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MarkIFC
913 Posts |
 Posted - 07/02/2009 : 3:31:26 PM
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I'm getting tired of all of the threads on BO about TBW not funding.
They are not the GOOD OLE" TAYLOR BEAN of old.
It's not their computer system.
They have had this issue since late last year.
It is not getting better, it's getting worse.
They are stretching out UW turn times to buy time.
They are re-stipping over and over to buy time. ---- I had a pre-approved 5/1 FHA that took 5 weeks just to clear some simple conditions.
Yes they have a good rate on some products, IF YOU CAN GET THEM TO FUND IT.
I don't know why LOs put themselves through hell. You have been warned.
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AK__47
1629 Posts |
Posted - 07/02/2009 : 3:35:57 PM
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| I agree. |
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SolarMTG
473 Posts |
Posted - 07/02/2009 : 4:10:16 PM
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quote:
Originally posted by Richardscholtz
Had a nightmare experience ---and after it was all cleared ---we started again as all items had now expired. It is a clue when your reps voice mail says "I do not answer this phone so please email me".
I will not whine about $300 in fees for Condo docs - but I watch their stock drop and realize investors know its only a matter of time.
Regards
Richard
I believe TBW is a private company. I do not think they are traded on the stock market. If so, what is their ticker symbol? |
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jstar
1229 Posts |
Posted - 07/02/2009 : 4:10:50 PM
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You guys are CRAZY
Let me clue you in on a little secret. Check out the FHA Jumbo 5/1 ARM pricing at TBW.
That is all I have been selling. Rate in the low 4's and 1.5% YSP.
I do have to wait about 45 days to close and get paid... SOOOO what. |
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jchvw9
73 Posts |
Posted - 07/02/2009 : 4:37:31 PM
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| Just a little TB-dub update: I received an email from my AE about 3 days ago. They informed me that they had over 16,000 government files in queue! They said that they were trying to hire UW's as quickly as possible, but it was much easier said than done. Don't get me wrong, I love TBW, but your going to have to be patient with them right now. Actually, let me rephrase, your borrowers are going to have to be patient. |
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TheBigGuy
533 Posts |
Posted - 07/02/2009 : 4:51:48 PM
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| That 16,000 could be cut in at least half because of brokers moving the loan and not informing TBW. They are underwriting files that have already been closed by other lenders |
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Pat
924 Posts |
Posted - 07/02/2009 : 5:09:54 PM
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We get calls from them from time to time (like today) asking if certain file were still active. If you can deal with the turntimes and manage your customers expectations they're fine.
They always try to get it done for us and have always taken care of us or the client (free lock extensions, had a late fund on an FHA where they paid the interest). They get almost everything closed in a timely fashion for us. |
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Pat
924 Posts |
Posted - 07/02/2009 : 7:46:46 PM
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| We've had several free extensions. Go to review your lock info and click on "change lock" and ask for a free extension due to underwriting delays. We haven't been turned down yet. |
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financebiz
907 Posts |
Posted - 07/02/2009 : 9:01:55 PM
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quote:
Originally posted by Pat
We get calls from them from time to time (like today) asking if certain file were still active. If you can deal with the turntimes and manage your customers expectations they're fine.
They always try to get it done for us and have always taken care of us or the client (free lock extensions, had a late fund on an FHA where they paid the interest). They get almost everything closed in a timely fashion for us.
Our FHA loan was suppose to fund on Monday, June 29. As of today, it still has not funded. Our funder, Jackie Wallace, said it was computer problems. She also said they would pay the extra months interest too. That has got to be expensive. Just my loan alone was a $256,000 loan, so one months FHA interest will add up fast if it happens to multiple loans. How many days will it take before the wire really hits?????????? |
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jvanpetten
3875 Posts |
Posted - 07/03/2009 : 06:57:18 AM
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| The longest it has ever been for me was 3 days on a couple TBW to TBW streamlines this month. |
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Pat
924 Posts |
Posted - 07/03/2009 : 07:53:10 AM
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I've heard that they fund loans in this priority:
- purchases
- to TBW from non-TBW refi's (they need to payoff the non-TBW loan)
- TBW to TBW refi's (perhaps some accounting magic happens to show these as being paid off in time) |
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liverichly
6001 Posts |
Posted - 07/03/2009 : 09:15:27 AM
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quote:
Originally posted by Richardscholtz
Had a nightmare experience ---and after it was all cleared ---we started again as all items had now expired. It is a clue when your reps voice mail says "I do not answer this phone so please email me".
I will not whine about $300 in fees for Condo docs - but I watch their stock drop and realize investors know its only a matter of time.
Regards
Richard
Yes, let me know if this stock symbol you are watching. |
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broker3271
417 Posts |
Posted - 07/03/2009 : 09:32:25 AM
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| They are what they are. |
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getthefaxes
247 Posts |
Posted - 07/04/2009 : 07:42:01 AM
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Yes send your files elsewhere so mine can get approved quicker.
quote:
Originally posted by MarkIFC
I'm getting tired of all of the threads on BO about TBW not funding.
