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3rd Leading Fha Lender, Taylor, Bean And Whitaker Closes Down.
Read More Articles at: Foreclosure Process and Loan Modification News Join Other Homeowners Preventing Foreclosure by doing their own Loan Modification: After many years of providing mortgages through it's mortgage broker network, Taylor, Bean and Whitaker closes shop after the Feds barred the company from originating any new FHA loans. Ginnie Mae also terminated the company's ability to issue mortgage-backed securities. |Taylor, Bean and Whitaker closed its doors today, after a federal summons to cease and desist any new FHA loans originating from the company. Ginnie Mae also terminated its companies ability to issue mortgage backed securities. This comes as a blow since both companies have been providing mortgages through its mortgage broker network for years.|After a long track record of providing solid mortgages through its brokerage network, Taylor Bean and Whitaker close its doors after a Federal Raid. The lender Ginnie Mae also terminated their mortgage backed securities wing due to the ordeal. [/spin] With no FHA or conventional financing to offer, the company had no alternative but to close up shop. The management sent emails to everyone expressing their disappointment that a less drastic option was unavailable. Realize that we're not talking about a small shop - TBW had over 2,000 employees. |Without the FHA or an alternative financing offer, the only company only option was the close their doors. The executive staff contacted the entire company conveying their dismay that another option was unavailable. Now understand we’re not talking about a small potato; Taylor Bean and Whitaker had over 2,000 employees at this time.|With a FHA rescue out of the picture and additional financing unavailable, the companies only other option was to close its doors. Management contacted the employees conveying their disappointment and explaining that another option was unavailable. Now recognize that Taylor, Bean and Whitaker was not a tiny company. At the time of the closure, they employed almost 2,000 people.[/spin] Federal authorities "raided" the company's main offices in Ocala, Florida on August 3, 2009. |The Federal Government “raided” the company headquarters on August 3, 2009 in Ocala, Florida. |TBW was raided by the Federal Government on August 3rd, 2009 in Ocala, Florida.[/spin] Now pay attention that I put “raided” in quotes? This invokes the perception that the social media has with people like Elliot Ness chasing Al Capone. The federal search of TBW was warranted however, since they failed to submit a required financial report. This raised the “fraud” alarm when it was coupled with TBW neglect to disclose any records of irregular transactions. The company was incorporated in 1982 as a small town retail mortgage firm. But in the past decade or so, TBW had grown substantially to become one of the top mortgage wholesalers in the country. |Starting as a small town retail mortgage firm in 1982, Taylor, Bean and Whitaker grew from the grass roots. However in the past 10 years, TBW has grown substantially to be come on of the top mortgage resellers in America. |The company incorporated in Ocala, FL back in 1982. At the time, it was just a small town mortgage firm. But through the years, it had grown into one of the largest mortgage wholesalers in the country. A wholesaler generally obtains most of their mew mortgages from retail mortgage brokerage shops.[/spin] The downfall of Taylor, Bean and Whitaker is another blow to the mortgage brokerage industry which has witnessed literally hundreds of sources of loans go belly up. As FHA mortgages become more popular as the loans become the mortgage program of choice for borrowers with lower down payments, more and more brokers are closing up shop. The process to become FHA approved is quite substantial and most brokers cannot meet the FHA requirements. Those brokers that have their FHA designation are finding themselves in the enviable position of having far fewer competitors.. Where is the mortgage industry headed? Well, we are pretty much there already. Mortgage borrowers can choose from Government loans or from a small sprinkling of small local lenders that still portfolio their own loans. Just try to find a broker these days - there are less and less every day. I hope you can see that YOUR CHOICES ARE BEING ELIMINATED! Now you may choose a fixed rate - oh, you can choose 30 or 20 or even 15 years or one of a couple of adjustable programs left - 5, 7 or 10 year fixed rate products that convert to floating rates after the fixed rate portion ends. That's about it! And this is good for consumers? |What comes to the next evolution of the mortgage industry? Well, pay attention because we’re already pulling back the veil. Mortgage borrowers can choose from a Governmental Lender Service or from the remnants of the once powerful brokerage networks. But Who’s LEFT!? Only a few small Local Lenders that still portfolio their own Loans. I hope you can see that your choices are being eliminated since it becomes harder and harder each day to find a broker. Now you may choose a fixed rate - oh, you can choose 30 or 20 or even 15 years or one of a couple of adjustable programs left - 5, 7 or 10 year fixed rate products that convert to floating rates after the fixed rate portion ends. Is that what you call choice? Well that’s all that’s left! And you call this good for business. [/spin] Article Directory: http://www.articledashboard.com 911-Foreclosure is a foreclosure awareness group dedicated to helping home owners with Loan Modification and the Foreclosure Process. Visit us at www.911-Foreclosure.com and view our video blogs, news reviews and join our members section |
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