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Brianquigley
2128 Posts |
 Posted - 08/10/2007 : 2:08:45 PM
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| I just got off the phone with my ALS rep who spoke with his RVP and she just got back from the Colorado Mortgage Conference and she told him that TAYLOR BEAN might be gone in 30 days, and to lock everything now to protect yourself. |
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geo21208
3278 Posts |
Posted - 08/10/2007 : 2:12:15 PM
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| Can they substantiate that? |
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diesel350
572 Posts |
Posted - 08/10/2007 : 2:15:35 PM
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| They are not going anywhere, They are backed by Merrill. |
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kakbar
562 Posts |
Posted - 08/10/2007 : 2:17:47 PM
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| Taylor bean and whitaker is backed by Merrill Lynch? |
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Brianquigley
2128 Posts |
Posted - 08/10/2007 : 2:18:18 PM
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And who is under investigation by the SEC today...Merrill
Geo, all he told me was that his RVP was not one for water cooler talk. I am still locking my loan with Taylor, however didnt like to hear that |
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hoangad
3022 Posts |
Posted - 08/13/2007 : 5:47:46 PM
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| taylor bean and whitaker is privately owned by taylor bean and whitaker... |
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mortgageprocesso
225 Posts |
Posted - 08/13/2007 : 6:21:59 PM
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| Their corporate office is here in Ocala, FL and I used to work for them for many years (both my husband and I). TBW isn't going anywhere...the Chairman... Lee Farkas is all over the papers daily and I believe they are not backed by Merrill but they I think did make it to Wall Street (at least they were aiming for going public last year). My closest friend is a VP here in Ocala and she says they are stronger then ever. I would like to think they are among one of the safe ones.... |
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liverichly
4820 Posts |
Posted - 08/13/2007 : 6:31:37 PM
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| TBW has very conservative Alt-A guidelines, and majority of their business is Alt-A, FHA, and VA. |
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jessibell
4 Posts |
Posted - 08/13/2007 : 6:41:36 PM
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Hey Everyone! This is Jessica, an AE with TB&W! We are a privately help company..
Taylor, Bean & Whitaker is STRONG...We are financially doing quite well..and we ARE NOT GOING ANYWHERE! If you have any questions, give one of us AE's a call, we'd love to do business! |
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waynepbright
3849 Posts |
Posted - 08/13/2007 : 6:56:56 PM
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Wow Jessica, Your Timing to Join Broker Outpost was perfect for This
Thread, it must have been calling Your Name  |
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WorldWideWayne
2897 Posts |
Posted - 08/13/2007 : 7:15:16 PM
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jessibell:
YOu may want to stick around here on the Outpost. A couple of times a week at least, there are posts by brokers looking for a TB&W AE. You could make some hay here...but dont forget to contribute too. |
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teamlend
570 Posts |
Posted - 08/13/2007 : 7:24:06 PM
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| I told you Jess, B.O needs you!!! Jessica has been my Rep for quite a while. No nonsense, just the facts... Oh and easy on the eyes.. |
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jessibell
4 Posts |
Posted - 08/13/2007 : 7:31:27 PM
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There were these voices.. !! It's interesting out in the field and news travels fast.. I saw a post just now about our products, too...we offer Conforming, Jumbo, FHA & VA. We did suspend our Alt A, Option ARM and 2nd TD a week ago. It still feels like home..we've always been known for our Conforming rates (may have to work a little harder for them now, lol!) TB&W is managed by a great team with the right principles and we are staying steady and keeping our head's up! I hope everyone has an opportunity to feel the same way..its tough but this is what we do, and we can do it right! |
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jessibell
4 Posts |
Posted - 08/13/2007 : 7:36:07 PM
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| I look forward to spending some time here! Thanks for the kind words and advice! |
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stoneloren
105 Posts |
Posted - 08/13/2007 : 7:50:53 PM
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Jessi, this is the 2nd time in 2 days I heard about your bank. If you can service brokers on the east coast, can you please email me some info on your bank. Thanks.
