FHA suspends Taylor, Bean & Whitaker Mortgage Corp. and proposes to sanction two top officials
Ginnie Mae Issues Default Notice and Transfers Portfolio
WASHINGTON, DC - August 4, 2009 - (RealEstateRama) — The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW’s ability to continue to service Ginnie Mae securities. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW’s nearly $25 billion Ginnie Mae portfolio.
FHA and Ginnie Mae are imposing these actions because TBW failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor even though the auditor ceased its financial examination after discovering certain irregular transactions that raised concerns of fraud. FHA’s suspension is also based on TBW’s failure to disclose, and its false certifications concealing, that it was the subject of two examinations into its business practices in the past year.
“Today, we suspend one company but there is a very clear message that should be heard throughout the FHA lending world - operate within our standards or we won’t do business with you,” said HUD Secretary Shaun Donovan.
FHA Commissioner David Stevens said, “TBW failed to provide FHA with financial records that help us to protect the integrity of our insurance fund and our ability to continue a 75-year track record of promoting, preserving and protecting the American Dream. We were also troubled that the Company not only failed to disclose it was a target of a multi-state examination and a separate action by the Commonwealth of Kentucky, but then falsely certified that it had not been sanctioned by any state. FHA won’t tolerate irresponsible lending practices.”
Ginnie Mae President Joseph Murin said, “I would like to reassure TBW’s customers whose loans serve as collateral for Ginnie Mae securities that, although this action will result in a new servicer, the transition will be seamless for them.”
TBW’s immediate suspension is for a temporary period pending the completion of an investigation by HUD’s Office of Inspector General, an ongoing review by the Department’s Office of Housing, and any legal proceedings that may ensue. TBW is the third largest direct endorsement lender of FHA-insured loans and the eighth largest issuer of Ginnie Mae mortgage-backed securities. FHA decided that TBW’s immediate suspension is in the best interest of the public and is necessary to protect the financial interests of the Department.
TBW may appeal its immediate suspension by submitting a written request for a hearing before an Administrative Law Judge within 30 days. Such a request will not delay the action FHA is announcing today.
In conjunction with TBW’s suspension, HUD sent notices of proposed debarment to TBW’s Chief Executive Officer, Paul R. Allen, and TBW’s President, Ray Bowman. Mr. Allen’s proposed debarment alleges that he submitted false and/or misleading information to Ginnie Mae regarding TBW’s delay in submitting its audited financial reports for fiscal year ending on March 31, 2009. Mr. Bowman’s proposed debarment alleges that he submitted two false certifications to HUD on TBW’s Yearly Verification Report. Mr. Allen and Mr. Bowman have thirty days to contest the proposed debarments.
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HUD is the nation’s housing agency committed to sustaining homeownership; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development and enforces the nation’s fair housing laws.
Ginnie Mae is a wholly-owned government corporation within the U.S. Department of Housing and Urban Development. Ginnie Mae pioneered the mortgage-backed security (MBS), guaranteeing the very first security in 1971. An MBS enables a mortgage lender to aggregate and sell mortgage loans as a security to investors. Ginnie Mae securities carry the full faith and credit of the United States Government, which means that, even in difficult times, an investment in Ginnie Mae is one of the safest an investor can make.
More information about HUD and Ginnie Mae is available on the Internet at www.hud.gov, espanol.hud.gov and www.ginniemae.gov
Contact: Brian Sullivan
(202) 708-0685
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Comments
Thank you for posting this story.I was about 5 signatures away from faxing the loan documents.I have stopped the entire loan process with this company and will begin again tomorrow. Thank you for saving me a lot of money and heartaches.
Once a white-collar criminal gets away with fraud, the process quickly becomes addictive. Success breeds more success, and before long such crafters of fraudulent mortgage loans clearly begin feeling that not only are they above the law but in fact, they are not doing anything wrong in the first place.
Willful blindness is a legal term that skirts the boundary between neglect and culpability, and I wouldn’t be able to talk about it if it didn’t exist. The concept of willful blindness, which at its heart expresses the contention that the industry exhibited “willful blindness” to obvious fraud through ignoring it for so long, in so many cases, at the hands of so many fraudsters. To be honest, fraud does not exist in a vacuum. It arises from opportunity, and more often than not that opportunity exists because we are too busy minding the high-rise to success that we’re working so hard to build to check on the rats steadily chewing away at our foundations.
I have a 203 K loan that has been closed with TBW since June, borrower has tried to contact TBW for the 2nd draw and have not had a call back for 2 days. Are they going to get the 2nd draw..What happens to them??
I hope they get Provident Funding next. They are every bit as scummy as TBW. The companies with the most onerous reqs and processing go down the hardest. Good riddance.
Closing Agents & Attorneys: If you have a pending funding for TBW void the docs and notify the clients.
My mother has her home mortgage through them and we are wondering; should she or to whom she still makes her motgage payment.
[…] DC – August 4, 2009 – (RealEstateRama) — The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby […]
Our mortgage was threw TBW until they forclosed on us, they wouldn’t work with us at all under the new Federal plans even after they told us to let our payments go into default so they could help and when they did they said ” oh sorry there’s nothing we can do to help you ” My family lost there home because we trusted TBW
What a pitty i think after all the times we have call TBW and they were rude nasty and very uncaring people . ha ha ha you got what u deserve enjoy unemployment. think about how you treat people in your next job.
I echo Jack’s thoughts. Any e-mail I ever sent to them, usually asking where a commitment was after 30 days of underwriting,was returned with a curt, rude response. Have fun in the unemployment line! Enjoy your summer off!!
I am a credit professional and we are getting many people that where closing with Taylor Bean funded loans, that where meeting the 580 credit rating.
There is still hope to get funding fairly quickly. The GAO (General Accountability Office of the United States Government) found that an alarming 92% of all credit reports have errors on them.
“Specifically, several officials and reports cited collection agencies and governmental agencies that provide information on Bankruptcies, liens, collections, and other actions noted in public records as major sources of errors.” -U.S. General Accountability Office
This is good and bad news, bad news that 9/10 people have errors on their reports. But good news when these errors are corrected, I have seen 100+ pt increases. As long as the disputes are executed correctly these can put you back into your FHA loan within 60 days.
