| Author |
Previous Topic | Next Topic |
|
BAHMN
178 Posts |
 Posted - 07/01/2009 : 3:25:36 PM
|
| I closed an FHA streamline refi with Taylor Bean on the 22nd of June. Was supposed to fund on the 26th. Funder first says they are 48 hours behind on funding then she says they are 72 hours behind. Well here I sit, no wire, the funder has no answers and says there is no one I can call about status. My account rep won't return my emails or phone calls. Does anyone have any clue of who I can contact about this? The funder said the wire should be coming out of Florida. With the long holiday weekend coming up, I'm concerned that I am going to have to tell my borrower that he needs to make another payment. I have also heard the Taylor Bean is on the FDIC watch list...making me wonder if they HAVE to funds to wire. Any ideas? Kinda freaking out a bit here. |
|
|
|
dtabar
1149 Posts |
Posted - 07/01/2009 : 3:29:05 PM
|
| I hear this complaint every couple months. It seems that these loans end up getting funded with TBW. It just takes a couple extra days. |
|
|
fitzpatrick
274 Posts |
Posted - 07/01/2009 : 3:31:04 PM
|
| I just had the same problem a deal funded 5 days after it was suppose to. I think they are in trouble with there lines. The office here makes us sign streamlines by the 15th to fund in the same month. They are a mess right now. I think your deal should fund but I'm surprised it has not by the end of the month. Be sure to ask for some of their admin fee back to you for delaying the funding. Good luck |
|
|
FLAmortgage
434 Posts |
Posted - 07/01/2009 : 3:39:09 PM
|
| Is anyone having any issues getting purchases funded.... or just refi's ? |
|
|
just in kase
1512 Posts |
Posted - 07/01/2009 : 4:41:24 PM
|
why send your files there? unless you need a non credit streamline, if so you suffer the pain because the program is limted.
for the last 8 months they played this game. they are not selling off thier lines quick enough.
many other just as well priced wholesalers on this blog are looking for busienss that close on time and will return your phone call good or bad. work with them.
|
|
|
abcdef
227 Posts |
Posted - 07/01/2009 : 6:03:59 PM
|
| I am having the same problem right now but its a cash out refi. Should have funded yesterday and didn't yet today. Not a big deal but they are going to pay the interest due for the borrower. I haven't received a good excuse yet but I heard that they truly run out of their warehouse funds and have to wait for it to replenish. How is this acceptable in this industry? |
|
|
BAHMN
178 Posts |
Posted - 07/02/2009 : 1:54:29 PM
|
quote:
Originally posted by just in kase
why send your files there? unless you need a non credit streamline, if so you suffer the pain because the program is limted.
for the last 8 months they played this game. they are not selling off thier lines quick enough.
many other just as well priced wholesalers on this blog are looking for busienss that close on time and will return your phone call good or bad. work with them.
I sent it there because nobody had pricing like they did. I got my borrower a 5/1 ARM at 4.25 paying me 1.5. Not one lender I looked at came even close to their pricing. I have never had issues with funding in the past. BTW...still not funded. Had to call the borrower and tell him to make his June payment. Luckily he was very understanding. Taylor Bean will likely not see any more business from me. Rep finally called back with lame excuses and won't knock off any of their admin fee for the hassle. Great customer service and lending practices...yeah right. |
|
|
adam in co
49 Posts |
Posted - 07/02/2009 : 3:16:38 PM
|
We are having the same issue with them right now. If they are not busy funding loans, couldn't they pick up the pace on underwriting and clearing conditions? :)
They are terrible to work with. |
|
|
ewormley
23 Posts |
Posted - 07/03/2009 : 2:04:44 PM
|
This is the email message I received from the funder on a file that she said was cleared to fund on June 25th. The title company received the funding figures but is still waiting for the wire:
PLEASE NOTE I AM IN THE OFFICE working on getting your wires out, if you are emailing regarding a wire that has been requested, please know we are working hard to get your fed ref #'s and will get back to you as soon as we have more information. Thank you for your patience and cooperation.
Sincerely,
Closer/Funder
|
|
|
BAHMN
178 Posts |
Posted - 07/03/2009 : 7:46:35 PM
|
| I better have some good news on Monday or so help me... |
|
|
getthefaxes
249 Posts |
Posted - 07/04/2009 : 07:39:45 AM
|
| I close about 5-7 purchase a month with TBW and never have any problems. Sometimes your funding problems could be caused by your processor not in putting the wiring instructions into TBWDirect correctly. TBW does have long turntimes but you know this before you submit a file to them because my AE emails me everyday letting you know there turn times. |
|
|
ctr2
130 Posts |
Posted - 07/04/2009 : 08:36:09 AM
|
"TBW does have long turntimes but you know this before you submit a file to them because my AE emails me everyday letting you know there turn times."
----->This is not always true. I have submitted to them when turn times in the reps email was 11 days, and literally OVERNIGHT turn times balloned to 3.5 weeks. So based on the email and talking to the rep I thought 11 days, but 2 weeks later when I check on the file they say tell me turn times have DOUBLED.
I have had the same delayed wire crap. TBW requested the wire on one of my purchases Monday and it didn't hit until late Thurs. Meanwhile I am under full attack buy the buyer, seller and Realtor.