Sean |
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Nico
3056 Posts |
Posted - 08/13/2007 : 8:21:32 PM
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here we go with blanket statements again.
i have no knowledge on TB&W's status at this time. but i do know we've all heard the New Century, ABC, Fremont, and all other kinds of reps state, usually in all caps "WE WILL WEATHER THE STORM" or "WE'LL BE HERE WHEN THE DUST SETTLES" or "WE'RE NOT GOING ANYWHERE!!"
don't you guys get a little tired of that? how bout just say "well, i haven't heard anything to that effect as of yet. things seem to be smooth here."
why the big time caps and blood oaths? i know one thing though. after their company does in fact go under, the reps belonging to those companies look real real real stupid. no matter who's backing you, no matter how much your company has in reserves, no matter who the VP knows personally and plays touch football with, no one is immune to crashes. absolutely no one.
if someone asked me if my employer was going under, i'd say "So far I haven't heard anything about that. What have you been hearing?" |
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windyctymktg
697 Posts |
Posted - 08/13/2007 : 8:35:29 PM
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| TBW is defintiely one of my top 2 lenders. My account rep Imma Malfeo (Illinois) is always on top of things and their underwriters are always available should i have a question. All of this and their rates are great. They will even take DU findings rather than using their LP findings. |
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csmgcorp
619 Posts |
Posted - 08/13/2007 : 8:51:23 PM
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I'd have to say that TBW, along with Flagstar & CITI are about the only lenders out there I trust right now to close/fund a deal.
I doubt TBW is going anywhere, they have been way too conservative. They seem to make product changes WELL before everyone else. Both with their ALT-A products originally (not in the last few weeks, but the initial changes months ago) and by not doing sub prime in the first place. |
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Nico
3056 Posts |
Posted - 08/13/2007 : 8:51:56 PM
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no offense, Lindsey, but we've heard it all before. go back in the archives and look at the posts from the Fremont and New Century guys that flooded the Outpost when the companies came under scrutiny.
people losing their jobs doesn't make them stupid. it's the comments they make before it happens. the wild assertions, the ALL CAPS with the !!!!!! and all these numbers that you can tell they don't really know what they mean, they just copy them down after the powerpoint presentation at the sales rally.
the quotes by the Fremont guys "We have over $200 million in reserves -- WE'RE HERE TO STAY"
the New Century guy "To all our loyal brokers, thank you. You will be rewarded. To everyone who doubts us, we're coming back for you. Stronger than ever."
all i'm saying is, why even answer the question of knowing if your company is having issues? if you're not sure, just say you don't know. nothing wrong with that. but we've just seen over and over and over when a company falls under scrutiny, 2 or 3 reps come in and make all kinds of guarantees. then the lights go out and they disappear.
check out the Lender Implode, and i guarantee you that at least 30-40% of those defunct lenders had AEs come on here making wild claims and radical assertions. my advice is if you're not on the board of directors, stick with "I don't know". that's what i do. |
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Nico
3056 Posts |
Posted - 08/13/2007 : 8:54:27 PM
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quote:
Originally posted by csmgcorp
I'd have to say that TBW, along with Flagstar & CITI are about the only lenders out there I trust right now to close/fund a deal.
and if someone asked me if Citi was going under, i would say "I haven't heard anything of that nature recently. What have you heard?" i wouldn't come on and start throwing around numbers like "300,000 employees" and "2.2 Trillion in assets" or any of those numbers. while those numbers are true, it doesn't help us get to whatever the talk may be at the current time. i think it's very very tacky to derail the topic in to who your CEO is, or how much money you have, or anything else.
the reps from Fremont made that mistake. huge. their main selling point was their liquid reserves. |
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csmgcorp
619 Posts |
Posted - 08/13/2007 : 8:57:46 PM
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I understand your point Nico, I'm just saying they are one of the few lenders left that I trust.
That's all. I agree with you that some of the comments a few reps have made recently from companies that are going under or have gone under make them look silly afterwards. |
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Nico
3056 Posts |
Posted - 08/13/2007 : 9:00:30 PM
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| and i agree. TB&W seems like a solid company. but i was just commenting on the cheesy, corney, tacky and totally out of place "SOLID CAP ADVERTISEMENTS" and assertions. |
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fishie
570 Posts |
Posted - 08/13/2007 : 9:04:23 PM
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I never thought of TBW as having much of a subprime portfolio.
They are no countrywide or fremont. They have a very strong and very competitive conforming side, and FHA to boot.
If TBW goes down, you might as well start rumours that Chase is going down too. |
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Nico
3056 Posts |
Posted - 08/13/2007 : 9:10:23 PM
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quote:
Originally posted by fishie
If TBW goes down, you might as well start rumours that Chase is going down too.
that's a real real reach. Chase is 200 years old and has over $1.5 Trillion in assets. They're one of the largest banks in the world, and it could be argued that they own some small countries.
Taylor Bean Whitaker is a mortgage banker that is less than 30 years old.