I finally closed my Mortgage with TB&W on Tuesday. My mortgage broker called me on Wednesday and told me the closing is void.
I waited over three months to close with them and now the rates that were available back in May are at least a half point higher. I’m out at lease $450 for my home appraisal and cannot afford the new rate.
I have my mortgage with TBW and I have been trying for a couple of months to get in contact with someone to try and work out something because I am having financial problems. I have been unable to contact them. I sent in a large payment and have been hearing that people have been getting their payments returned to them. I did mine electronically and I can’t access their website, so I have no way of knowing if my payment was applied to my account or if someone went shopping with it. I am stressing so bad right now because I am behind again and I can’t contact anyone to try and get some help. I called the HOPE foundation that TBW recommended and they couldn’t get in contact with anyone either. If anyone has any suggestions please send them. Rental property is scarace where I live and two major Corporations just shut down leaving approx 2,000 people jobless and probably homeless.
Wow, all these slanderous and hateful things being said about TBW employees - do you not realize how many of us were just normal, HONEST, HARD WORKING people who were totally taken by surprise by the same type of victimization that mortgage holders faced???
-Tom who left a comment on 8/6/2009 at 7:44am -Sir, you should be ashamed of yourself! Quite frankly, your mentality is just as damaging to the human race as corporate pirating is… Think, man. Use your head and not just your mouth. Do you really think the that all of the mothers/fathers who earned their income by working a 9-5 job and HAD NO CLUE of the underhanded dealings that took place by a select few of higher-ups here and were merely performing per the guidelines and procedures set forth by our employers deserve to have your inane hatred spewed at us??? Grow a real pair, Mister and look within instead of throwing stones at people who are already wounded!
-Devastated ex-employee, tax paying, honest citizen, mother and human being.
TB&W provided us with a good mortgage for our new home we built in 2007. They provided good service, I’m sure their employee’s probably were overworked for the amount of work they were handling. Recently, we refinanced with another provider with a lower interest rate. Two years ago they provided the lowest interest rate available at that time. As consumers we don’t know half the story & with the mass media lack of expertise in protecting it’s citizens we never will know the reasons for this takeover. It may be all policital in nature. Dennis
where do i make my payment now. i was on a payment plan and this month i was supposed to be back to regular payment. i paid late charges but the they told me these and other charges would be refunded.
Wow! close call indeed, my broker at Downs Financial had been calling, writing, begging TBW to forward the completed appraisal, two months elapsed and a week ago he finally presented the package, [loan documents] to TBW, yesterday my broker called and gave me the bad news, or was it bad news, maybe it was the best news a poor borrower could receive. After all, I could have wound up in the same quagmire as so many others. But most of all I would like to send my congradulations on how efficient you have become, in tracking down the bad guys and seperating the chaff from the wheat GOOD JOB, NOW LET’S GET MY LOAN APPROVED, NUMBER 3419994 V.A. 43-43-6-1294214
RESPECTFULLY,
RICHARD J. LESTER
What about appraisers that have done appraisals and have not been paid yet. Where do I go to get paid for jobs already done and that have not closed or should I say will not close?
We’ve had our loan with TBW for years. Paid faithly and as agreed. Even when times were very tight. I do understand how many of their “Honest/hard working/employee/victims” are now unemployed and that is almost criminal that a company or any company for that matter does this to the people they employee. But it is the top layer of management that is responsible for that. However, when we tried to contact TBW, we got absolutely no response. It was those “employees” that were at that level and when we finally got to speak with her, she was rude, uncaring and did say, sorry, but you agreed to the contract so, and I quote “tough!” Even if this was what her “supervisors” or the rules of the company required, it speaks volumes as to the attitude of a corrupt and profit mongering corporate culture that was instilled to all the company by the Chairman, Presidents and Managers. These criminal will impact so many families that they should be confined to a jail cell in Guantanamo (I know I didn’t spell that right) Bay Cuba for the rest of their lives and the millions they’ve made in bonus’s and salaries seized and used to pay back to the customers and “honest” employees they stole it from. I’ve said enough. My sympathies to the “honest” employees that will be harmed and I hope the responsible corporate officers rot in hell.
If you lost your house through foreclosue it was becuase you were not making payments on your home. To see people continue blame lenders for this is absurd. You stop making payments not because someone at the bank tells you not to pay, but rather because you don’t have the money to pay. Isn’t it a walking contridiciton to say, “I could pay, but the bank told me not to.” Why would the bank tell you not to pay your loan? The help being offered by the Feds is not available to people who have the ability to maintain their mortgage payments. Accept some responsibility and quit trying to blame the bank in an effort to tell yourself it’s not your fault. Bad things happen to good people every day. Let’s not look at the blood in the water with TB&W and start getting on the band wagon that it wouldn’t have happened if your loan were with someone else. Look around on the internet there are stories about foreclosures and customers who claim they were not helped on every bank that is servicing mortgages.
I hope that the truly innocent people who worked for this company are able to find work and support their families. That is the true tradgedy in all of this. There are thousands of people who are now worried about their mortgage payments and where they are going to go next. These people were not responsible for any of the issues at TB&W yet they are the ones who are going to shoulder the burden.
These employees had to know what was going on. You can smell a rat! They used many tactics to get peoples money and make them late unknowingly, including condo insurance fraud. There might be some people that were clueless but most had to know what was going on. Remember all the people you spoke down to on the phone that just needed an answer???? Well, this is the happiest news we have had. Maybe justice is real!
You are right susan, people can smell rats. I definitely smell it on you. You have the intelligence of a swamp rat that’s been hit by a baseball bat. I am not going to defend the actions of some of the management of TB&W. I wouldn’t defend the actions of many of the managers who work for other mortgage companies nor would I defend the actions of many of our so called representatives in Washington. But what I will do is defend innocent people who did not deserve to have their lives turned upside down like this. If you need a place to direct your anger then I suggest you look inward. You never had to take out a loan with TB&W. Brokers did not have to use TB&W. These were all choices that people made on their own.
