Taylor Bean Must Cease All Originations AND FUNDINGS Effective Immediatetly
Posted in Alternative Business Models By Danny C. Flucke Jr., Wednesday, August 5, 2009.Press Release issued 10min ago:
OCALA, FLORIDA – TAYLOR, BEAN & WHITAKER MORTGAGE CORP. (“TBW”) RECEIVED NOTIFICATION ON AUGUST 4, 2009 FROM THE U.S DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, FREDDIE MAC AND GINNIE MAE (THE “AGENCIES”) THAT IT WAS BEING TERMINATED AND/OR SUSPENDED AS AN APPROVED SELLER AND/OR SERVICER FOR EACH OF THOSE RESPECTIVE FEDERAL AGENCIES.
TBW HAS UNSUCCESSFULLY SOUGHT TO HAVE THE TERMINATION/SUSPENSION DECISIONS OF EACH OF THOSE AGENCIES REVERSED. AS A RESULT OF THESE ACTIONS, TBW MUST CEASE ALL ORIGINATION OPERATIONS EFFECTIVE IMMEDIATELY.
REGRETTABLY, TBW WILL NOT BE ABLE TO CLOSE OR FUND ANY MORTGAGE LOANS CURRENTLY PENDING IN ITS PIPELINE.
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We have weathered three of these "cycles" where real estate agents see compressions in the purchase market. Sometimes slight - Other times drastic.
Single point lenders do not offer enough solutions for home buyers challenges - While brokers/bankers are being legislated out of business.
This is another example of a few thousand purchase escrows at risk due to over-legislation. (HVCC prohibits the transfer of the appraisal to another lender. MIDA requires redisclosure terms causing missed escrows.)
TBW was one of our sources - And with another 112 sources to rely on we (and more importantly our clients and business partners) will not feel the change. However - There are many much smaller brokers/bankers who will lose 25 to 50% of their lending options.
What's your opinion on the shrinking of your client's lending options?
Thank you, Danny C. Flucke Jr.
Thank you,
Respectfully,
Danny C. Flucke Jr. - Senior Partner
Nationwide Mortgage Experts
Direct: (714) 624-9479
Email: DCFJ@NationwideMortgageExperts.com
Websites: www.NationwideMortgageExperts.com / www.NaMoEx.com
LinkedIn: http://www.linkedin.com/in/DannyCFluckeJr
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Submitted by Joan Lorberbaum Moore on August 5, 2009 - 11:36am.
Yes, the pool is shrinking.
Here's a link to HUD's press release from yesterday:
http://tinyurl.com/kjay7k
Joan Lorberbaum Moore
Broker Associate, GRI
Lang Realty
9858 Clint Moore Road
Boca Raton, FL 33496
www.boca-delray-boynton.com
Submitted by Jim Hamilton on August 10, 2009 - 4:39pm.
I have personally worked with TBW several times and found them to be over whelmed just like everyone else. I have heard all the horror stories about them, but not one client that they actually took care of stepped up to the plate and said thank you. Let me share this story with you ! I had a client come to me 3 years ago telling me how TBW was the worst company in America. After listening for a period of time, i found out that these people hadn't paid there mortgage in 2 years and didn't plan on doing so.. TBW never foreclosed on them ! They sent the notice and i sent them a hardship letter based on what the client told me and we made a deal.. The client never made the first payment.
11/2 years later they moved still complaining about TBW.. And they still haven't been foreclosed on.. I forgot to mention these people are being paid by the government $5,000.00 a month clear and no taxes and their payment was $1,000.00 a month! By the way they never paid me either!
So my statement to you is before you slam TBW !! Look at some of the clients they were doing business with.
Submitted by Danny C. Flucke Jr. on August 10, 2009 - 5:17pm.
Jim: I simply reported the TBW facts - Expressed my views - And asked for others opinions about the lending market.
How is that a "slam" against TBW.
And you have given us more insight. If the scenario you described above is true - Then TBW deserves to be a casualty of the current market. Only the strong survive.
Thanx, Danny
Danny C. Flucke Jr.
Senior Partner
Nationwide Mortgage Experts, LLC
Direct: (714)624-9479
DCFJ@NationwideMortgageExperts.com
www.NationwideMortgageExperts.com / www.NaMoEx.com
Submitted by nit kha on April 21, 2011 - 6:07pm.
I hope this Florida penthouse are also under TBW. Actually I live in Idaho but due to my transfer letter from head office I have to leave Idaho and be at Florida branch as a branch manager. For the reason I was searching for some apartment out there.
One of my friend suggested penthouse life as he had spend south beach penthouse life before. Does anyone here know where should I contact for the penthouse life?