Posted by JamesLee/VA on 8/5/09 2:15pm
Msg #298793

TBW Update


Hey All,
Just got this update. Apparently it does not pertain to just FHA/VA.
I would call the TC before I would close anything for TBW.

Read below




TAYLOR BEAN MUST CEASE ALL ORIGINATION OPERATIONS EFFECTIVE IMMEDIATETLY





Ocala, Florida – Taylor, Bean & Whitaker Mortgage Corp. (“TBW”) received notification on August 4, 2009 from the U.S Department of Housing and Urban Development, Freddie Mac and Ginnie Mae (the “Agencies”) that it was being terminated and/or suspended as an approved seller and/or servicer for each of those respective federal agencies. TBW has unsuccessfully sought to have the termination/suspension decisions of each of those agencies reversed. As a result of these actions, TBW must cease all origination operations effective immediately. Regrettably, TBW will not be able to close or fund any mortgage loans currently pending in its pipeline. TBW is cooperating with each of the Agencies with respect to its servicing operations and expects to continue to service mortgage loans as it restructures its business in the wake of these events. We understand that this could have a significant impact on our valued employees, customers and counterparties, and are very disappointed that a less drastic option is unavailable

Reply by MW/VA on 8/5/09 2:25pm
Msg #298796

Thanks for the newsflash, James. Facts are better than rumors. It's a shame to see this happen in the industry.

Reply by Linda Juenger on 8/5/09 2:59pm
Msg #298804

My TBW loan scheduled for tonight just got cancelled.

It was a conventional not an FHA, so I thought it was a go. Hate to hear this.

Reply by sjp on 8/5/09 3:12pm
Msg #298805

Re: My TBW loan scheduled for tonight just got cancelled.

I just received a cancellation notice too.

Reply by MW/VA on 8/5/09 7:47pm
Msg #298846

Re: My TBW loan scheduled for tonight just got cancelled.

I realized that I did several TBW loans last week--I'm guessing none of those will fund.

Reply by Shoshana Roller on 8/5/09 3:15pm
Msg #298807

More Info

http://www.marketwatch.com/story/taylor-bean-shuts-mortgage-lending-ops-report-2009-08-05

Reply by Teddog/CO on 8/5/09 3:20pm
Msg #298811

Re: More Info

Not a very pretty picture at all. Thanks for everyone that posted the articles.

Reply by trnsa_IL on 8/5/09 4:07pm
Msg #298814

I just had a TBW last night...so what happens to that one? n/m

Reply by SReis on 8/5/09 4:17pm
Msg #298815

I had one this morning... Now told it will not fund.

Lucky for me its w/a co. that doesn't hassle me re: fees because I charge full fee for no-funds if I have completed the work. I had already even dropped the pkg. Oh well.

Reply by jb/tn on 8/5/09 5:05pm
Msg #298820

Re: I had one this morning... Now told it will not fund.

hopefully that works for you.............let us know

Reply by SReis on 8/5/09 7:49pm
Msg #298847

Re: I had one this morning... Now told it will not fund.

It will work for me because it has happened before. I choose not to work w/co.'s that do not pay full fees for non-funded loans. This has been discussed numerous times so I won't get into it but I know for a fact I will be paid my full fee, I wouldn't have taken the job otherwise.