I am sure if we took a closer look at where you work or have worked we can find skeletons. Especially if you were a broker passing through fraudulant loans to TB&W. You going to sit back and tell me that people have been 100% satisfied with everything you have ever done in your life?
Give the people that worked at TB&W a break. If you find happiness in the mass termination of a thousand people then I would say you are a perfect representation of what you claim to have disliked about TB&W. If TB&W shutting down is truly “justice” as you define it then I hope you get the justice you deserve for being so non compassionate to a thousdand families.
We’ve had our mortgage with TB&W for more than 2 years and haven’t had any problems with them, but we’ve never been late either. Therefore, when the rates dropped and we decided to refinance - the Oklahoma office did everything they could to be helpful and we’re now blessed with a fantastic low interest rate thanks to Wendy and Michael in that particular office. I had no idea until I tried to make my mortgage payment this month that TB&W was shut down. I do hate it for all of the innocent employees that lost their jobs without notice - due to no fault of their own. Maybe the region I deal with is different, but I’ve never had a problem with rudeness from anyone at TB&W. My heart goes out to all of them, it’s not their fault.
I feel horrible for the employees that have lost their jobs through TBW. I am employed by a bank, and hope every day I don’t lose my job. I think it is very rude, inconsiderate, and wrong for anybody to make any kind of negative comments on the employees. Be thankful for YOUR jobs, because you could lose as well. Good luck to all of you who worked at TBW…
Wow… there is a lot of hatred for TBW employees on here from people who don’t even know us. I don’t understand how someone can say all these things about me as a TBW employee and not even know who you are talking to. You have no idea the verbal abuse we take on the phones. I have been called every name in the book for things I have no control over. Yet I manage to keep a polite and professional conversation. When people are cursing me out because their taxes increased, I assist them with providing different exemptions they may apply for, even though this is not in my job description. Most of the time I get hung up on without so much as a thank you. To tell me I deserve to sit in an unemployment line after I have worked my butt off for 3 years and nothing to come from it is pure hatred. It is people like that who are truly ignorant. To wish this on so many good people is pure evil and karma will come your way. I hope you work for a company that is perfect in every way so that when someone messes up you are not to blame for the entire corporation. To the people that support us and sympathize you have no idea how much that helps. Your support and consideration for the small people this has effected is amazing and truly heartfelt.
for those who currently have tbw and pay there mortgage to them. PLEASE READ i just spoke to bank of america and verified this info!
I have a loan with Taylor, Bean and Whitaker and I heard they are closed. Who will be my new lender? Ginnie Mae’s master sub servicer, Bank of America, has taken over servicing of the TBW portfolio. You will receive a letter from BAC Home Loans Servicing, LP (a Bank of America subsidiary) confirming this transfer and welcoming you as a valued customer within two weeks of your loan being added to their systems.
My loan is currently being serviced by TBW. Where do I send my payment?
You will not be affected at this time. You should continue making your mortgage payment at its normally scheduled time. However, your payment should be sent to:
BAC Home Loans Servicing, LP Payment Processing PO Box 10334 Van Nuys, CA 91410-0334
Please continue to use your TBW loan number until Bank of America provides a new loan number in writing. If you have additional questions about servicing your loan, you may contact Bank of America Home Loans Customer Service at 1-800-669-6607 5 am to 6 pm PST Monday – Friday. You will receive a letter from BAC Home Loans Servicing (a Bank of America subsidiary) confirming this transfer and welcoming you as a valued customer within two weeks of your loan being added to their systems. This letter will also contain your new mortgage loan number. My FHA insured loan was in default and my loan was being reviewed for a Loss Mitigation workout with TBW. What should I do? BAC Home Loans Servicing has taken over the servicing from TBW. Please be assured that if you are in the process of negotiating a repayment plan, a loan modification, or other workout with Sparta Special Servicing or Taylor Bean & Whitaker, that information will be transferred to BAC Home Loans Servicing and you will be contacted by their Home Retention team as quickly as possible. You will receive a letter from BAC Home Loans confirming this transfer and welcoming you as a valued customer, within two weeks of your loan being added to our systems. In the meantime, if you have questions about your options please contact FHA’s National Servicing Center, toll free, at 1-888-297-8685. If you haven’t already, you may wish to contact a HUD-approved Housing Counseling Agency. To find one near you call 1-800-569-4287 or visit the web at http://www.hud.gov/offices/hsg/sfh/hcc/hccprof14.cfm
Government Guaranteed
People like Susan that left her nasty comment on August 8 should be ashamed of herself for being so narrow minded. You have no idea of what’s going on in the real world. You stated that every employee deserves to stand in the unemployment line because everyone must have known. Does it not occur to you that there is a maintenance staff, mail team, people that file and pull files that have no idea about what is in the file. There are hundreds of people that are without a job through no fault of their own. For example, the mother that stays up half the night with her sick child, then goes to work to prepare mail. How do you fault her??
I know for a fact that your head is as empty as your heart because you are truly clueless
Not only did this devastate hundreds and hundreds of employees of TB&W, but will have a profound effect on the county and it’s businesses. My only hope for you is that you are a business owner!
I have a leaking roof and an insurance check for $7000 in my hand but cant do anything with it (the check is made out to me AND Taylor Bean)! AGGGGH! Any ideas while my roof is leaking what to do?
I talked with a customer service rep at TB&W this morning. I was informed by TB&W rep that Bank of America had purchased my mortgage. Information concerning this purchase will be sent out within the next two weeks. Bank of America has reportedly purchased a large number of loans, I think she said a million, and are in the process of getting all that information into their system. No information about who to make a payment to in the interim was forthcoming. TB&W will give you the info as to who has your loan, if you call, and they were not nasty or anything. Give the employees a break. Hope this helps.
to Jay Lewis
sign the check and send it to TBW’s loss draft department. They will sign the check and return it to you. You can also call, there are still employees there trying to take care of just such issues.
Anyone who loss money such as an appraisal through this company should call their credit card company to stop payment or reimburse them because this is a breach of contract.
