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 Anybody Else Having Trouble Funding Taylor Bean Loans Today? View next topic
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nc-eegi
Dud?


Joined: 07 Aug 2009
Posts: 7

Re: Couldn't have said it better myself
PostPosted: Fri Aug 07, 2009 1:57 am Reply with quoteBack to top

mbrownkc wrote:
phillips65020 wrote:
JJ457 wrote:
I am one of those 4500 TBW employees out of a job, and probably won't get paid for the past two weeks. I totally agree with TXmotherfunder and I'm glad to hear the fire in her post! I'm sick to death of all the whiny brokers who submitted bad loans to us all the while trying to hide insufficient income, paltry assets and does that borrower REALLY live in that house he's trying to refi as O/O? Geez-I can't tell you how many files we found out-and-out misrep in and got screamed at when we exposed it to the broker. Even asking for clarification caused a stream of invective from these people!- At least TAKE SOME RESPONSIBILITY FOR THIS DISASTER! You guys own some of this problem, and as long as you keep doing business this way-we will ALL suffer. CLEAN UP YOUR ACT! It's that old phrase "Garbage in-garbage out". Stop trying to force your garbage loans through the system!



Dido! Kudos! I am a Mortgage Loan Officer that never believed in the Mortgage Broker model. The above statement is exactly what goes on out there on a daily basis... even to today. When you have no brand or capital to protect, this is what happens. Mortgage Brokerage Business is a bad model. Once eradicated, the housing industry will come back & failures such as this will cease. TBW was a good company.


Give me a break. Stop kidding your selves. Problems exist on both sides, broker and retail . And just for your information, some of the largest fraud cases have come out of retail platforms. But keep up the bashing if it makes you feel better.

Good luck everyone!





Brokers are definitely not the problem. You lose us, you lose the biz. Lets see how much rates rise with a lender .ike TBW out? I can't bleieve whI'm hearing here. A bunch of again loan pepole that don't know what they are talking about. WOW. We are the ones that actually make dreams come true, not any retail or bank.
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FSBOman
Dud?


Joined: 06 Aug 2009
Posts: 6
Location: louisiana

TB&W
PostPosted: Fri Aug 07, 2009 2:15 am Reply with quoteBack to top

Follow the $$$$$ Who's got the most to gain from TB&W going down ??? Like who gets the "unfunded loans"...control of the 28 billion dollar servicing portfolio... we haven't seen the real "criminals" yet !!! Twisted Evil or Snarky

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FSBOman
Dud?


Joined: 06 Aug 2009
Posts: 6
Location: louisiana

TB&W
PostPosted: Fri Aug 07, 2009 2:17 am Reply with quoteBack to top

Check this out
http://www.jrdeputyaccountant......etter.html

kinda makes ya think ....

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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: TB&W
PostPosted: Fri Aug 07, 2009 2:42 am Reply with quoteBack to top

FSBOman wrote:
Follow the $$$$$ Who's got the most to gain from TB&W going down ??? Like who gets the "unfunded loans"...control of the 28 billion dollar servicing portfolio... we haven't seen the real "criminals" yet !!! Twisted Evil or Snarky


True story,

A 28 billion Ginnie Mae servicing portfolio spins off a whole lot of money. Anyone know how much Ginnie pays for servicing these days.

I'd like to put a hard number on the yearly gross income of this portfolio.
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mahalo guy
Demolition Man


Joined: 28 Jun 2008
Posts: 2082
Location: Honolulu

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Fri Aug 07, 2009 2:45 am Reply with quoteBack to top

40 bps=112 million
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nc-eegi
Dud?


