Taylor, Bean and Whitaker in Trouble: FHA Expulsion

I made a payment to TBW on the 7th of this month using their automated sytem. My checking account showed the funds were withdrawn yesterday 10th of August. Is anyone aware if TBW will either send my funds to BOA or will be send the payement made directly back to me?

I tried to pay my mortgage with TBW this past Friday and got the restricted message.  What does that mean? 

I logged on the TBW Web site on August 1st and told them to do an autimatic transfer on August 6th for my August payment.  I noticed yesterday that the payment has not left my bank account, but that it is showing paid on TBW's site.  I called Bank of America and they said to doing nothing at this point.  Once they acquire the loan, which I'm hoping they do, then they will instigate the automatice transfer for the August payment.  They will fix any late fee or credit issues if any arise.

I'm so happy to hear we are all going to be intact at the end of this mess!  Thank you all for your support, either spoken or unspoken during this time.  It is easier to share a worry than to face it alone. 

I'm hoping all those who were in process of obtaining a loan get "real" financing and those of us who had mortgages already never have to go through this again!!

Bless You All!

Well, I am so sick over this Taylor Bean closure.  We put offers in on 6 homes over the past 4 monthes. We lost every single offer but the 6th one. We have been through hell and back trying to buy a house. We were screwed by shady buyer realtors, the big Guys like B of A, etc, etc on the first 5 deals we try to put together. THEN FINALLY we find the dream home, put an offer in, they accept our offer and WHAM we now have lost our funding. I don't blame Taylor Bean for our misfortune. They put us through the ringer, and I mean MAJOR ringer to get a loan. they crossed their t's, dotted their i's, and then some. They double checked, rechecked and seriously, went by the book. Whatever they are in trouble for, I can't possibly imagine it would be any type of loan fraud. What I find unusual is the fact that during our hunt for homes, we came across several foreclosures owned by Bank of America. When we went to bid on them, Bank of America made it clear to us they would not sell the house to us unless we paid them 400.00 AND pre-qualified with their bank (EVEN THOUGH WE ALREADY HAD BEEN FUNDED BY TAYLOR BEAN!) This happened on two homes we tried to buy. Bank of America is a joke! So, to make a long story short, the house we are buying now, the one we have lost our funding for, we have to find another lender and pray the sellers will give us the time to do so, since we ONLY have days. There was a cash offer out there when they accepted our bid. So, you never know whats going to happen.  Personally I blame Bank of America for our mishap. Had they not jerked us around and tried to swindle money out of us  and wasted our time on the two previous homes, well, I guess we would have already been in a home by now and  had been funded by Taylor Bean. LOL I am laughing because in the end B of A would of got our loan through the takeover of the mortgages from Taylor Bean. What a joke! Good Luck to all of you who lost your mortgage funding. I know how you feel. AND whatever you do, don't waste your time with B of A. They are the lender who should of had their doors shut!@

I was also supposed to close on a mortgage this week, but not with TBW. It was a refinance with another lender that would rescue me from the clutches of TBW. Now I wont have to. Its about time TBW got what they deserve. And all of you who were supposed to close and were unable to, count your lucky stars!! I would have gladly paid and additional 1% in interest just to be able to deal with a company with common sense and manners. They have the worst customer service that I have ever seen, and many of their business practices were so far out of the norm that it was almost unbelievable. TBW makes credit card companies look like saints!!

Our payments are taking out automatically the !st of the month, we were also offered the 5% rate at no cost to refinance and title to recieve doc's the 5th and never heard anything.  Who can we contact to cancel the automatic payments till we know how or who our payments will be handled?

I just got off the phone with TBW finally after trying to get in contact with them all week.  I had to pay my mortgage online as I normally do and I had the "loan restricted" error.  The woman gave me the new address to submit your payments.  I was transferred to a BOA rep where she also stated to mail in the payment to the below address.  She also mentioned that there will be no late fees or penalties due to the transition of all loans which will take 2-3 weeks.  Correspondence will be mailed to your homes as well (which I still not have received).  Hope this helps.

BAC Home Loans Servicing, LP 
Payment Processing 
P.O.  Box 10334 
Van Nuys, CA  91410‐0334 

I just got off the phone with Bank of America who said NOT to send a payment to them as they do not have my information in their system.  Said my next payment would be due on 1 September after the welcome packet is received.

I was setup on automatic payment at TBW and I don't know whether to send my payment to the Cashiering dept as stated above or hang tight.  I'm not comfortable sending a check in the wind and hoping it lands on the correct desk.

I have called them so many times and am not getting a straight answer about anything. I downloaded my Sept. estatement for my Sept. payment. It shows that on July 31st an escrow disbursement check was issued to us because we had overpaid into the escrow account. Here it is 13 days later and we still haven't gotten the check. Does this mean we have lost all our escrow money? Or does this mean when they feds showed up they stopped everything?