I need help. My loan is currently 5 months in default with Tylor bean. I am pending a loan modification through Sparta (their servicer for loan Mods I guess) and have been waiting since April ‘09 to receive a loan Mod contract. Sparta advise me today that all they are waiting from Tylor Bean is my credit report and Escrow account info. Is there anything I can do to speed up the response from Tylor Bean to Sparta to get my loan Mod done? Sparta assure me that there are people still working at Tylor Bean to provide them with the info requested to complete my loan Mod. Am I wasting my time thinking that a loan Mod will be given to me?
We recently refinanced our tbw loan with another co. We were supposed to get a check for the escrow amount cut yesterday? What happens to that now?
Our mortgage is with TBW. We are currently 2 months behind on payments almost 3 months. We were making our payments to Sparta. Should we wait to here from the new servicer or try sending a payment to TBW?
I just tried to make my payment but it said my loan was restricted. I googled and found out information on TBW, and the one site said to contat Bank of America Home Loan Servicing (1-800-669-6607) I did and was told this is still new to them, and that they are still getting the TBW loans and will be sending out information in the next 2 weeks with our new loan number. No late fees will occur and no reports made to the credit agencies. I was also told they are still accumulating loans from Countrywide as well, and the TBW loans are coming over with the Countrywide loans. But not to fear we will get contacted in approx 2 weeks. I swear, I’m just gonna transfer the money to my savings and hope I get something from BOA so I can pay my mortgage.
I was just informed, thanks to the comment by Traci, that we are to forward our “paper checks” to BOA Home Loan Servicing, LP at BOA Home Loans, P.O. Box 10334, Van Nuys, CA 91410. They will be contacting us by mail for future payments via our normal procedure via bank internet.
I hope this information is helpful to others trying to make their payments. BOA also stated that we would not be charged a late fee due to mishap of Taylor Bean & Whitaker.
Robert…..DITO. On phone with Watson & Watson (attorney hired by Sparta) and they are not sure either. I said….who was paying Sparta??? TB & W? Now since they are not being paid who is paying for the attorney. We are in limbo. I’ll let you know what attorney says.
my husband lost his job dec.20,2008.with his severance pay we paid jan feb and march payments on march 27 we paid another payment should have been for april and on april 27 we paid another payment should have been for may have all cancelled checks to prove when i made payment on may 27 it was returned requesting certified funds so in june i sent two payments in certified funds and in july my mother inlaw sent a payment as a gift and on july 27 all three were returned to me saying not enough to clear default but never gave an amount i tried from may to aug.1 to deal tb&w because i was only in default after tb&w kept returning payments for no reason.on august 1 i was notified by mccurdy and candler of forecloser on aug 4 i saw news break on tbw on august 10 got me a lawyer who is aware of the crooks and fraud of tb&w and the lawfirm mccurdy and candler this lawfirm nor tb&w will talk to me or my attorney but they have listed my home for sale the first tues in sept.my attorney has been forced to take other actions to stop the process of forecloser.sparta has so called been working on a modification but as of 08/03/09 they could tell me nothing either.any dealings i had with TB&w before may they rude and talked to me like dirt there are alot people that is probaly going to loose there home because of such fraud and hte goverment is just sitting back and allowing it to happen un beleavable i have been in my home for 21 years and raised both children here and they want get it without a fight.thats why i got an attorney of my own he said hes never seen anything like i have presented him with facts and proof.now now thers no mention of sparta but saying that BAC home loans servicing is handling tb&w accounts what the —-?
one hand dont no what the other is doing and at the same time its all fraud and theft of peoples homes and lives…
good luck to all involved
What happens to my August payment that was sent and cashed??? Called the bank that cashed the check and they told me at this time they don’t know if it was posted to my account. Called TBW auto department and message told me that August payment was not posted. What is going on??? I am paying my mortgage and now I am in limbo not knowing if I will be credited for August and have no banking institution.
Same..what happen to my payment..sent not posted….can’t get TBW to rely to calls, emails & faxes…Who do you contact to get the bottommod this??
this company is going to kill me I’ve been fighting with them for a year. I’ve killed a forest responding to the doc requests. I hope I go in my sleep I keep the doors open so the animals won’t get trapped. I take a asprin once or twice a day. I walked around a lake last week. I don’t want to be homeless. Everyone I know that could help me has. I have no way to repay them. I put 20% down $80thousand dollars 6 1/2 years ago its all gone plus more. Other people have been helped by other lenders.
TBW makes very little on a healthy mortgage but a distressed mortgage pays big. Big profits for the stockholders and big bonuses for the execs. why would they want to do anything to reduce profits like help people in trouble. We did it to ourselves we elected our reps and senators and with a few banking lobiests we screwed ourselves.
Blessings to a Few at TBW but VOODOO to all the rest. Pk
has anyone recieved any type of information from BOA or other finance company by mail? My house payment is due on Sept. 1st and i have not sent my payment out. If i send my payment to TB&W as told, will it apply to my loan????
?Its sad for those people you lost there jobs at TB&W. But it much sadder when everyone pays for one’s fault. Who ever at TB&W that casued everyone at that place to loss there job, i hope your consious haunts you forever.
Lisa, I’m in exactly the same boat. I’ve been trying to contact anyone/everyone to see what I’m supposed to do with my Sept payment but have gotten no where. If BofA or someone else has taken over the loan, don’t they HAVE to notify us? This really sucks!
I love how when you call TB there phone system says there offc is closed and they are open 9am to 8pm Well If you are why the hell dont u answer your phone. Its pretty mest up how you scammed me by raising my payment over a 100 when u told me my payment would be going down 33.00 you guys suck and when u sent me the paperwork on my escrow it was dated aug 4th I NEVER called u losers until the week after that Im pretty sure u only dated it for that day cause u guys knew u were going out of business and so u dont care if u screwed me over well u can all fuck off and have fun tryig to get another job u were worthless anyways never much help on phones or for anything
Wow Vick,
Sounds like your a real nice guy!! Why dont you grow up! You ignorant son of a bitch!!! With that mentality I am sure you were a real pleasure to talk to on the phone. If they were rude to you I am sure you deserved it. Scum Bag!!
I am also in the same boat. I still did not get any letter from BoA ot TB regarding load take over by BoA. I called BoA home loan and rep informed me that i can call him on wednesday of next week, he will have our loan info by then.
