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Cole Taylor Bank

Cole Taylor Mortgage to Utilize Rekon Tech's Lien Software


Rekon Technologies has announced that Cole Taylor Bank has implemented Rekon Software's lien release technology. Cole Taylor Mortgage, a division of Chicago-based Cole Taylor Bank, recently entered the in-house servicing sector by acquiring office space, furniture and fixtures and some servicing rights from Ohio-based Liberty Savings. The company went “live” with its in-house mortgage servicing operations on Sept. 1, 2013 and implemented Rekon as part of its efforts to run an efficient and compliant servicing operation at Cole Taylor Mortgage.Click to continue

Taylor Capital Group Partners With Cole Taylor Bank to Establish Residential Mortgage Platform

Handshake Building Pic

Taylor Capital Group Inc. has announced that Cole Taylor Bank, through its Cole Taylor Mortgage division, will be establishing its own residential mortgage servicing platform which will be located in Wilmington, Ohio. As part of this initiative, the bank completed the purchase of mortgage servicing rights relating to approximately 4,600 loans, as well as certain office space, furniture and equipment from Liberty Savings Bank FSB of Wilmington.Click to continue

Three in Illinois Accused in $43 Million Muslim Real Estate Fraud Scheme

Black Gavel Pic/Credit: Brand X Pictures

Three owners of a bankrupt Chicago real estate development firm that purported to adhere to Islamic law in handling investments from individuals in the Chicago area and nationwide actually operated a Ponzi scheme that defrauded hundreds of victims and three banks of more than $43 million, according to a federal indictment. The defendants, who owned Sunrise Equities Inc., allegedly fraudulently obtained more than $40 million from more than 300 investors through the sale of promissory notes and fraudulently obtained more than $29 million in loans from three area banks.Click to continue

Cole Taylor renews commitment to affordable housing in Chicago area

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Cole Taylor Bank has announced that it has renewed its commitment in a program that will provide funds to rehabilitate affordable housing in the Chicago area. The revolving loan fund pools capital supplied by more than 30 institutional investors. Chicago-based Community Investment Corporation (CIC) will use the pool to fund the rehabilitation of 10,000 affordable rental units over the next five years. Founded by local Chicago banks, CIC has used this financing model since 1984 to support the rehabilitation of enough affordable housing units to accommodate 100,000 people.Click to continue

Cole Taylor establishes residential mortgage unit led by Willie Newman

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Cole Taylor Bank, a subsidiary of Taylor Capital Group Inc., has announced that it has established a new residential mortgage origination line of business. The new business will be headed up by Willie Newman, former executive vice president of ABN AMRO Mortgage Group, and a recognized industry expert with more than 24 years of mortgage banking experience. The unit will have offices in several states, with production to come from established relationships with mortgage brokers, remote retail origination sites and production from Cole Taylor's retail banking locations.Click to continue