Is anyone else having a problem w/ TB&W or anyone else regarding funds not being disbursed on time? One of my clients' refis should have funded yesterday and I got a call from the settlement company telling me that they have not yet been disbursed. I know the client didn't cancel, so just trying to see if any others are having this problem....

I tried to call them, I was put on hold and then hung up on. I called the closing supervisor who told the title company that the funds "SHOULD be disbursed today" and got her voicemail. My AE is useless, so I didn't bother calling her.

Anybody have any info?

Yes, I posted a comment yesterday about a refi that was due to disburse on Monday...today is Thursday and still no funds.  We too have received excuses about technical problems with TBW computer system but no promise of when funds will be wired.  I have a purchase closing tomorrow and the title company is refusing to move forward unless we receive a wire for the funds today.  I have several loans in the TBW pipeline that conditions are not being cleared that have been sitting there since 1/28/09.  Locks are expiring...I am very concerned.

After many phone calls and e-mails, the funds were finally disbursed at around 11am yesterday(Wednesday) when they were supposed to be disbursed on Monday. We are lucky that the payoff for the borrower's existing loan is just enough as our title company had the oayoff a little higher than what it should've been, just in case. The client had been calling me asking where her funds were and I couldn't give her an answer. This reflects poorly on us obviously. I am very upset w/the customer service.

Since Monday, I had been calling my AE(went straight to voicemail) and sent e-mails. I've also called and e-mailed the closing supervisor as well as the specific closer for the loan. No call back or reply to my e-mails. Called the general client services number twice, was on hold for 15 minutes, and then hung up on. On the voicemails/e-mails I had sent, all I was asking for was for someone to tell me what the f was going on!

My AE finally got back to me yesterday afternoon with this:

"our banks systems crashed, due to this we had to manually ordering all wires.  which was a time consuming process,   thank you for bearing  with us.  Our funding department has been working as quickly as they possibly can."

To me, I think this is BS......

Ok....just got another update from our title company on a bulletin they received:

"We got this below bulletin from our underwriter about Taylor Bean especially what we just went thru. Whenever we get these it is never really good for the bank but it just might be on of those current things with funding for them but for the bulletin to go out it must have been a lot of problems lately. I just wanted to make you aware since I think you have some other loans being run thru Taylor Bean....

Stewart® Bulletin

Dear Associates:   

Stewart was alerted that you may experience a delay in receiving funds from the following lender/broker:

Taylor, Bean & Whitaker Mortgage Corp. 
 

Effective immediately, Stewart requires funding by the above entity to be accomplished only by wire transfer of funds to your escrow account the day before closing. You must verify receipt of the wire transfer prior to conducting the closing.  Please contact your local Stewart Underwriter with any questions.

For on-line viewing of this and other bulletins, please log onto www.vuwriter.com.   

Note:    Copy and distribute this bulletin to your escrow officers, title examiners, title officers, searchers and anyone else that you feel should know about it.

References
Bulletins Replaced:       
FL000103: Closing Alert - Florida Transactions regarding Taylor, Bean & Whitaker
NL000122: REVISED Closing Alert - Taylor, Bean & Whitaker Mortgage Corporation
Related Bulletins:  
None.           
Underwriting Manual:            
None.
Exceptions Manual:               
None.
Forms:                                
None.

We received that bulletin from our Closing Agent as well.  My concern is that they are requiring TBW to wire funds today for my purchase closing tomorrow.  TBW has refused, they state that funds will be wired the day of closing...now the title company says they will not close.  What am I to do?