Thought I would do a quick follow up on what I’ve been told by BoA. I paid my TBW mortgage only on-line, so I was one of those folks who also was “restricted” from my account at the beginning of August and could not even make a August mortgage payment. Since we’ve never been late with TBW, we were naturally very concerned about our mortgage not getting paid. I called the number for BoA mortgage that Traci (several posts earlier)graciously left - and I was told by BoA mortgage that I would receive something in the mail in 2 or 3 weeks and not to worry about my mortgage being considered late. She stated they are required to give a “60 day grace period when mortgages are sold/transferred and there will be no late penalties or adverse credit reporting” As a matter of fact, we were notified by our credit monitoring system that information has been put into our credit report. I logged in and there was information already put in our file for August that “mortgage has been transferred” So all we can do is wait for the bank to notify us so we can pay.
Hey Vick, why don’t you consider using spell check before you post something for public viewing???? And Terry, um, hello… was that really just one huge run on sentence? *WOW
In reference to pymts/credit reporting, no late chgs will be assessed for a 60 day period from date of transfer - however CBR will occur if the pymt just wasn’t made, it will however, be delayed until the expiration of above mentioned 60 day period.
If you sent a pymt via paper ck or money order and it did not post it is because the pymt is being stamped by TBW and forwarded to the new servicer. They then have to build the accts into their database, which will take a few weeks due to the sheer number of accts they have acquired. Same thing with insurance claim cks…
The staff still left here have almost just as many questions as do consumers, and are dealing with call volume that is higher than ever while the numbers of us answering these phones to field all these questions (to the best of our ability, under the circumstances) has severely been decreased. Please bear with us, we are not only experiencing our own personal difficulties as a result of this situation but a work environment that is ridiculously stressful to boot! There are several of us here checking this site to respond as best we can to the questions being posed in these posts as well, just as a courtesy to our fellow “refugees” in this disaster!
I mailed a check to TBW on August 10, 2009 as I was going to be traveling until now. By August 19 I had been advised of the shutdown by my insurance broker and had Wells Fargo stop payment on my check, which had not been cashed. Now that TBW has filed for CH 11 bankruptcy today, who will advise us where to send our loan payment. How can we tell which type of loan we have? I have a fixed rate, 15 year loan so does that mean it is FHA and that BofA will be servicing? Help, please. TBW website doesn’t explain how to know which type of loan - FHA, GMae, FMac, etc.
Also, I have been paying additional escrow amount because my taxes will be going up this year and my flood insurance is due 10/1/2009. Will my flood insurance be paid in time? This is so crazy. Can’t believe I’m having to beg for information just to make a mortgage payment before it becomes overdue.
Since mortgage scamming is the big thing, I would like to tell you about a new mortgage company I.T.Y.M.U.T.C.M (I’ll take your money until they catch me). We have been servicing customers since 8/24/2009 and will probably last until sometime next year. Just send your payments by certified check. We won’t answer our phone or send you a receipt, but you can TRUST us.
Fraud!!!! I recently refinanced away from TBW. They sent me a check for my Escrow balance, over 6 grand and the check was declined!!! TBW was obviously using their clients accounts to fund their failing mortgage portfolio.
TBW stole 6 grand from me and I have no clue how I can get it back. Help Please!!!!!!!
” Hi, i had a mortgage with TAYLOR, BEAN & WHITAKER MORTGAGE CORP but i can not make online payment, I have called to BANK OF AMERICA,CENLAR,SAXON and HUD but nobody can help me, i have to pay before sep 1,
thanks for you help.
Francisc - I am in the same boat as you.. I was told by the lady at the bank that helped me get a loan with TB&W to mail my payment as usual but to make sure it was certified mailed. So I mailed my house payment on Monday 8/24 and I checked today online to see if my mail had been delivered and it has as of this morning. I guess now I wait to see who cashes my check. I am sure that TB&W will forward my check to the corresponding financial group who has taken over my loan.
I just got a letter in the mail today August 26, 2009 about TBW being closed down by the FEDS. My payment is due Sept 1, 2009 I sent it by bill pay and not can not stop the payment to them. I just hope that it get to the right place and not in somebodys pocket. If the loan is in good standing you have to send your payment to Cenlar Loan Administration and Reporting, P O Box 11733, newark, NJ 07101-4733.
i called bank of america and the guy told me to hold the payment in the bank until i receive a letter as to holds the loan. that there will not be any late fees or penalties or forclosures for 90 days. i called august 26,2009 @ 3:15pm
Mr Bonney, the accts from which the escrow cks are drawn were all with Colonial Bank and have all been frozen. This is a temporoary situation and it will be resolved, the attys are working dilignently on resolution. Visit http://www.Ocala.com for info on the CH 11 filing that took place earlier this week and of the info regarding the freezing of all TBW accts.
*Please wait for verification via written correspondence before sending pymt to other mtg companies… just b/c the loan is in good standing does NOT mean it is transferring to Cenlar!
Any pymts made to TBW will be forwarded to the new companies beginning at month’s end.
i just got a letter to from another compnay thats not tb&w or boa did the payment online so ill see what will happen my loan is in good standing so i have no clue i just think we all should get a brake on something for all the trouble they have caused us i called boa again today they dont want to help they rold me the same thing they told me 2 weeks ago wait 2-3 weeks tb has caused me to be stressed out along with everyone else i dont want to be behind i hope i did the right thing by paying the people who sent me a letter yesterday help me please
Ok I left the nice positive comment about how I was relieved and still am but to see these comments from Taylor Bean & Whitaker employees makes me sick. Coming in here and expecting those victimized fully by this company and it’s employees to have any type of sensitivity to you people who bared no sensitivity to us just so you could be the equivalence of a scab trying to keep a job.
You knew this was coming. Don’t comment on this board like your some innocent victim of a fraudulent company. You had plenty of time to wash your hands of Taylor Bean & Whitaker. By no means did you have to let someone “bully” you like that.
Ya you know what, maybe now if your unemployed long enough and you get to watch your whole life as you know it get uprooted then you come on back here and leave your comment ok. thanks
I just found this information while i was doing some research on TBW. Please read this acticle about: Ex-TBW employee accused of theft this artcle was
Published: Friday, August 28, 2009 at 6:30 a.m.
