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


Joined: 12 Oct 2007
Posts: 21

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Tue Aug 04, 2009 11:33 pm Reply with quoteBack to top

One has to wonder what will happen with Platinum Community Mortgage which is a major lender here in GA. It is a subsidiary of Platinum Community Bank which has FHA lender status and at least initially funds it's own loans., but is sponsored by TBW, of course.

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Carl Pruitt
FHA Guidelines And Commentary
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Randall
Batman


Joined: 19 Oct 2007
Posts: 720
Location: Orange County, California

Fraud Expert?
PostPosted: Tue Aug 04, 2009 11:46 pm Reply with quoteBack to top

I'm sure a company the size of TB&W had an entire Dept. to watch for and catch fraud, but were they watching the front door, or the back door?

DOH! They DID have it covered! Yup... two years ago they brought in Craig Weitzel -- Fraud Manager.

There's a photo and Bio of Craig here:
http://www.mortgagefraudblog.c.....eitzel.htm

Here's from the TB&W Press Release:

Quote:
August 8, 2007 Ocala, FLA – Taylor, Bean & Whitaker Mortgage Corp., a national wholesale mortgage lender, is sending a message to the industry that fraudulent loans won’t be tolerated. By creating a department focused completely on this industry-prevalent issue, TB&W added another layer of protection to their extensive fraud prevention processes. Craig Weitzel was hired to head the Fraud Department. Weitzel, a Certified Fraud Examiner, brings extensive mortgage fraud prevention, investigation and prosecution experience to TB&W.


Craig recently spoke at a MBA National Fraud Conference in March 2009 entitled "Anatomy of A Sting" so he must know what he's talking about.

Craig does have his detractors, as can be seen here in a 'RipOff' Report:
http://www.ripoffreport.com/re.....404672.htm

But like the Taylor, Bean & Whitaker Press Release says, ""Every effort will be made to identify those parties behind the scheme and hold them responsible for their actions."

If the CEO and the TBW's President have any hope, it's gotta' be with Craig, and the hundreds of files that the Fed's located and carted off with such surgical precision.

---

On a side note, there's a very good video showing the raid at Colonial Bank on our Ailing Listing:
http://ml-implode.com/ailing/l.....08-03.html

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Last edited by Randall on Wed Aug 05, 2009 12:02 am; edited 1 time in total
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KP
Flash in the pan


Joined: 14 Aug 2008
Posts: 53

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Tue Aug 04, 2009 11:46 pm Reply with quoteBack to top

I have been watching this thread for a while. I don't think too many people brought up a HUD investigation into fraud. Maybe one or two. Everyone was focused on Colonial and the funding issues. This sudden shut down by HUD and pulling of the Ginnie pool was not the fatality that the symptoms pointed out.

I have not received anything from TBW yet. Has anyone?

It would seem that the FHA business will cease and the company will have to down size. The next question is what will Freddie do? TBW still has other warehouse facilities and can sell to Freddie. Any insight on those relationships will be helpful. If Freddie does not pull it's agreement then the funding issues will actually get better on TBW conventional loans (unless the warehouse lenders pull back as well).


Last edited by KP on Wed Aug 05, 2009 12:01 am; edited 1 time in total
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dirk2290
Nitroglycerin


Joined: 10 Sep 2007
Posts: 932

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Tue Aug 04, 2009 11:46 pm Reply with quoteBack to top

Sipinfall: While I admit your knowedge for the whole spectrum of the financing world is A+, one of a Professor, I do have to say that your wishful thinking is showing the lack of common sense approach, and using all book knowledge, as some people put it. Let's put the money where the mouth is: Go ahead and anny up bro, just how much would you wager that TBW will back up and running like usual, if this could be wagered on in Vegas? Exactly. Yes, there is a smigid of a chance that could happen, but I could also win the lottery tonight.......slim odds. If it quacks like a duck and it walks like a duck.........while I do appreicate your educated information, seriously, you are a smart cookie, but the odds on TBW coming back to life and espcecially as usual is lsim my friend. Just like First Magnus was going to pay us our last payroll.....2 years later.......glad I didn't hold my breath.........

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wasanichelender
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Joined: 18 Jul 2008
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Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Wed Aug 05, 2009 1:14 am Reply with quoteBack to top

Curious why Freddie wouldn't wake up to this tomorrow morning and think maybe they need to examine TBW a little ...or lets say if I were running Freddie that's what I'd be ...YMMV.

Somebody's going to be getting a lot of business now, my phone was ringing off the hook all afternoon.
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rockford
Flash in the pan


Joined: 01 Dec 2008
Posts: 99
Location: Southeast

A long time coming
PostPosted: Wed Aug 05, 2009 1:28 am Reply with quoteBack to top

There was an amazement on the part of many how TBW kept going after the ALT A crash. The question that begs to be to answered is who helped in carrying out the fraud.Freddie Mac and others may be involved in the fraud that is alleged by the CPA firm that dis-engaged from the year in audit.

It is refreshing that a CPA firm finally has the "right stuff" to walk away from a big fat paycheck. Imagine how better wall street would be if more firms did their job.

Many former employees of "Farkas's Playhouse"" said something stunk in Ocala. Their observations were dismissed by brokers who wanted the low quality loan programs to continue.

The next few days will be interesting. The Federal Government will more than likely disbar TBW and all of their senior officers. How do you own a S & L ?

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Indiepic
Dud?


Joined: 05 Aug 2009
Posts: 7

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Wed Aug 05, 2009 3:12 am Reply with quoteBack to top

wasanichelender wrote:
Curious why Freddie wouldn't wake up to this tomorrow morning and think maybe they need to examine TBW a little ...or lets say if I were running Freddie that's what I'd be ...YMMV.

Somebody's going to be getting a lot of business now, my phone was ringing off the hook all afternoon.


Freddie performs audits on its partners, TBW included. It would not be surprising if TBW had failed an audit with Freddie already. I'm sure they were on close watch prior to today's happenings.
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MakingIt
Nitroglycerin


Joined: 04 Dec 2007
Posts: 629

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Wed Aug 05, 2009 3:45 am Reply with quoteBack to top

If a TBW Correspondent closed an FHA loan last Friday or yesterday, does this mean that they are stuck with an unsaleable loan ?

I mean, just what are all the ramifications of this ?
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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: Wed Aug 05, 2009 4:00 am Reply with quoteBack to top

Loophole loans aren't the cause. They are the symptom.

Got MERS?
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rlbayne
Flash in the pan


Joined: 14 Oct 2008
Posts: 78

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Wed Aug 05, 2009 1:03 pm Reply with quoteBack to top

MakingIt wrote:
If a TBW Correspondent closed an FHA loan last Friday or yesterday, does this mean that they are stuck with an unsaleable loan ?

I mean, just what are all the ramifications of this ?



I would like to know this too. Question
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