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1stintegritymort
1298 Posts |
Posted - 08/13/2007 : 9:10:56 PM
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| from what i read it looks like the caps are there to emphasize a point. no numbers or bold statements... but whoever is going to make a claim that they are going under in "30 days" better have something to back that statement up with. tbw mainly does conforming loans. they have their own subprime product, but seriously, who uses it? the alt a, sure it was good. but i cant imagine that is going to bring them down. not anymore than citi or chase. alt a only makes up a small percentage of the loans funded. they too, just like every other A paper lender had to change their guidelines. that doesn't mean they are in trouble. their pricing is still just as good. and if they were gonna go under in 30 days, i seriously doubt they would continue to accept the same number of new loan registrations. if they were to go under that fast, they would not be able to fund as much as they do. their credit lines would be tied up. |
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americanheartlan
2246 Posts |
Posted - 08/13/2007 : 9:12:40 PM
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| I filled out my info on TBW's website last week to be contacted by an AE...still haven't heard from anyone. |
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Nico
3056 Posts |
Posted - 08/13/2007 : 9:13:33 PM
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i doubt TB is going down in under 30 days.
but it's hard to make assumptions because it's a private company. we can't see if they are taking losses.
one thing i do know for a fact, is that their AEs are as in the dark as the public is. they have absolutely no clue whatsoever about any profit or loss. see, when you work for a publicly traded company, management can't pull the wool over your eyes because you can see all the published finances.
sure, they might can spin it, but with a private company, management can say that has been their best quarter yet, when in reality they took huge losses. no one would be the wiser.
then you got some AEs where it's all over the press the shape the company is in, but the AE still is able to GUARANTEE that they'll be fine. even though he/she can't explain it. i call that living in denial. |
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1stintegritymort
1298 Posts |
Posted - 08/13/2007 : 9:17:39 PM
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| besides wamu, we have yet to hear about a big A paper lender fall out. if tbw is hiding something, then we are all in for some serious trouble. |
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dstout
921 Posts |
Posted - 08/13/2007 : 9:22:02 PM
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quote:
Originally posted by 1stintegritymortgage
besides wamu, we have yet to hear about a big A paper lender fall out. if tbw is hiding something, then we are all in for some serious trouble.
WAMU fell out? I thought they just stopped doing sub prime. |
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1stintegritymort
1298 Posts |
Posted - 08/13/2007 : 9:24:07 PM
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| They owned Long Beach... they went under... I meant that they were the first A Paper lender to be affected. They are still doing A paper loans but thats about it. I wouldnt send them anything anymore. Their rates are horrible. |
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Quicksilver
5629 Posts |
Posted - 08/13/2007 : 9:47:33 PM
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I highly doubt TBW is in trouble, one of the most solid lenders around. But Nico is correct, its a private company and you never know what could be going on behind scenes untill its too late. But IMO, I wouldn't be worried about TBW.
Just wish they'd be easier on exception, had a HP deal that was perfect except he made an extra $70 a month more then income limit, they won't budge, crazy. |
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dstout
921 Posts |
Posted - 08/13/2007 : 10:02:26 PM
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quote:
Originally posted by 1stintegritymortgage
They owned Long Beach... they went under... I meant that they were the first A Paper lender to be affected. They are still doing A paper loans but thats about it. I wouldnt send them anything anymore. Their rates are horrible.
Yeah, that's what I thought you meant.
But a lot of "A paper" lenders have also discontinued sub prime and now more recently Alt A. |
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fishie
570 Posts |
Posted - 08/13/2007 : 10:02:46 PM
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If a strong conforming and FHA lender like TBW goes under, then this industry is in for some real trouble.
I dont think any of these TBW rumours are true. |
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dstout
921 Posts |
Posted - 08/13/2007 : 10:06:44 PM
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quote:
Originally posted by fishie
If a strong conforming and FHA lender like TBW goes under, then this industry is in for some real trouble.
I dont think any of these TBW rumours are true.
It could certainly happen and I would not at all be surprised.
