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Answers (7)
- COLONIAL CREDIT CORP
- Contributions:12
I had no problems with TBW in the past. Great 5/1 arm rates and an excellent online system. It's a shame they can not finish what's in their pipeline. The customer should not be paying the price.
- Eric Patterson, "Eric Patterson"
- Contributions:27
I stopped using them months ago because of their incredibly slow Underwriting turn times. Condolences to all of their employees and families not to mention everyone waiting to get a loan financed.
Further reading:
Source
"The closure follows actions taken by HUD yesterday in response to TBW's failure to submit a required annual report and to disclose "certain irregular transactions that raised concerns of fraud." HUD also proposed to bar two members of senior management from dealings with the US Government for 18 months owing to HUD's allegation the two submitted false information to the agency.
According to correspondence received by market participants, today is the last day of operations and most employees will be terminated by close of business. The precipitous nature was also noted in the communications from senior management in which it was said that all steps were taken to try to prevent the closing of the doors.
As has been a common theme in the wave of mortgage bank closures over the past 2 years, many employees when questioned this morning, had nothing to offer besides "business as usual…" Normal morning emails with rate sheets, guidelines, and turn-times for underwriting went out this morning, and many employees told us directly or indirectly they didn't know anything about TBW closing their doors.
Perhaps an even more disturbing common theme for certain parts of the mortgage origination community is to see yet another king of the "private mortgage company" hill go out of business. In 2006, Aegis Wholesale touted their status as the largest private mortgage company in the US. More specifically, this means that non-bank/wholesale origination channels are dealt another severe blow as they are now losing the biggest player in that segment.
A closure like TBW, combined with the potential precedent set not only by HUD's actions, but also their aggressive verbiage, adds to the already sizeable concern that the wholesale channels will continue to get pushed out of the picture in favor of the largest retail banks. Although that is likely a bleak outlook for some, giant banks like Wells Fargo "remain supportive of the wholesale channel"—at least for now. TBW is the third largest endorsement lender of FHA-insured loans and the eighth largest Ginnie Mae issuer with $24 billion, or 3%, of current outstanding Ginnie Mae fixed rate securities.According to JP Morgan, Bank of America will take over TBW's loan servicing duties."
Source
"The closure follows actions taken by HUD yesterday in response to TBW's failure to submit a required annual report and to disclose "certain irregular transactions that raised concerns of fraud." HUD also proposed to bar two members of senior management from dealings with the US Government for 18 months owing to HUD's allegation the two submitted false information to the agency.
According to correspondence received by market participants, today is the last day of operations and most employees will be terminated by close of business. The precipitous nature was also noted in the communications from senior management in which it was said that all steps were taken to try to prevent the closing of the doors.
As has been a common theme in the wave of mortgage bank closures over the past 2 years, many employees when questioned this morning, had nothing to offer besides "business as usual…" Normal morning emails with rate sheets, guidelines, and turn-times for underwriting went out this morning, and many employees told us directly or indirectly they didn't know anything about TBW closing their doors.
Perhaps an even more disturbing common theme for certain parts of the mortgage origination community is to see yet another king of the "private mortgage company" hill go out of business. In 2006, Aegis Wholesale touted their status as the largest private mortgage company in the US. More specifically, this means that non-bank/wholesale origination channels are dealt another severe blow as they are now losing the biggest player in that segment.
A closure like TBW, combined with the potential precedent set not only by HUD's actions, but also their aggressive verbiage, adds to the already sizeable concern that the wholesale channels will continue to get pushed out of the picture in favor of the largest retail banks. Although that is likely a bleak outlook for some, giant banks like Wells Fargo "remain supportive of the wholesale channel"—at least for now. TBW is the third largest endorsement lender of FHA-insured loans and the eighth largest Ginnie Mae issuer with $24 billion, or 3%, of current outstanding Ginnie Mae fixed rate securities.According to JP Morgan, Bank of America will take over TBW's loan servicing duties."
- Wayne Brown, "SDMortgagefinder"
- Contributions:1433
Not a good sign for the industry as a whole. Lots of pending loans will certainly be affected by this.
I feel for the clients and L/Os who have done so much work.
Let's hope this too passes.
I feel for the clients and L/Os who have done so much work.
Let's hope this too passes.
- Kelly Lacey, "kellylacey"
- Contributions:797
Realtors are calling left and right looking for fast financing because of this.
Offices were raided on Monday and FHA and Ginnie Mae suspended them yesterday. Looks like Freddie hopped on the bandwagon today.
Offices were raided on Monday and FHA and Ginnie Mae suspended them yesterday. Looks like Freddie hopped on the bandwagon today.
- Clay Branch, "Georgia Loans"
- Contributions:7820
How many thousands of loans were in their pipeline, da.. shame.
- Greg Darlin, "Greg Darlin"
- Contributions:3238
Maybe that, last week, is why their AMC appraised one of my client's home about 100k less than value and denied the loan!
TBW goes under!
And I have a loan that should have funded on Friday but did not ... and have been waiting. &*#^%@^@!!!!!!
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