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 Anybody Else Having Trouble Funding Taylor Bean Loans Today? View next topic
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drew489
Flash in the pan


Joined: 03 Sep 2008
Posts: 51

We just shut off TBW for funding problems...anyone else?
PostPosted: Wed Sep 03, 2008 5:40 pm Reply with quoteBack to top

I'm a direct lender but was correspondent with TBW and secondary just called me and recommended we stop using TBW because they're becoming unable to fund loans.

Anyone else have this issue?

They seem to be a similar set up as First Magnus and we all know what happened to them...

Any updates?

Thanks.
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cobalt360
Nitroglycerin


Joined: 06 Aug 2007
Posts: 704
Location: East Coast

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Wed Sep 03, 2008 5:48 pm Reply with quoteBack to top

who gets this one?

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themisfit
Cherry Bomb


Joined: 11 Jan 2008
Posts: 149

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Wed Sep 03, 2008 5:58 pm Reply with quoteBack to top

We've been toying around with the idea of using them, I would be interested in seeing how this plays out...

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kb
Schumpeter Reincarnate


Joined: 25 Jun 2008
Posts: 3083

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Wed Sep 03, 2008 5:59 pm Reply with quoteBack to top

We use TBW quite a bit (direct).
Please keep us posted. I haven't heard a thing.

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drew489
Flash in the pan


Joined: 03 Sep 2008
Posts: 51

TBW
PostPosted: Wed Sep 03, 2008 6:07 pm Reply with quoteBack to top

I was surprised because I have a lot Broker friends using TBW with regularity. I don't want to bash anyone or hurt TBW's reputation because they've been good to me.

I've just never had secondary call me and immediately stop using an investor before. I'm trying to get more exact details of what they did or didn't do but as of now...I am too gun shy to tell them to use them anyway.

When FMFC went away, I had 35 loans with them and it HURT. Just do not want to go through that with TBW.

On a side note, I didn't use them much in the past 6 - 9 months except for some refers with FHA Jumbos so it's not a loss for me.

Thanks.
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MortgageMan85
Wrecking crew


Joined: 10 Dec 2007
Posts: 1665
Location: Dallas

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Wed Sep 03, 2008 6:08 pm Reply with quoteBack to top

I had a situation a month ago when they said their entire closing system was down for a day and a half. I thought that quite curious, this might expalin the problem a bit better.

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lenderbob
Dyn-o-mite!


Joined: 29 Aug 2007
Posts: 437
Location: Georgia

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Wed Sep 03, 2008 6:14 pm Reply with quoteBack to top

Funding problems = no money left on line...usually.

The funding problem is how it started at FMFC because the closing packages all had to go under "attorney review". We all knew it was a line of garbage and then they shut down 3 days later. I don't have any inside information on TB&W but from past experience that's not a good sign.

I hope they make it. We don't need anymore people out there with their resume's right now.

Lenderbob

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Fenixrock
Dud?


Joined: 12 Feb 2008
Posts: 6

TWB FHA
PostPosted: Wed Sep 03, 2008 6:32 pm Reply with quoteBack to top

Would this also affect the funding of TBW FHA products?
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underwritingdiva
Dyn-o-mite!


Joined: 21 Aug 2007
Posts: 237

Re: Anybody Else Having Trouble Funding Taylor Bean Loans Today?
PostPosted: Wed Sep 03, 2008 6:44 pm Reply with quoteBack to top

TBW is on the watch list for at least one of the warehouse lenders in Texas, a few months ago they stopped taking any fundings from TBW. Got this from a friend who had to find a warehouse lender who would work with TBW. So this is not the first rumbling, and won't be the last. They have been very difficult to deal with on the funding side.

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drew489
Flash in the pan


Joined: 03 Sep 2008
Posts: 51

Re: TWB FHA
PostPosted: Wed Sep 03, 2008 7:02 pm Reply with quoteBack to top

Fenixrock wrote:
Would this also affect the funding of TBW FHA products?


That's all we used them for so I would assume yes.
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