Guys, the current market deterioration is not isolated to just subprime, or Alt A. It stretches into A paper as well. Like Cramer was quoted as saying, it doesn't matter if you're prime or sub prime any more. We will unfortunately see a lot of foreclosures that stretch across all credit profiles. |
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1stintegritymort
1298 Posts |
Posted - 08/13/2007 : 10:28:00 PM
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| maybe im not understanding this but i thought that when you bundle a fannie, freddie or fha loan, the investor is guaranteed the money because the loans are insured. if that is the majority of tbw's business, how could they be responsible for any buybacks? like i said, im sure they did a fair share of alt a but that was only a small percentage of their business. i dont know anyone that ever used tbw's subprime channel? it's not like they are indymac or aurora and solely focus on alt a. i would be very surprised to see them go under. it was 3 years ago when i thought to myself how nice it would be to get in on this company as an IPO, but they still are private. i dont get it. |
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Boulderco
1503 Posts |
Posted - 08/13/2007 : 11:06:59 PM
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| With all due respect to the TBW reps, and I do like TBW, I would expect them to say "we're here to stay." I mean, what what else can they say? "Well, I don't know...we may leave you high and dry. You may get the pants sued off you by your customer when we fold on you." It's rare that upper management at a company tells their people the end is near. That said, in this market I'm locking everything no matter what. I think floating is a death wish right now. On the other hand, if they go under, it isn't going to matter if you're locked or not. |
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Nico
3056 Posts |
Posted - 08/14/2007 : 12:16:31 AM
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so you think that everything is all better when an AE comes on here in all caps and tells you everything is fine, and they are here to stay?
if you take that to heart, then i got some great stuff to sell you.
that kind of talk is supposed to be reserved for customers, and the general public. we're all in this together here, and one end of the wholesale business trying to "sell" the other end is not my idea of a trust relationship.
you'll find that all of my assertions on here, ALL OF THEM have at least some facts and figures to back them up, and things you can investigate yourselves. doesn't mean i'm always right, but it means my guesses are always educated guesses and not shots in the dark.
sorry, but i don't respect people that come on and try to drive their opinion home about something they have no data about, and no experience to add to the situation. be it a good rumor or a bad rumor. telling someone their company is "rock solid" while they take multimillion dollar losses is just as bad as someone claiming that so and so went out of business when in reality they are alive and well. people often overlook this, because people look way too much in to "being positive" and if you have a positive attitude, then you can do no wrong, and no one can fault you for being positive.
that's what the New Century and Fremont reps said when i got on their asses about being misleading and making wild claims with no data to back it up. they said "well what would you have us do? what else were we supposed to do?" the answer is to be honest. and if you don't want to tell the truth, you can remain silent.
this whole "as long as you're an optimist, you're innocent" is garbage. deception is deception, no matter what direction it points in. if you mislead brokers and other people in the business on the stability of your company when in fact you have ZERO idea, then you're just as bad as someone who talks bad about a company who has zero idea of what's going on. |
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omsnj
98 Posts |
Posted - 08/14/2007 : 12:50:37 AM
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quote:
Originally posted by diesel350
They are not going anywhere, They are backed by Merrill.
hmmmmmmmmm wasn't OWNIT backed by Merrill?? |
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jamiesmith80
625 Posts |
Posted - 08/14/2007 : 05:35:19 AM
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| I've only heard from my TBW rep once...and we use them quite a bit :( |
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jessibell
4 Posts |
Posted - 08/14/2007 : 05:37:06 AM
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| Wow! I'm sorry I missed all of the fun last night (have a 3 year old who thinks my world revolves around her!) Nico has a very valid point..they are just words to most who have "heard this all before". Problem is, its tough enough out here, I choose to remain positive and believe in the company I work for. Does that mean I am immune to reality? Whatever, call me sometime, maybe we can have lunch. Nothing is a guarantee..but TODAY this is what I believe. C'mon, you can't talk with clients, listen to the news, open up a paper and not be slapped in the face with current market conditions. I don't dwell on it, I pick up the pieces and do what I can do. I don't lose respect for people who voice their opinions or emphasize their point of view. I respect that...we're all in the same little pond here and some of us have been to the other side, not my place to judge. Perception is relative to the world we operate in, we all have our own window to look thru and I am fortunate I still have a job, fortunate I still wake up everyday and have faith my company is going to give me a paycheck...now, doesn't mean its easy, but hell..who wants a sour attitude walking thru their door? Again, reality is written on the walls (and I do read) but at this point...what else do we do? Keep moving forward... I don't mean to offend anyone, its impossible dang near to offend me... I just like to be happy! Thanks for the posts and trust some of you have in TB&W! |
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SHABONE
442 Posts |
Posted - 08/14/2007 : 06:39:25 AM
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| $50 says there gone in 30! |
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Quicksilver
5629 Posts |
Posted - 08/14/2007 : 07:12:33 AM
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quote:
Originally posted by SHABONE
$50 says there gone in 30!
And your reasoning of "why" would be....? |
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mudshark
3918 Posts |
Posted - 08/14/2007 : 07:13:39 AM
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After several other incidents of this nature I take a "Just for Today" pov on this. "Just for Today" we are taking loans, approving loans and funding loans. "Just for Today" the back office is still functioning. "Just for Today" we are here. In today's incredibly insane market this is the only way to look at it, as "Just for Today" and with the Grace of my Higher Power, we will all get through this together.