Last Modified: Friday, August 28, 2009 at 10:45 a.m
copy the link below on your web link.
I just got notice my TBW loan will now be serviced by Ocwen. I was not aware of financial issues TBW was having and I was surprized to know that I was shuffled to another servicer. If you have an FHA loan, you are probably serviced by Ocwen. Their number is 1-800-746-2936.
The website is ocwen.com.
The only problem I’ve had with TBW is long telephone waits. In many instances I’ve waited up to 30mins. Their staff have been helpful, at least in my experience. Sadly, TBW employees will have to find new jobs. I doubt those Big Wigs (Paul and Ray) gave any indication of trouble.
Good luck to all affected. - DM
If we all look on the bright side of this SITUATION. Which, I have been forced to do. CENLAR has been a total breath of fresh air! I have been dealing with TBW for about four years now. Any and every time I had to deal with them was a complete disaster. However, when I called CENLAR today I was only on hold for like 2 minutes! Then, I was greated by an apology. Apology? for what? She is a human. And I was thrilled to speak with her. I truly believe we are all better off. Even though I currently have a couple thousand dollars floating in limbo somewhere in the U.S.
I call Bank Of America (800)669-6607, they are my new lender,he ask for my social, and gave me the new account number to pay in a branch.
Good luck to all affected……………
I have/had a “Construct-to-Perm” loan with TB&W;house is almost fin, but I need the rest of the loan $ to finish. Only thing I’ve heard is 1 phone message from FDIC on Sat.8/22 saying they were checking the status of loans in COLONIAL’s portfolio.Then TBW filed Ch 11 on Mon & Colonial on Tues, & I haven’t been able to reach FDIC guy, so I have no idea where my loan (+remaining funds I desparately need) is.Can anyone help me figure out what to do, who to call? I do not blame TBW employees - they’re all unemployed now, and had no notice! BTW, didn’t get Aug bill & couldn’t get thru to find out how much I owed, or pay by phone.
I have spoken with TBW three times, I am one of the unlucky customers who has not received a new lender…because of this my escrows (taxs due tomorrow) will not be paid on time. is anyone else in the same boat?
Lucy,
We’d love a number. We’ve been trying for 3 days to get them. Our August payment has not been credited and our September payment is due. Taxes and HOI due in 60 days. BOA, Cenlar and the other servicers don’t have our mortgage.
Why didn’t we get a lender…we are current and not a gov’t bbacked loan. Just a boring conventional loan
I called the 8882252164 number, I kept calling back and eventually you can get through but be prepared to wait for at least an hour. I was so frustrated my last conversation with them they put in a “work order” to try and get my escrow funds released so my taxes would be paid. I am same boat as you Josh, convential loan-not government backed. I I think I may just pay the taxes myself and if I still dont have an anwser by Sept 13th or so, i will send in Sept’s payment so it makes it there by end of grace period but minus my escrows. If they arent making our tax and HOI payments why should we dump more money into accounts that could be lost forever?
I received a check from TBW for the escrow we had in our home that we just refinished. The check was returned to us and we were charged a 10 dollar fee by our bank.
Are we just out our money? Does anyone know where we should turn?
Today we found out about the mess that TBW is in.
And, unfortunately, it creates a much larger mess for my husband, myself, and our home.
Earlier this week, we sent a large insurance claim check to TBW to be signed and returned. We had quite a bit of water damage to our only bathroom and kitchen. Now, we are waiting on this check to be signed and returned to us.
We have not heard from another company in regards to taking over our loan.
JAY LEWIS, what did you do in your situation?
Any other suggestions?
So since I was foreclosed on due to my mortgage payments supplying Taylor Bean & Whitaker’s employees with their pay checks and Bank of America so eager to pick up where all the corrupted files left off, how will this fix anything exactly?? As of This morning I am told by Bank of America that my only options are to pay the full mortgage amount or they would provide a short sale foreclosure but they refuse to send me any paper work or documents pertaining to such statements!! So now all I can hope for is an eager lawyer who can help me settle these matters since Bank of America is only going to do a piss poor job of correctly handling matters just like Taylor Bean & Whitaker.
They were horrible. The line was always busy. I am sorry innocent people lost their jobs, but I am glad not to deal with them anymore.
I too recieved a escrow check because i refinanced (thank god with another company) and it bounced and i have gotten fees from that because things i had out there bounced as well. i called them and they told me they will not be paying for those fees. Do we need to talk to a lawyer or what!
Like Mr. Bonney, I refinanced away from TBW in July and received a check for my escrow balance mid-August which immediately bounced. I found out (from my mortgage broker) that I had a Freddie Mac loan and so I called Cenlar (see the TBW website for more info). I had to call back over a period of a few hours to just get through (i.e., no busy signal) and into the “on hold” cue. I spoke with Sheena and she asked me to do the following.
Copy the front and back of my escrow check and fax it to Cenlar at 609.718.4622. The fax should state “Attention: Research Department”. Within the Fax I should include my TBW loan number, my name, and my phone number. Additionally, I plan to provide a little of history concerning the time period I held the loan, when it was paid off and when I received this escrow check. I’m crossing my fingers and hoping this works. Otherwise I’ll hope that the Chapter 11 filing as described by “Trying to help” moves quickly.
Best of luck to everyone!!
I just received an Escrow refund check because we refinanced our loan. Of course it bounced, and I’ve already written a check for the new mortgage company thinking that money was in my account. After 32 minutes on hold, I was told when the accounts are unfrozen by FDIC they would be reissuing the checks. She told me she was not sure if penalties paid because of the returned check would be compensated. She did recommend keeping track of all the penalties incurred and faxing them to 1-888-329-9270. I know most of you are very upset, that is quite understandable. However, whether you believe it or not, employees are usually the last to know there is a problem in there company. They are also hurt by the situation as most of them probably lost their jobs and benefits and still have families to feed. It is extremely ignorant to blame them for the misdeeds of their superiors.
I recommend that you call your banks/insurance companies/county clerks if you received a bad check and see if you can work out an arrangement to get you through this. One word of advice, be polite and remain calm, they will be much more likely to work with you. You reap what you sow. Rmember the Golden Rule and that 2 wrongs don’t make a right.