They are not the GOOD OLE" TAYLOR BEAN of old.
It's not their computer system.
They have had this issue since late last year.
It is not getting better, it's getting worse.
They are stretching out UW turn times to buy time.
They are re-stipping over and over to buy time. ---- I had a pre-approved 5/1 FHA that took 5 weeks just to clear some simple conditions.
Yes they have a good rate on some products, IF YOU CAN GET THEM TO FUND IT.
I don't know why LOs put themselves through hell. You have been warned.
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MarkIFC
913 Posts |
Posted - 07/04/2009 : 07:46:48 AM
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More new threads about TBW!
I am getting my FHA files approved and closed in less than 3 weeks at better yield than TBW.
Why are you guys using them???
Don't tell me they are easy on appraisals --- my last one got ripped apart by them.
After my last loan was approved it took 3 weeks to get conditions cleared. |
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jvanpetten
3875 Posts |
Posted - 07/04/2009 : 08:14:48 AM
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quote:
Originally posted by MarkIFC
I am getting my FHA files approved and closed in less than 3 weeks at better yield than TBW.
What lender? |
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MarkIFC
913 Posts |
Posted - 07/04/2009 : 12:34:41 PM
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quote:
Originally posted by jvanpetten
quote:
Originally posted by MarkIFC
I am getting my FHA files approved and closed in less than 3 weeks at better yield than TBW.
What lender?
Almost every lender. TBW pricing has been aweful lately.
Everbank was paying DOUBLE what TBW was on a FHA 5.50% on Thursday. |
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MarkIFC
913 Posts |
Posted - 07/06/2009 : 04:50:53 AM
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Oh and BTW, I refinanced my mortgage away from TBW a couple of months ago and I haven't recieved my $2,700 escrow balance yet.
"System Issues are delaying the refunds" I'm told every time I call about it.
Anyone still using TBW, I'd advise your clients to have a reserve account to pay their taxes and insurance in case TBW doesn't. Ultimately, it is the responsibility of the homeowner to be sure those are paid. |
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jvanpetten
3875 Posts |
Posted - 07/06/2009 : 05:28:21 AM
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Wow, maybe you get some incentive from EverBank than my company. Mine was 20 BP's lower than TBW.
quote:
Originally posted by MarkIFC
quote:
Originally posted by jvanpetten
quote:
Originally posted by MarkIFC
I am getting my FHA files approved and closed in less than 3 weeks at better yield than TBW.
What lender?
Almost every lender. TBW pricing has been aweful lately.
Everbank was paying DOUBLE what TBW was on a FHA 5.50% on Thursday.
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MarkIFC
913 Posts |
Posted - 07/06/2009 : 08:01:18 AM
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Assurity Financial is paying 1.7 on a 5.50% FHA today on a 15 day lock. Plenty of time to gat a clean FHA done with them --- 2/2 turn times. Use your own appraiser.
TBW you better lock for 60 days because they are taking 30+ days just to UW. They are at .7 on a 5.50% FHA today.
So Assurity is 1 point better.
SO WHERE IS TBW's BETTER PRICING??? |
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jjohns
59 Posts |
Posted - 07/06/2009 : 08:12:54 AM
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| We stopped using them for fixed.....can anyone compete on rates with their 5/1 arms? |
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jvanpetten
3875 Posts |
Posted - 07/06/2009 : 08:14:53 AM
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I can close one in 30 days with TBW. They will give me free extensions if UW is slower, but I have not had to ask, I am usually closing right at the 30 days.
Anyway, you said Everbank was so much better, so that is what I checked. I don't have access to Assurity. I would love to get away from TBW, but on refi's, my margin is so tight right now, I need any extra help I can get and my clients are cool with the turn times, I let them know up front how long and I always add extra time to be sure. Makes me look like a hero when it is quicker.
Now, a purchase is different. They messed me up last month on a contract date, but I actually got two calls from someone about my complaints, which I never expected. Probably just one of those "sorry" and tossed into file 13. They do seem to have funding problems on refi's, but not on purchases. I have not lost any money due to funding issues. I will say, I feel I have lost business due to sending that purchase to them last month. Realtors were pissed. I will send the two purchases that I am working on right now somewhere else because the contract date is July 31st on both.
quote:
Originally posted by MarkIFC
Assurity Financial is paying 1.7 on a 5.50% FHA today on a 15 day lock. Plenty of time to gat a clean FHA done with them --- 2/2 turn times. Use your own appraiser.
TBW you better lock for 60 days because they are taking 30+ days just to UW. They are at .7 on a 5.50% FHA today.
So Assurity is 1 point better.
SO WHERE IS TBW's BETTER PRICING???
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