The TBW website says where to mail your payment to.    I hope and pray and Bank Of American does not take over TBW mortgages, they are the worst bank I've ever seen.   If  BOA takes over I will definetly refinance.  

This is absolutley CRAZY ! Ihad a loan through them and used part of the construction loan and it was hard getting in touch with them. that turned me off from the beginning but hey what can you do at that point. Everything got paid. I paid my mortgage paymnets on line no problems. Then I got a bill from my home insurance co. stating they hadn't received and insurance payment. I had to contact TBW to send in payment for my home insurance. Strike 2. Now this. Unbelievable.  

Thanks to everyone who posted information.  I talked to BAC and they said that all homeowners would receive a letter in the mail within 30 days with their new account number and our credit will not be affected because of the transfer delay.

The only problem with the Bank of America phone number is they do not have the majority of the records in their system yet. I too tried to pay my mortgage online on August 7 only to find it had been "restricted". After sitting on the telephone for 54 minutes, I got one of the customer service reps who took my credit card number and issued me a confirmation number. No funds have been taken from the card. BOA told me to wait until I had received my "letter". I have no idea if TBW is still going to try and process the charge. BOA did tell me that TBW was not allowed to transfer any credit card information to them. They did say that nothing would affect my credit report and that letters "were going out". Not much help on the phone. If anybody has had an experience where BOA was actually able to share specific 411, I'd love to know who they spoke with. I'm hanging tight as I don't want to pay my August payment twice. And I wonder where my escrowed funds are? Disgusted.....

send your payment here no send it there some say!! is it Fl or Ca!!

I never Had problem with my payment with TBW before...but now I am left in the DARK!!

TO WHERE OR WHAT SHOULD I DO ABOUT MY NEXT PAYMENT OR WHERE TO SEND IT. I FOUND THIS ONLINE...BUT NOT FROM TBW!!OR BAC

http://www.hud.gov/news/consumer-guidance.pdf

everyone is having the run around over stupied obvious things...TWB said welcome to eveyone but not goodbye......!

In the case of the morg. melt down it's  50/50  fault  consumer knowning they cant pay for a house they bought in the near future of the loan and Banks who know it but wants to make money on the short run! and making big $$ then everyone is F....up later!!

why can we have a normallll honest world! greeeddddddddddddddd!

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TBW is the worst lender out there.  I have my loan through them and they are horrible.  I was considering paying the $400 refinancing fee because they have been such a headache. I have had the following issues: 

1.  You have to wait a minimum of 30 minutes on hold to talk to a live person.  Once I had the phone on hold for 2 hours!!!!  I just put it on speaker and sat here at work while waiting for someone to pick up.

2. Their website is always down. They created a new site but the password and user name they have email me does not work.  I tried to pay online and over the phone several times and I could not.  I ended up getting a late fee!!  After finally getting a hold of someone, they would not take it off and they were very very rude

3.  They messed up my taxes.  I faxed them a tax bills from my city, county and state and they said they didnt get it.  So this year my mortgage went up 200 bucks a month to pay for last year because they screwed up!

4. One month my payment went up $700.  I freaked out and called them. After waiting 2 hours (NO JOKE!) they said that my insurance company didnt send them my flood and house insurance forms. WHAT???  They sent me a letter 6 months before this about not having insurance and I sent them the forms.  They sent me a letter 3 months before this and said they still didnt have it so I went to my insurance agent and she swears she sent it but she sent it again, right in front of me. We called to confirm but no one would answer. I thought surely this was over but the next mortgage payment came in the same amount, $700 higher then the normal cost!  I called every day for two weeks, nothing!!  I finally got someone and they said they didn’t get it.  So I asked her for her direct line.  I faxed her the stuff and then called every 5 minutes until she got it.  I called her every 5 minutes for almost 5 hours.   She got very very angry and I didn’t really care!  By the time this was taken care of another bill came in for the >$700.  That’s $2100 over three months extra.  They said they could not refund me the amount but instead put it towards my mortgage.  That was not their choice to make with my money.  I wanted it back and they said NO!!

5.  They didn’t tell me I needed to have flood insurance until after I signed the intent to buy form for my house!!!!!! This was 7 days after they approved me so I bought the house.    I would not have bought my house if I knew I needed flood insurance. There was no turning back and I have to now pay $50 a month for flood insurance I don’t need. 

I’m not an idiot and I have never been late on a payment.  I am a responsible  homeowner who didn’t buy a house out of my means.    I have a masters in management and I have a job where I manage over $450 people a week!!! I don’t have time for this game!  I truly hate these people and whatever they get they deserve. 

