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Schumpeter Reincarnate


Joined: 24 May 2008
Posts: 219328

Re: Discussion on Taylor, Bean & Whitaker Mortgage Corp. - Whol
PostPosted: Wed Feb 18, 2009 7:59 pm Reply with quoteBack to top

http://ml-implode.com/imploded.....08-05.html
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mhelling
Dud?


Joined: 06 Feb 2009
Posts: 12

Is TBW Funding Loans this week?
PostPosted: Thu Feb 19, 2009 11:07 pm Reply with quoteBack to top

I have two closing tomorrow.
The one was supposed to receive funds today 1 day in advance but never got it.
Now I worry.
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Wow...Imagine..That!
Dud?


Joined: 20 Feb 2009
Posts: 3

Just a thought
PostPosted: Fri Feb 20, 2009 3:24 am Reply with quoteBack to top

what closing agent would ever fund a loan without verifying the wire was in the account? Just a thought.....
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crazyyear09
Dud?


Joined: 17 Mar 2009
Posts: 2

TBW
PostPosted: Tue Mar 17, 2009 7:31 pm Reply with quoteBack to top

We have had loans with TBW since January that have not funded yet. TBW gives it's correspondent lenders absolutely NO communication. It is ridiculous! Twisted Evil or Snarky
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LoanGod
Dud?


Joined: 26 Mar 2009
Posts: 6
Location: USA

The Underwriters at TBW are at fault...
PostPosted: Thu Mar 26, 2009 8:59 pm Reply with quoteBack to top

TBW has certainly gone down hill in the last 12 months. This is mainly because of poor underwriters. At TBW I had deals fall out because an underwriter [name deleted] does not know how to underwrite a loan. Out of all their underwriters at TBW it's odd enough to have her work on 3 of my last 8 submissions to TBW. Of the 8, 5 went to other underwriters and ALL of the other 5 loans were CTC with 3 days and funded within 25 days. But the files that [deleted] worked on were 101% stymied by her with ridiculous conditions (i.e. proof that a copy of Ex-husbands VA Note was not refinance to an FHA loan; Case number assignment did not show FHA existing construction; even though we provided a clean VOR she force the borrower to pay a disputed $80 cleaning fee, she deleted emails without reading them; waited as long as 15 days before looking at the file; LOE for $25, $76, and $118 deposits to bank; etc). Also, TBW did the purchase on this loan last year where the borrower put 25% down, and has a 29% DTI! [remainder of post deleted]
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crazyyear09
Dud?


Joined: 17 Mar 2009
Posts: 2

TBW sucks
PostPosted: Fri Mar 27, 2009 12:40 pm Reply with quoteBack to top

You have Cindy's name...I have a least 4 others. As of today, we will no longer do business with TBW! GREAT JOB LOSING CUSTOMERS!!!
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ledbyrain
Dud?


Joined: 28 Mar 2009
Posts: 1

Re: Discussion on Taylor, Bean & Whitaker Mortgage Corp. - Whol
PostPosted: Sat Mar 28, 2009 3:20 pm Reply with quoteBack to top

As a homebuyer, I just had the anti-climactic experience of a "dry close" because the funds from TBW hadn't come through. This was several days after clear-to-close and a month after the file was put in TBW's hands. As excuses for these delays, we've had two snowstorms and two "system problems." I just hope the funds are actually available and that there aren't any more surprises.
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2centsworth
Dud?


Joined: 24 Mar 2009
Posts: 5

Re: Discussion on Taylor, Bean & Whitaker Mortgage Corp. - Whol
PostPosted: Sun Mar 29, 2009 8:51 pm Reply with quoteBack to top

Even with the banks TBW funds, they are late. They force the banks to fund their closings and then advance the money when they receive the proceeds from the loan sale. The problem is Colonial Bank has seen better days and they were TBW's cash cow. Now they have been forced to turn their originating banks into warehouse lenders. At this point they can't worry about violating agreements they have made. They are just trying to survive.
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asaucy12
Flash in the pan


Joined: 09 Feb 2009
Posts: 40

Re: Discussion on Taylor, Bean & Whitaker Mortgage Corp. - Whol
PostPosted: Tue May 26, 2009 6:15 pm Reply with quoteBack to top

golly gee, maybe they are not going out of business. Does not seem to be too ailing to me.
They appear to have put up more money than Franklin American and Provident.
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Riderup100
Dud?


Joined: 03 Jun 2009
Posts: 1
Location: San Mateo, CA

Re: Discussion on Taylor, Bean & Whitaker Mortgage Corp. - Whol
PostPosted: Wed Jun 03, 2009 10:02 pm Reply with quoteBack to top

[b]Consider yourself warned. Do not waste your time doing businss with these clowns. [/b]I have had to work with a totally indifferent rep and a refinance process that has taken over 5 months to complete. We now get to the point where we're ready to draw docs only to find UW & Secondary do not speak, so now our new rate (which is lower than submitted and locked over 8 weeks ago) has to go back to an uw for clearance from an UW.

I have had 3 loans with this company & would rather cut off body parts than ever do a loan with these tools again. Don't waste your time or potentially sacrifice your reputation. Go to ANY other lender. the low rates simply are not worth the littany of BS you must wade through.

I wouldn't send my worst enemy to the company
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