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 Anybody Else Having Trouble Funding Taylor Bean Loans Today? View next topic
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MNmortgageGuy
Dud?


Joined: 20 Dec 2008
Posts: 22

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Thu Jul 30, 2009 12:36 am Reply with quoteBack to top

We funded a loan on time yesterday with Taylor Bean.
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Wingman
Dud?


Joined: 24 Mar 2009
Posts: 5

Re: TBW Funding
PostPosted: Thu Jul 30, 2009 4:25 pm Reply with quoteBack to top

Wingman wrote:
For what its worth, our title company got a package and closed a TBW loan last week. It was supposed to fund yesterday. The money was never wired and the L.O. is trying to find out what happened. Our calls are getting us nowhere.


Update. TBW finally funded the loan, 2 days late
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Alexius12
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Joined: 15 Jul 2008
Posts: 188
Location: St Thomas

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Thu Jul 30, 2009 5:05 pm Reply with quoteBack to top

We have had several loans funding these past two weeks with TBW.

At the most, one day late on fundings. (about 5 were late one day) We had a refi where the money was sent one day early, before rescission time was up.

good luck,

Alexius
quikpik101 wrote:
So now it is July 29th, and I am wondering if ANYONE has had a loan fund since the "Big Retraction" of last week. Anyone? Or was all that hoopla last week just a lot of propaganda?
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rockford
Flash in the pan


Joined: 01 Dec 2008
Posts: 99
Location: Southeast

Termination of Colonial Deal
PostPosted: Fri Jul 31, 2009 8:46 pm Reply with quoteBack to top

Released this afternoon:

On July 31, 2009, The Colonial BancGroup, Inc. (the Company) and Taylor, Bean & Whitaker Mortgage Corp. (TBW) agreed to a mutual termination of the Stock Purchase Agreement, as amended (the Agreement), under which the purchasers would have made a $300 million equity investment in the Company.

The transaction was subject to regulatory approvals and certain other conditions, and the Agreement included a provision under which either the Company or TBW, on behalf of all the investors, could terminate the Agreement if the transaction was not consummated by July 31, 2009. Since the closing conditions were not satisfied by July 31, 2009, and since there could be no assurance that the closing conditions would be satisfied in the future, the Company and TBW elected to mutually terminate the Agreement on July 31, 2009. There are no termination penalties to the Company or TBW as a result of the mutual termination of the Agreement.

A copy of the Mutual Termination of Stock Purchase Agreement is included as Exhibit 10.1 and is incorporated herein by reference. The description of the Mutual Termination of Stock Purchase Agreement set forth above does not purport to be complete, and is qualified by reference to the full text of the Mutual Termination of Stock Purchase Agreement.

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NeverGrowUp
Dud?


Joined: 10 Jul 2009
Posts: 7

Colonial - TBW
PostPosted: Sat Aug 01, 2009 12:56 am Reply with quoteBack to top

Only a matter of days until Colonial implodes?? Wonder the impact to TBW?
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ronin
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Joined: 01 Jan 1970
Posts: 136
Location: right behind you

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Sat Aug 01, 2009 7:00 pm Reply with quoteBack to top

The future of TBW's warehouse line with Colonial depends on how Colonial is getting the money to lend to TBW. The Birmingham Business Journal, if correct, offers a glimpse:

http://birmingham.bizjournals......?ana=yfcpc

Next question - is TBW's line with BofA functioning or not? If you've had a TBW loan close lately, maybe the closing agent can look up where the wire came from. Usually they don't notice, but in this case it's useful information.
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sipinfall
Flash in the pan


Joined: 20 Jul 2009
Posts: 40

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Sat Aug 01, 2009 10:05 pm Reply with quoteBack to top

RONIN,

This deal was DOA months ago! FYI " closing agent can look up where the wire came from."????????? Thanks for a great laugh!

Are you going to the FRAT party tonight or grading papers?

Cheers!
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ronin
Cherry Bomb


Joined: 01 Jan 1970
Posts: 136
Location: right behind you

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Sun Aug 02, 2009 8:09 am Reply with quoteBack to top

OK. Let's assume TBW needs warehouse financing to fund loans. We all know about the Colonial line, which seems to have been the funding vehicle of choice, and which might be a bit imperiled by Colonial's $600+ MM loss, its inability to get a new $300 MM in capital from the TBW/Provident/et al group, its consequent inability to get TARP funds, and its two C&Ds that are PFC about raising capital to keep the doors open.

We all know about the TBW connection with Platinum, but nobody has said that they have seen wires from Platinum funding TBW loans. We can find a UCC1 in favor of BofA, as well as a bunch of press releases about a $900 MM line. Does anybody have knowledge that this line is actually up and running, which is to say that BofA wires are being used to fund loans?

Should we be taking the hint in the Birmingham biz journal about where Colonial might be getting money to fund its warehouse facilities? Inquiring minds also want to know why the press release that announced the death of the anschluss mentioned lack of OTS approval as a cause of the failure. OTS is not Colonial's regulator - their primary regulator is the Fed, along with FDIC. OTS might, however, have a thing or two to say about what TBW's Platinum may or may not do, and maybe Colonial has a thrift subsidiary, which would then be regulated by OTS, that is being used as a vehicle for warehouse lending.

Bottom line - if Colonial is funding TBW through an FSB subsidiary using funds from an arrangement with a third party, or if BofA has bellied up to the bar, things could very well be business as usual for TBW even with the alarming news coming out of Colonial. Otherwise, since Colonial's 2 main regulators have issued C&Ds and Colonial's ability to raise enough capital has had new challenges, the future of the TBW line with Colonial might be not so business as usual.

Those who are actively using TBW can give pointers to the answer.

No frat parties or papers to grade, BTW. I don't do summer school.
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NeverGrowUp
Dud?


Joined: 10 Jul 2009
Posts: 7

Does not look good!
PostPosted: Mon Aug 03, 2009 4:44 pm Reply with quoteBack to top

http://www.ocala.com/article/2.....l-business

http://www.orlandosentinel.com.....6052.story
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Tobby
Cherry Bomb


Joined: 26 Apr 2008
Posts: 134
Location: Naples, Florida

The thread that won't die
PostPosted: Mon Aug 03, 2009 6:22 pm Reply with quoteBack to top

This is one of those threads that won't die. See previous links to news stories about FBI raiding TB offices along with Colonial Bank. Could be the end...
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