I have been going through the same thing everyone else has that has a loan with TB&W. I have been upset since Aug 13, 2009, because I could not make my payment online, I thought there system was down, but as everyone else I tried calling, sending email, etc.. Finally did this google search "anyone having problems paying payment with TB&W" & it threw me in here. I called a relative up north that I thought could help about finding out what is going on with TB&W. And she gave me this website www.hud.gov/news/consumer-guidance.pdf . I did call BAC # given 1-800-669-6607. the lady was very nice, but I asked should I send my TB&W coupon with payment and she said it wouldn't be needed, but she also said they still don't have the loan information for our accounts set up and they would be sending a letter. Well now my delimma is how can I be sure my check & loan payment will be processed properly or should I just wait to get a welcome letter from BAC (Bank of America) since they don't have my loan information yet. If I wasn't a little bit computer savy I would be sitting here not knowing whether to mail my payment or what since it was obvious something was wrong not being able to contact TB&W. In my email to TB&W I said " Our time is valuable to us and spending 3 days trying to pay our bill and find out what is going on is unreasonable when a simple phone call or a simple email would have been nice." As of right now I am going to keep my mortgage payment in my bank until BAC sends that letter and I know for sure they have my account in their house, at which time I will be glad to forward them what is due without late charges and any effect on my credit. Some written notification should have been implemented to at least let us know what was going on by TB&W and the GOVERNMENT. They would have been on phone harrassing us if they hadn't got their payment on time.  Is anyone else gonna wait on the notification or just go ahead and send payment to California PO Box?

mdl:  I have decided to wait until I receive my BAC letter with their loan number and then go online and make my payment.  If I am not in their system by the end of next week, I am going to call FHA (1-888-297-8685) with my FHA loan number (found on my mortgage) and tell them that I have no place to send my payment.

I'm not sure what to do here. I have always paid on line without issue. Went to make my payment on time last week and got the "restricted" message. Since this was Saturday, I had to wait until Monday business hours to try to find out what's up. After getting nobody to answer a phone yesterday or today, I decided to google TBW and here I am dazed and confused. I will put my payment into an escrow account I'm setting up and wait until the mess is resolved. I have not recieved any info from TBW re. this issue and I'm not going to just put a check in the mail to an address I see on this blog. Would love to here from sombody at TBW but have not recieved a reply from my email to them. Very frustrating. When I log in, there's no info re. what is happening. When I tried to pay by phone, the message said they were no longer accepting payments for TBW. Guaranteed this will screw up credit rating.

I have been in the mortgage business for 20 years.   I almost exclusively used TB&W for the past 5-6 years because they had the best customer service and the best interest rates.  I had never heard rumors or ever thought they were "bottom feeders" and strongly feel that is something recently drafted to make them look like a dangerous company.  To say that TB&W had "less strict" underwriting standards is a stretch.  Anyone in the business knows you receive an approval and conditions from DU and those conditions are the same at whatever lender you send the file to.  I also have my personal mortgage with TB&W and never had a problem with their customer service department. 

I also have to agree with everything Mcomark and Onceuponatime said. 

This is not good for consumers in any way.  TB&W has had the reputation in the wholesale community as keeping the big guys (Wells Fargo and BOA) honest.  You take their competitive pricing practices off the table and there is going to be nobody keeping the big guys from pricing themselves a pretty huge profit, off the backs of the borrowers.

For those questioning if you are going to get 5% somewhere else sadly the answer is no.  I also had a borrower locked in at TB&W due to close on 08/14 at 5.0%.  They are now getting an interest rate of 5.25% somewhere else.

My question is my husband and I closed on June 24. We did the FHA 203K. TBW is still holding the last of our money in escrow for the repairs of our house. Our house is done and I have contractors looking for there money. Who do we contact for this? The amount is $10,000.00

PHH Mortgage Company is the best way to go.  Their customer service is 2nd to none.

If your TBW loan is going to Bank Of American.   Refinance, refinance, NOW!!!

BOA is the worst bank ever, they will screw you every chance they get.   Forget customer service, they have none.         Remember, if BOA gets your loan, you will regret it!!!!!!!!!!!!!!!

I have never had an issue with them. Actually, I have found them to be quite helpful.

I feel realy bad about all of the people losing their jobs over this.

TB&W are probably just the tip of the ice berg.

Why hasn't this been in the national news programs?

I don't know if they are guilty or not, but after calling them 36 times the first time trying to find a live person with out being disconnected. Then dozens of times since then still trying to get back to a live person and once back being transferred back and forth between 2 toll free numbers several times. Being told there's nothing they can do because I'm not behind in my payments and having had to talk to a very rude person on the phone. I hope they all lose their jobs and the CEO goes to prison along with that very rude person!!!! By the way to get a response to your email send them 20 or 30 emails, the more insulting you can be seems to help. They will call you eventually to tell you to stop. :)