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 TBW's Warehouse Line cut in half??? View next topic
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dirk2290
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Joined: 10 Sep 2007
Posts: 932

TBW's Warehouse Line cut in half???
PostPosted: Tue Jan 06, 2009 6:57 pm Reply with quoteBack to top

I heard an interesting rumor today. I was told that TBW's warehouse line was cut from 700 Million to 350 Million. I was told if I thought things were slow with them now, we haven't seen anything yet. Any truth to this rumor?????

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Golfer105
Dud?


Joined: 06 Jan 2009
Posts: 2

Re: TBW's Warehouse Line cut in half???
PostPosted: Tue Jan 06, 2009 10:26 pm Reply with quoteBack to top

Considering they fund over $2 Billion per month on average I doubt your information is true or relevant. They just recently purchased a Bank and currently have over $7 Billion available in Warehouse lines to them. I used to work at Corporate and am VERY familiar with their inter-workings. Sure Correspondent has issues (Broker side has never missed a funding due to money issues)as TBW doesn't purchase the loan until it has been purchased by Freddie or whomever they're selling it to which leads to delays, but they just announced today that they will still fund ALL USDA loans themselves (USDA is almost out of $ and awaiting Congressional approval of more funds) and TBW will wait to be reimbursed by the Govt when more funds become available. This doesn't sound like someone who's hurting for Warehouse lines. They're one of the biggest USDA lender's in the country and are currently listed as the 3rd largest Wholesaler according to the most recent Originator News (Dec 08). Our office uses them for about 50% of our production and other than the SLOW Underwriting we get sometimes our LO's and Processor's are really happy with the end results.
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itiswhatitis
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Joined: 19 Jul 2008
Posts: 312
Location: Raleigh, NC

Re: TBW's Warehouse Line cut in half???
PostPosted: Tue Jan 06, 2009 10:39 pm Reply with quoteBack to top

I hope they're okay...we haven't used them in awhile but since Chase just ditched FHA loans for Manufactured Homes TBW is the only option we have for them...

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dirk2290
Nitroglycerin


Joined: 10 Sep 2007
Posts: 932

Re: TBW's Warehouse Line cut in half???
PostPosted: Tue Jan 06, 2009 10:49 pm Reply with quoteBack to top

Seeing that having a 700 Million $ warehouse line confuses some people, maybe we should study up on Warehouse lines. I am not going to pretend to be the Expert, but what I do know about warehouse lines is that you can continously keep flipping that 700 Mil. and that does make it viable to fund 2-3 Bil a month. Our small Company we have a 45 Mil warehouse line, but we can fund in excess of 100 mil a month, because you can keep flipping it. I do have to disagree with you about them one of the best USDA Lenders. No way no how. JMO. Yes, they are a Freddie Lender. You use them for 50% of your business? Wow, you like giving up all that YSP? Chase pricing today was over 1.000 better in pricing.

I personally think they are ok, but they would not be the first large company or small company to get their warehouse line HIT. Let's not be nieve. This economy has hit every facet possible.

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Golfer105
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Joined: 06 Jan 2009
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Re: TBW's Warehouse Line cut in half???
PostPosted: Tue Jan 06, 2009 11:48 pm Reply with quoteBack to top

It can be done if you can get them purchased fast enough but better to have to much and not worry about missing a Clients funding because you're overextended. (Which has happened with other companies in the past) We do business with Chase also but did you see this afternoon they quit accepting locks at 3:00 until the next day Pricing came out. What's up with that? (I haven't seen the memo yet only got an email on it.)
I didn't say TBW was one of the Best USDA lenders but rather one of the Biggest. They do a bunch of them somehow. We use Chase for these as their UW's are much more responsive. TBW's are in GA and it's a BIG DARK HOLE for that Dept!!
No Doubt though about the size of the company and the effects of the economy as a whole! It's NUTS!!

Have A Great 2009!
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dirk2290
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Joined: 10 Sep 2007
Posts: 932

Re: TBW's Warehouse Line cut in half???
PostPosted: Wed Jan 07, 2009 12:03 am Reply with quoteBack to top

I did see that. I guess when pricing got better, it went crazy. I was told their system froze. Our pricing desk closed at 3:15PM because our desk couldn't take them all in. Crazy day for locking today.

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rockford
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Joined: 01 Dec 2008
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TBW and Golfer 105
PostPosted: Wed Jan 07, 2009 9:07 pm Reply with quoteBack to top

You stated that you knew TBW does not buy the loan from the correspondent until Freddie buys the loan from TBW. I believe that is not kosher.

If their warehouse lender knows they are doing that they may lose all of their lines.

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Loan Bear
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Joined: 07 Jan 2009
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TBW NOT FUNDING LOANS
PostPosted: Wed Jan 07, 2009 10:41 pm Reply with quoteBack to top

I currently have two loans that are NOT funded for the last two days.......and I am being told that there Bank that wires is having compter problems???!!! I was told the same thing last week when I had three loans that did not fund on time???
I truly hope this is not the ...I really like working with this company

Loan Bear
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dirk2290
Nitroglycerin


Joined: 10 Sep 2007
Posts: 932

TBW Not Issuing Payoffs
PostPosted: Wed Jan 07, 2009 10:44 pm Reply with quoteBack to top

Alright, I have had about enough of these fly by night guys at TBW. I have 4 loans in pipeline that we have been TRYING to acquire payoffs for, but just can't get anywhere. The Escrow Officer sits on hold and so does the client and we get nothing. This is absurd. We are being stigmatized now when we see that you are currently with TBW, we want to vomit.

Is there a place I can call and make a formal complaint about this. One of my deals we ave been waiting for 2 weeks and they always promise we will have it in the morning.......sure just like the check is in the mail.

Can anyone help me?

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dirk2290
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Re: TBW's Warehouse Line cut in half???
PostPosted: Wed Jan 07, 2009 10:46 pm Reply with quoteBack to top

Try to get a payoff from these idiots. Seriously. Has anyone else expereinced the nightmare.....they simply will not give you a payoff. They should be shut down. I have 4 clients whose loan is in jepordy becasue these knuckle heads can't do their job. Customer service says, oh tomorrrow, we will have it to you.......that never happens.

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