Joined: 07 Aug 2009
Posts: 7

Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Fri Aug 07, 2009 3:08 am Reply with quoteBack to top

Yeah, its a bunch of BULL$3it if you ask me. Everyone in wholesale, if they didn't turn there audit into HUD, they'd be going through the same thing. BUT, the funny thing is, most of them haven't turned in there audit. This is SOP(Standard Operating Procedure). Its that BOA BS, that's making this go down. TBW geared up for that 900 million. I think it's a set up.
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suetheloanlady
Cherry Bomb


Joined: 02 Nov 2007
Posts: 193
Location: Atlanta, Georgia

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Fri Aug 07, 2009 3:36 am Reply with quoteBack to top

Poor Taylor Bean and Whitaker. I had almost decided to go see if i could get a job there working in originating,processing something (i thought our industry might be on the way to recovery) I can remember when i competed against them here in Atlanta locally, they were doing business as Home America. They were a good company and had a lot of good people there. I guess it was good Greg Hicks got out while the getting was good. I know that when I couldnt do an FHA loan i got it thrown in my face by my builder acct that Home America (aka TBW) could do it. WOW!!this is big, it is so reminiscent of when First Magnus (my old employer) when down, weeks of emails that everything was okay, not too worry, delayed closings because of warehouse line review of the loan, and on and on!!!

Still the reasons for them going out of business are a mixed bag. But despite everyones rhetoric, they are 4500 people who wont be getting paid, along with appraisers, office space, lawyers, credit bureaus etc. And i got news for you that final paycheck is "probably in the mail" (aka non existent) and no health insurance too!!! I know the pain too well, and while they say misery loves company not in this case!!! I can only pray that these people land on their feet and the people that helped contribute to this mess get their due!!!
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cpruitt
Dud?


Joined: 12 Oct 2007
Posts: 21

Re: VA IRRL'S
PostPosted: Fri Aug 07, 2009 1:00 pm Reply with quoteBack to top

last-broker-standing wrote:
Since I have come to the conclusion that my two loans that were to record last week are now most likely vapor, does anyone know of another lender that does VA IRRL's without requiring an appraisal or AVM? TBW was the only one I knew of.

Most other lenders will still allow this streamline process for loans they are currently servicing. My clients do not fall into this category.

As of Aug 4, Flagstar said that they would do IRRLs without credit score requirements or appraisals for loans they weren't servicing. This is the mortgage business, though, so obviously that could change at any moment.

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kuuner
Cherry Bomb


Joined: 13 Feb 2008
Posts: 182

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Fri Aug 07, 2009 1:11 pm Reply with quoteBack to top

mahalo guy wrote:
40 bps=112 million


Mahalo...that's annualized...and a little off IMHO.

It's typically .50bps gross and cost to service runs .20 if they are incredible servicers to .30 if they suck so...say an average of .25bps to service with a net of .25 bps.

Still good cheese but not incredible cheese if scale of economy is taken into consideration.
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1 More Thing
Wrecking crew


Joined: 19 Jul 2007
Posts: 1610

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Fri Aug 07, 2009 3:06 pm Reply with quoteBack to top

suetheloanlady wrote:
Poor Taylor Bean and Whitaker. I had almost decided to go see if i could get a job there working in originating,processing something (i thought our industry might be on the way to recovery) I can remember when i competed against them here in Atlanta locally, they were doing business as Home America. They were a good company and had a lot of good people there. I guess it was good Greg Hicks got out while the getting was good. I know that when I couldnt do an FHA loan i got it thrown in my face by my builder acct that Home America (aka TBW) could do it. WOW!!this is big, it is so reminiscent of when First Magnus (my old employer) when down, weeks of emails that everything was okay, not too worry, delayed closings because of warehouse line review of the loan, and on and on!!!

Still the reasons for them going out of business are a mixed bag. But despite everyones rhetoric, they are 4500 people who wont be getting paid, along with appraisers, office space, lawyers, credit bureaus etc. And i got news for you that final paycheck is "probably in the mail" (aka non existent) and no health insurance too!!! I know the pain too well, and while they say misery loves company not in this case!!! I can only pray that these people land on their feet and the people that helped contribute to this mess get their due!!!


It's really bad for anyone to be out here looking.

The sad part is the lack of Health Insurance. --- The stress will cause your body to manifest all kinds of new illnesses --- and then these will all be pre-existing conditions for your new employer when you get a new job.
And oh yeah....... the new insurance won't cover it!

I feel sorry for the TBW people and all of us PAWNS in the game.
I should have taken my millions and ran off to that "island" the email suggested.

(What Island? The one the Wall Street Analyst were saying that - they hope that they are on when all of this blows up!"
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