers are advised to pay to Cenlar FSB, Ocwen Loan Servicing or Saxon Mortgage, depending on the status of their loans.

Last week, the state discovered that Taylor Bean has not stopped servicing almost 1,800 home loans in Illinois. After participating in 14-state legal action against Taylor Bean in June, the state of Illinois sued the lender again last week.

Among other accusations, the state claimed that Taylor Bean inaccurately informed over 15,000 homeowners in Illinois that their home loans were already in default.

The state also instructed Taylor Bean to update the state daily with a list of all home loans being moved to other servicers. Taylor Bean must also make sure that all new servicers give a two-month grace period for borrowers to make their loan payments without any assessment of late fees.

Lastly, mortgage lender Taylor Bean was also told not to proceed with any foreclosure in Illinois until further instruction is provided.

Mortgage Lender Taylor Bean Left Homeowners Confused is a post from: Mortgage News | Refinancing Articles

At the top of the list is Bank of America, that has plans to launch a home mortgage program of loans amounting from $730,000 to $1.5 million. Its 30-year rates begin in the top five-percent range. It has a record originations of $1.4 billion.

According to National Mortgage News Data, CitiMortgage follows, with about $2.2 billion. At third spot is ING Bank which has $1.7 billion worth of originations.

Walls Fargo, also one of the jumbo home mortgage lenders, is currently offering 30-year jumbo home loan mortgages at 6.5 percent, lower than the 7.45 percent if offers on its conforming loans. It reduced its jumbo home mortgage loans by 68 percent since last quarter of 2007. This is the same case for Walls Fargo, which reduced 86 percent of its home mortgage lending by 86 percent.

Also included in the list are Navy Federal Credit Union and US Bank Mortgage. These two companies are the only ones which have increased jumbo home mortgage lending last year. Navy Federal’s originations doubled to nearly $412 million, while US Bank Mortgage increased its jumbo lending to around $346 million, or 28 percent of its originations.

As opposed to conforming mortgages, which amount to $729,750, jumbo home mortgages are those that have a higher amount. These types of loans usually have lower interest rates, so you might consider getting this if you are planning to get a home loan mortgage. However, it is important to understand as well that getting a jumbo home mortgage lending also poses a lot of risks. Practically speaking, a jumbo home mortgage also requires a jumbo source of income.

The amount you have to pay monthly is a fairly huge amount, compared to those that you need to pay when you are getting a conforming loan. Unless you have a secure monthly income that you know will continue throughout the duration of your loan, then you can get a jumbo home mortgage. If not, then you can opt for conforming loans. You just have to find the one that is more favorable to your situation.

Top Home Mortgage Lenders in 2008 is a post from: Mortgage News | Refinancing Articles

To help you in your search for the best lender, here is a list of questions that you must ask:

1. How much experience in the mortgage market have you had?

Ask your prospective home mortgage lender how long they have been in the home mortgage industry. It is advisable to choose a home mortgage lender who is backed by years of experience.

2. How much knowledge and familiarity about the mortgage market do you have?

You have to know if the lender understands the mortgage market and the economy. Even if interest rates remain to be unpredictable, dealing with a lender who knows the home mortgage market well can work to your advantage.

3. For my particular situation, what is the best home mortgage loan?

One important thing to pay attention to is whether your prospective home mortgage lender really knows what is best for you. Watch out for home mortgage lenders who would simply quote any rate that comes to their mind. There are so many mortgage programs around and finding the one most suitable to you entails research and knowledge about your situation.

4. What specific terms do you apply on locking rates?

In most cases, lenders lock rates from the moment you apply for home mortgage until the time of closing. However, some home mortgage lenders do not practice locking rates when there are delays. It is important that you know about such terms so you would not be surprised in case your home mortgage loan rates suddenly go up.

After you have screened home mortgage lenders and asked them the necessary questions, you can choose the best one to work with. Putting additional effort in finding a good home mortgage lender is worth it as you can expect it to work to your advantage in the long run. You can rest assured that you are going to receive good service and find the best loan.

Questions to Ask Your Home Mortgage Lender is a post from: Mortgage News | Refinancing Articles