Good Luck…we all need it. and no I am not an employee
Not sure if this helps anyone but I live in a very small town and went into my tax office to pay since TBW failed to do so, believe it or not the tax assessors office knew all about Taylor Bean and took my check and told me they would hold it as long as they could and see if they got payment from a new lender. So my point is, ask your tax offce, ask your homeownners company, sometimes they are willing to help out and all seem to be aware of this nightmare. As of today, I am still with TBW. I am considering stopping payment on my August check, seems though that money will never be properly accounted for
Amanda and Frank
Its your fault people like us are in this mess
if you paid your bills on time we wouldnt be faced with bounced checks and canceled insurance policies. take some personal responsibility, you didnt make your payments and are being foreclosed on. this isnt tbw fault, its stupid home owners who bit off more thana they could chew. And no I am not an employee and yes I feel bad for those people who lost their jobs, this isnt their fault
We were screwed over by the bank we usually did business with when we originally bought this house, and they sold the mortgage to TBW before the ink on the contract was dry. After struggling to get into an accelerated payment program and finally starting to relax, we get this news.
We tried to reach them (BofA) to check to see if our automatic withdrawal was the same, and couldn’t get a hold of anyone. This was what we feared would happen.
We don’t like BofA, and here we are stuck with them. Joy.
Just got a letter from Bank of America stating they are our new servicer. However their records show that my August payment has not been posted. I sent TBW my August payment almost 4 weeks ago!! Did a disgruntled TBW employee throw it in the trash? Do I have to put out my own money and put a stop on this check?
Adair,
You were fed a line. The FDIC will not be unfreezing those accounts and distributing it back to TBW. That much has been in the news. Latest news is that Platinum Community Bank was shut down by the FDIC. This bank was owned by TBW and was the bank that sent me my bounced escrow check.
I contacted the FDIC, and the response I got was to contact the FTC. I am going to have to contact them again.
I CLOSED ON MY LOAN ON AUGUST 1 2009 . WE HAVEN’ T RECIEVED OUR ESCROW CHECK I RECIEVED A LETTER STATING THAT I WOULD RECEIVE IT IN 30 DAYS I HAVEN’T SEEN IT I HAVE A NEW LOAN WITH NEW BANK BUT I WANT MY MONEY WHAT DO I NEED TO DO OR WHO DO I CONTACT THANKS TINA
TBW has never applied my August payment that was sent to them nearly 6 weeks ago, in the form of a cashiers check. Which cannot be canceled. Only after 90 can I recoup the funds back into my account. Since TBW will not be able to cash this check since it is in their name I told BofA they would have to wait for their payment. My summer taxes have yet to be paid and BofA says I have a zero balance in escrow? We never got a rebate check for the escrow so I wonder where all our money went?
Hi, TBW customer here. Same story as you all. Tried to make my payment online, told my loan was restricted, no one answering the phones at TBW. I had always paid online and because I could not find any answers…did not make my Aug payment. I was afraid to just send it to them when there was CLEARLY something going on. Finally, on August 27 I found something on the web and called BOA. Their customer service rep told me not to worry about Aug payment since my loan was sold, but to begin making payments Sept 1, gave me new loan #, etc. She seemed very nice. When I accessed my online acct with BOA, it said August past due and September due now. Well, after 3 phone calls with home retention department, I now owe 2 payments by October 1 because their customer service rep gave me the wrong info. I was gullible I guess. I took my August payment and paid ahead several bills as my husband, who lost his job in 2008, had just finished a temporary, part time summer job and I knew we were going to be tight on cash so I thought…ok. Here is a chance to pay ahead until he finds something else. Please don’t call me stupid. I believed her. If my husband does not find a job by October 1, I simply cannot make a double payment. I too, never missed a payment or was ever late with TBW but BOA does NOT CARE. The guy in the home retention department actually called me stupid and said “what were you thinking?” I begged them to work with me. To do something…..it does not sound like it is going to happen.
Now my credit score is going to tank. Now, it’s not sterling, but it’s not bad. I really feel trapped and wish I would have done what one of the other posters did and just put it in my savings account to have…..
teresa, under RESPA guidelines they must give you 60 days to catch up once your loan is transfered and cannot adversely report you to the credit bureau or charge you any late fees so techincally you have 60 days past the day you were offically transfered which sounds like you should have more time that just until Oct 1…
Hi Lucy, thanks for that info. But unfortunately, that is NOT what they are telling me at BOA. They are saying that they purchased my loan in early August. But I never heard a word from anyone until I made the call to BOA in late August, after digging around on my own to find out what was going on…… And as you know….fighting it takes time and in that time, they can and will report you to the credit bureau. They told me they would, so this is no guess on my part. I am so disgusted with the customer service rep for telling me a lie and with myself for believing it. And yet, it sounds to me by reading earlier posts that many people made their August payments and have not been credited. So, would I have been one of the lucky ones whose payment got credited or would I have been one of the ones whose payment did not get credited?
And here is a funny. When I checked my email this morning, there was a survey from BOA asking me how my most recent experience with their home retention department was and would I fill out a survey. You betcha. If everyone filled it out that was having issues and responded appropriately (negatively if that is your opinion) I wonder if anything would change?
In the meantime, I am not sleeping or eating well. I take missing a payment very seriously. I tried to make an August payment with TBW. I chose not to send it in when it clearly appeared that something was wrong and I made a bad choice I guess. And then what was I thinking to pay some bills ahead??? According to the man at the home retention department at BOA…..I was STUPID.
It makes you so angry you feel that all the former TBW homeowners should file a class action lawsuit. But then again thats like getting blood from a turnip.
This e-mail thread below is regarding questions to B of A about my loan and the response I received from B of A.
Friday September 18, 2009 10:05 AM
Dear Bank of America,
Starting in August my loan payment was to be Auto withdrawal from my checking account. At that time my loan was owned by Taylor, Bean and Whitaker Mortgage Corporation (TBW). I received a statement from them stating that our Payment Will Be Drafted on 8/1/2009. The Auto Draft never took place for the month of August.