I'll keep my opinions on this other matter to myself, thank you.
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mortgagemoneyfas
365 Posts |
Posted - 08/14/2007 : 07:56:54 AM
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| I am approximately 3 blocks away from the TB&W building. Their current parking lot is overflowing into the 2 lots next door and they are about 70% complete with a new headquarters. It is a huge modern building. I would venture to say that either they are doing fine or the dumbest people on earth to continue with this monument they are constructing. I have done business with them for 3 years now and they are by far the best A paper lender I have used. |
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SHABONE
442 Posts |
Posted - 08/14/2007 : 08:04:52 AM
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"And your reasoning of "why" would be....?"
Why not, the odds look pretty good.
117+ have closed, i'll take those odds! |
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mmad
165 Posts |
Posted - 08/14/2007 : 08:17:15 AM
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TBW has a strong portfolio of conservatively underwritten paper. I think they are fine for now.
TBW is my favorite A paper lender for service. I go Provident for pricing. TBW is also my FHA lender...mainly because they are the only place I have done FHA with! Still, their pricing is great on FHA.
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jpulcano
281 Posts |
Posted - 08/14/2007 : 11:51:17 AM
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| Hi Jessica. Welcome to the Outpost. Does TB&W impose a minimum fico restriction on FHA loans that do not receive an automated approval? |
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pmcmllc
87 Posts |
Posted - 08/22/2007 : 12:03:22 PM
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"Chase is 200 years old and has over $1.5 Trillion in assets. They're one of the largest banks in the world, and it could be argued that they own some small countries." I wish I had some numbers to drop!!!!!
I WOULD PUT THEM IN ALL CAPS!!!!!!!!!!:+}
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munson
231 Posts |
Posted - 08/22/2007 : 12:14:49 PM
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quote:
Originally posted by diesel350
They are not going anywhere, They are backed by Merrill.
I wasn't aware of T,B& W being backed bt Merrill, but even if they were BnC was backed by Lehman Bros. I don't think being Street backed gets you a "get out of jail free pass" anymore. I've said this before and I'll say it again, companies who've had an extensive AltA program offering and are now telling you 'that was a small part of our portfolio were an ultra conservative Conf, FHA lender' are FOS !!!!!!! Why do I say this
Because Hybrids and 1mo MTA's were where the money was. I agree w NICO, stop trying spin control, your on a runaway train, the bad loans have alrady been made. As my Mom used to tell me your closing the barn door after the horses have already ran away (she's from WVA).Fasten your seat belts and give me $500 on <30 days |
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bhaggard10
192 Posts |
Posted - 08/22/2007 : 1:13:52 PM
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| I like TBW and think they have great products. I work in a corporate office of a fairly large lender and recently the owners showed us the companies that Flagstar will not buy paper from anymore. Almost every company on the list has been shut down (first magnus, ABC, and Greenpoint) and this list was about 3 weeks ago. TB&W was on the list. They might have been conservative on their products but how great were they with compliance issues (VOE's, VOD's, etc...)? If they aren't buying it, doesn't matter how conservative they are. The truth is the middle men are being eliminated by the large banks and mortgage institutions. I hope they will be safe but I'd start getting signed up with your Chase, BofA, US Bank, Wells, etc..they do the same thing now anyway. |
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SAXONAE
336 Posts |
Posted - 08/22/2007 : 1:28:50 PM
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I'm with Nico on this. I was duped before by the Fremont management team. I will never again tell anyone that we (Saxon/Morgan Stanley) will be here until the dust settles. It does seem a little corny that AEs still come on after over 100 hundred companies have gone defunt to say that they are stronger than ever. The truth is that there is a liquidity issue on the market. No one is immune right now.
quote:
Originally posted by Nico
quote:
Originally posted by csmgcorp
I'd have to say that TBW, along with Flagstar & CITI are about the only lenders out there I trust right now to close/fund a deal.
and if someone asked me if Citi was going under, i would say "I haven't heard anything of that nature recently. What have you heard?" i wouldn't come on and start throwing around numbers like "300,000 employees" and "2.2 Trillion in assets" or any of those numbers. while those numbers are true, it doesn't help us get to whatever the talk may be at the current time. i think it's very very tacky to derail the topic in to who your CEO is, or how much money you have, or anything else.
the reps from Fremont made that mistake. huge. their main selling point was their liquid reserves.
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