Posted by 101livescan on 8/6/09 8:12am
Msg #298893
More on Taylor Bean
http://www.ocala.com/article/20090806/ARTICLES/908061015/1001/NEWS01&tc=email_newsletter
1000s are left unemployed. The company's fast growth is what drew the auditors in to take a closer look. Sad....one of my best clients bit the dust. Any loan in process that hasn't been funded is squelched. Poor borrowers who were in line for better financing will have to start all over, paying new upfront fees, and looking at higher rates, at least for now.
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Reply by Jim/AL on 8/6/09 10:01am
Msg #298922
Re: More on Taylor Bean, thanks for the article Cheryl. Hope
that these poor borrowers try to go elsewhere and HOPE that a new lender may cut them some slack as far as cutting or eliminating more up front fees from their pockets. Appraisals for instance should still be valid, but many will loose the lock-in rates and probably have to go through another 60-90 days of approval.
Wishful thinking, but I hope that TBW makes and wins an appeal.
I lost 3 closings already, but still consider myself blessed and really feel bad for the folks who needed their TBW refi.
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Reply by Shoshana Roller on 8/6/09 10:33am
Msg #298926
http://www.thinkbigworksmall.com/mypage/player/tbws/13771/1101605
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Reply by MW/VA on 8/6/09 11:06am
Msg #298932
I know it's going to have a huge impact on all fronts. Several loans that I did last week are probably not going to fund. One of my favorite ss has been doing mainly TBW loans the last few months, and I know it will hurt them. I'm very curious why the Fed would choose to single them out right now.
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Reply by jba/fl on 8/6/09 11:23am
Msg #298934
Because the mindset: Trickle down...
I am the Feds. You do as I say. Sound familiar?
Whole new world out there - be careful of what you say and do as much as what you don't say or do.
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Reply by Shoshana Roller on 8/6/09 11:28am
Msg #298935
Apparently, the Feds were drawn to them because they noticed that TBW was experiencing huge growth recently. Upon further investigation they noticed some irregularities which they considered to be fraud. This is what I read.
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Reply by MW/VA on 8/6/09 12:34pm
Msg #298939
Sure. I'm guessing they posed a threat in the lending industry. The one thing I'm not understanding these days is that I'm seeing FHA streamline refi's with large amounts due at closing. I was always of the understanding that steamline meant no out of pocket costs.
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