Now Bank of America has my loan. I called B of A the first part of September to find out if the Auto Draft for August will be processed and applied to my loan. The customer service representative said they did not know that they took over the loan on September 1st. They suggested waiting and seeing what my statement shows for my October payment. I received my October statement and my Auto Draft has token place for September but not for my August payment. The statement says nothing about my August payment. I still have the money in my checking account for the August payment and I would like to know if this money is needed for my Mortgage Loan. It will be two months in October and I would like to know what is going on!!!
My taxes will be due on 10/15/2009 and I want to be assured that I am going to have enough money in my Escrow Account to have Bank of America send the county the money that we owe them.
I would like written conformation by e-mail sent to me by Monday September 21, 2009 stating if the money is needed for my loan and when it is going to be applied to my Mortgage loan. I am tired of waiting around. My patience has run out for getting this resolved. I can apply this money else where if it is not need for my Mortgage Loan.
My loan # is ########
Thank you,
Corrina Fisher
——————–
— On Fri, 9/18/09, Mortgage wrote:
From: Mortgage
Subject: Bank of America has received your message (KMM105134129I58L0KM)
To: corrinafisher (at) yahoo (dot) com
Date: Friday, September 18, 2009, 10:17 AM
Thank you for contacting Bank of America. Please allow this reply to
serve as confirmation that we have received your email request. You can
expect a response within two business days. Emails are sometimes
re-routed for proper handling, which may extend the time it takes for us
to reply to your message. Your message has been assigned case number
########.
————-
— On Wed, 9/23/09, Corrina Fisher wrote:
From: Corrina Fisher
Subject: Re: Case number ########
To: “Mortgage”
Date: Wednesday, September 23, 2009, 10:31 AM
I have not got a response from my last e-mail below. I would like to know if this is being looked into at this time. Please send me a response and let me know what is going on!
Thank you,
Corrina
—————————
— On Tue, 9/29/09, Mortgage wrote:
From: Mortgage
Subject: Re: Mortgage Loans (KMM105592989I58L0KM)
To: “Corrina Fisher”
Date: Tuesday, September 29, 2009, 8:02 AM
Dear Valued Customer,
Thank you for contacting Bank of America and for bringing your concerns
to our attention.
While Taylor, Bean, and Whitaker has joined with Bank of America, both
companies will continue to operate separately at this time. There have
not been any changes to your account(s). You will be notified well in
advance of any changes to your account.
For assistance with your Taylor , Bean, and Whitaker accounts, please
continue to contact Bank of America at 1.800.669.6607
We do apologize for any inconvenience this has caused you. If you
experience further difficulty, please do not hesitate to contact us from
the web at http://www.bankofamerica.com.
Sincerely,
Bank of America
This message is in response to your recent request. If you are not the
addressee please contact us. Any reply to this e-mail will not be
secure; please do not respond with personal or confidential information.
—————————-
— On Tue, 9/29/09, Corrina Fisher wrote:
From: Corrina Fisher
Subject: Re: Case number ########
To: “Mortgage”
Date: Tuesday, September 29, 2009, 8:41 AM
The below response does not answer my questions that I had sent in my September e-mail. Please review the original e-mail at the very bottom of this thread.
1.) Is my August payment going to be withdrawn from my checking account? If so when will it happen, on what date??
2.) If my August payment is not withdrawn will I have enough money in escrow to pay my county taxes on Oct. 15, 2009??
The questions above are simple yes or no answers. I do not appreciate the mumbo jumbo response below that I received. It clearly does not answer my questions. As my mortgage holder I expect you to answer my questions in an accurate timely manner. Clearly this is not happening.
-Corrina Fisher
——————–
I will post what kind of response I get back from them.
I called Cenlar yesterday after receiving a notice that my taxes had not been paid and was given a fax number of 609.718.4622. However, they refused to give an office number and finally hung up on me when I demanded a supervisor in the United States. Today I called the Office of Thrift Supervision (800.842.6929) which regulates them and was given a number of 609.883.3900 x3190 which is for a Janie Bader who of course isn’t answering the phone. Her message did leave another extension of 2280 for a Nancy Langin who didn’t answer either. I hope these numbers are of use to others who have been in receipt of these tax letters.
After many hours of frustration, I was able to get hold of Brenda at Cenlar using the number above. She, unlike the customer service reps, was very nice and was able to get everything taken care of. This included bringing my insurance rep online to get them all the information needed to make sure that my insurance payment does not have any issues and getting me some contact information so my bank doesn’t have to send out a check but instead doing an electronic transfer. Tax check has been sent and the tax office notified. I was also able to file a complaint with her about the customer service line.
Our Mortgage payment due on Sept 1, 2009 was mailed to Taylor, Bean and Whitaker on August 12, 2009 at our Post Office. The check has never cleared our bank. We have issued another check to BAC for Sept, also mailed one for Oct 2009. Are there any laws on how long Taylor, Bean and Whitaker can hold checks they have not processed yet?
Thank You for your help.
FHA suspends Taylor, Bean & Whitaker Mortgage Corp. and proposes to sanction two top officials
“I will post what kind of response I get back from them.”
What was the response?
Complaint against Spartan Home Loans also known as Red Shield Inc. 9616 micron wy sacramento ca Do Not Do any Real Estate transactiions with this company they stole 2.5 acres of land from me. I believe it was an inside job between Sherman Collins and Spartan Home Loans . He did not qualify for a 325,000 loan they gave him against my property . I believe they gave him the money then foreclosed on my property which he transfered without my knowledge from “our” llc to his and I believe Spartan Home Loans received a kickback because Sherman Collins disappeared and Red Shield Inc forclosed on the property. Spartan Home Loans is a greedy company out to take from me a widow on property I had for 10 years and they take monies from my barbershop and deny me entrance. They will pay for there dishonesty. All of them
I need to get my end of year tax stmt from TBW
Jackie McCafferty
1953 La Rue Ave. Deltona, Fl. 32725
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We closed on our home this morning - the buyer’s lender was TBW. The attorney’s office still does not have our money from TBW. We have laready moved out of our house??!!!??
What now FHA? What do we do HUD? Who will pay for all the expense that we have had?