I will not send them another loan unless it is a niche product I can't get elsewhere. There is no way a broker can run any type of a quality business under these shoddy lender practices. I would rather make less on a loan then put my borrowers through that kind of uncertainty and stress. |
|
|
BAHMN
178 Posts |
Posted - 07/04/2009 : 3:17:13 PM
|
quote:
Originally posted by getthefaxes
I close about 5-7 purchase a month with TBW and never have any problems. Sometimes your funding problems could be caused by your processor not in putting the wiring instructions into TBWDirect correctly. TBW does have long turntimes but you know this before you submit a file to them because my AE emails me everyday letting you know there turn times.
I submitted the file last week of May. Got conditions in a week...could have closed on the 15th, but wanted to wait til end of month to avoid my borrower having to pay the extra interest. My processor has done tons of files with them and doesn't send erroneous wiring instructions. It has been over a week and no funds. Borrower had to make another payment on his existing loan that should have been paid off. Not sure how it could be my fault other than choosing such an unpredictable lender. This is not the first time I've had issues with them. The funder says she has no way to check status...how is that even possible? If I didn't get such a great rate, I would have told them to shove it and take it elsewhere. |
|
|
MarkIFC
936 Posts |
Posted - 07/06/2009 : 04:46:01 AM
|
Read my thread "STOP USING TBW"
Not only are they way behind in funding loans, they are not sending escrow refunds.
I know this personally.
Back in April & May we refinanced two TBW employees who did not want their mortgage with TBW. They both admitted they were scared. They want to get their escrow money out of there for fear they'd have to pay taxes and insurance themselves. |
|
|
bquick22
4 Posts |
Posted - 07/06/2009 : 10:57:38 AM
|
| I just went through this myself! My loan should have funded on Tuesday June 30th, but the lawyer did not receive funds until after 5pm on Thursday. Our Account Executive said they have been closing so many loans, they run short on funds, but they will always fund.. hope this helps! |
|
|
bpmurtiff
48 Posts |
Posted - 07/06/2009 : 12:02:48 PM
|
"but they always fund"......unbelievable
|
|
|
abcdef
227 Posts |
Posted - 07/06/2009 : 12:40:27 PM
|
| My streamline closed on the 26th and still hasn't funded........ |
|
|
ewormley
23 Posts |
Posted - 07/06/2009 : 12:56:08 PM
|
Here's the email response I received today from the Closer/Funder on a file that was cleared to fund on 6/25:
I do not have any information on when the wires are being sent. I am only notified once title receives it unfortunately. Please be sure to let me know when it is received so that I can send the interest. Thank you!
|
|
|
TheBigGuy
536 Posts |
Posted - 07/06/2009 : 2:33:43 PM
|
| I had a streamline that was supposed to fund on the 30th and I got the wire today |
|
|
ewormley
23 Posts |
Posted - 07/06/2009 : 2:37:14 PM
|
That's a good sign.
Thanks for letting us know. Perhaps my wire will come through soon. |
|
|
abcdef
227 Posts |
Posted - 07/06/2009 : 2:40:09 PM
|
| Are you guys confirming with TBW or the title company about the wires? |
|
|
getthefaxes
249 Posts |
Posted - 07/06/2009 : 2:56:02 PM
|
| Did your processor input the correct wiring instructions? This happends with my processor sometimes and drive me ape**** b/c she is really good so I can't complain. |
|
|
abcdef
227 Posts |
Posted - 07/06/2009 : 3:03:24 PM
|
| Yes and the closer emailed something very similar to what another poster put about a fed reference number. Not sure what that's all about but it hasn't been funded yet. |
|
|
BAHMN
178 Posts |
Posted - 07/06/2009 : 3:05:50 PM
|
| FINALLY got the wire today. It wasn't my processor's fault. It was 100% TBW. I can't believe they took this long to fund. |
|
|
ewormley
23 Posts |
Posted - 07/06/2009 : 3:08:51 PM
|
Yes, of course. When the Closer/Funder emails us the Funding Figures the wiring information is included in that email and we always verify the information. It is verified by me and the title company.
That's not why ALL these wires are delayed. |
|
|
markg0510
126 Posts |
Posted - 07/07/2009 : 07:15:26 AM
|
| I didn't sign up with them due to the B.O. posts. If the loan is a streamline and not funded on time (by EOM), the borrower is liable for another month's interest. The payoff is invalid, and there will possibly be a 1x30 on the existing mortgage (if the prior month was not paid and the funding goes into a new month). Too much risk. |
|
|
abcdef
227 Posts |
Posted - 07/07/2009 : 10:00:16 AM
|
| Wire was received today but now they are working on wiring the extra interest due to the original lender. Closed on the 26th. Funded today. I guess I don't really mind so much about not getting paid right away but I'm afraid this might affect the payoff of the customers original loan and cause a late mortgage one day. Wonder what they would do in that situation.... |
|
|
ewormley
23 Posts |
Posted - 07/07/2009 : 3:02:09 PM
|
Good news! The title company received both wires today, the funds plus the wire for the 2 weeks of interest.
And again, there was nothing wrong with the wiring information. I think they are having some serious money issues.
I have to admit I was really nervous because Capitol Commerce went out of business and one of my did not get funded.
I will think long and hard before I use TBW again. |
|
|
jstar
1230 Posts |
Posted - 07/07/2009 : 3:19:36 PM
|
One of my fellow LO's is having this problem right now.
FHA refi was supposed to fund yesterday and nothing yet.
I am getting nervous as I have one that should fund next week.
I only send FHA jumbo 5/1 ARM's to them because the pricing is so good.
The funding issue has been around for some time but seems to be getting worse. |
|
|
BAHMN
178 Posts |
Posted - 08/11/2009 : 5:56:52 PM
|
| I guess I'm not surprised about my funding issue now lol. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
