Taylor Bean and Whittaker - FBI Raid

lol.  Fail Curt!

Chase and Bank Of America get Taylor Bean's servicing portfolio, not the government

How is that socialism?

Taylor Bean did not do what was required to keep HUD approval and now bigger banks get a sweet portfolio to service.

You know, subprime, liar loans, cut and paste loans.

But Tim---not in their pipeline. ?

Kent Mikkola:

You are absolved of any wrongdoing... everyone has a Homer moment now and then...

Actually, he should now be forced to post in the "separated at Birth" thread.

I just drove by the Tampa office and it is a ghost town.  I just hope the employees bounce back and find a new job.

Subprime?  Cut and Paste?  Illegal servicing tactics?  Those are not intelligent comments so let's move on....

Melvin List:

I just hope the employees bounce back and find a new job.

Me too, except for the *&*^%^%)(*()& -ing  guy that forgot to file the annual HUD audit!

Since when did TBW do subprime loans?  Why would anyone have a pipeline at TBW when they have had major funding issues for at least the last 6 months?

they didn't do subprime..... and, to answer your second question, alot of community banks had pipelines with Bean because they were a "go-to"..... better pricing than standard broker pricing for them and access to other products, like reverse mortgages, that they didn't offer through their brokers.  As a result of volume incentives, some of them got as much as .375 (on some days even a little more) better than what everyone else got.....

wise?  probably not..... understandable?  perhaps.......

The writing was on the wall long time ago.    It is a tuff market but I truly hope that the companies that were still sending them business find new homes for their pipeline.

We had three deals that had funded but the wires did not go out. Two on 7/29

and one on 7/31. I had already experienced 5 days to getting the wiring after funding

before, and blame Taylor, Bean for the delays. I am surprised not one other loan

officer in this forum mentioned funded loans that wires never got sent out for.

The automated message I got 8/6 from Taylor Bean was they are not funding

loans or origination loans after closing up 8/5. I now believe funded loans that

the wire never went out for are considered nonfunded loans by their statement

and they aren't at a warehouse getting ready to be sent. I do blame the government

for disrupting thousands of people's lives and transactions by finding no other solution.

Anyone else have a so called funded loan that they never had the wire sent out on after

days of promising to get it done?

we had 4 files that were "funded", but hadn't received their wires.  i'm placing my file elsewhere, but the client will have to drop another $435 on a appraisal, possibly another sub agreeement fee and hang tight for another 30 days.  it's pretty frustrating. 

MisterVA:

Actually, he should now be forced to post in the "separated at Birth" thread.

That is a great suggestion.

Thanks for sharing that. We found only one lender that would take our appraisal...Bay Equities in San Francisco.

They are like Provident that many brokers are familiar with...you must turn very clean

files.

Don't get me started on Provident Funding. We have stopped sending them files because of no commen sense underwriting.

Last straw was a file that they put a condition that was impossible to satisfy.

Had a borrower whose brother's name is very similar so there are accounts on their credit reports that show up on both brothers. We gave Provident 12 months cancelled checks along with credit supplements to ignore 2 auto loans and a mortgage. They wanted us to have our borrower to contact all 3 credit agencies and have his brother credit removed. Then have a new credit report pulled. We gave up and closed with Everbank at 0.25 YSP worse at the time.

MisterVA:

Actually, he should now be forced to post in the "separated at Birth" thread.

so, now "I" am responsible for TBW's demise?  I'll have to check out the "separated at Birth" thingy.

blame obama for the worlds ills.

TBW are crooks! they owe me money and ruined my credit score when I complained.

guess thats obama fault, too!

I see alot of people that say just to resubmit their files to another lender.  That cannot be so easily  done for loans that are less then a 620 fico.  Does any one know an FHA lender that will underwrite or streamline loans with less then a 620 fico score?

So who does FHA manufactured homes...Can't find anyone to pick up the closed and "funded" loan that didn't fund with TB & W...

First Mortgage Corp. in CA does FHA loans below 620 fico but be prepared for higher pricing. Pricing was

just about a point better than another company I know of. How Taylor Bean

could do those loans at such great pricing for so long I don't know. They had just stopped taking the loans

a few weeks before their demise. If you need a contact phone number let me know and I will did that up for

you. I have one loan with them.