In news that’s sure to further rattle an already-unstable mortgage industry, the Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida.
FHA and Ginnie Mae are imposing these actions because TBW failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor even though the auditor ceased its financial examination after discovering certain irregular transactions that raised concerns of fraud. FHA’s suspension is also based on TBW’s failure to disclose, and its false certifications concealing, that it was the subject of two examinations into its business practices in the past year.
The effects of this will be wide-spread and are tough to predict, but if you’re a home buyer, I’d suggest that you do some checking into whether or not the mortgage you’re approved for is related to this company. If it is, get busy now and get it moved because this company is gone and it’s subsidiaries aren’t going to be able to get your deal done! If you’re a Realtor, I’d suggest you check in on every one of your lenders and your on-going files to avoid any surprises at the closing table. This one’s sure to cause plenty of delayed closings!
Special thanks to Cody McCollom of Grandmark Mortgage for the heads up on this.
About Ryan Hukill
My mortgage was thru TB&W. We did a streamline refinance on 8/3. I had to bring a check to closing and my check was returned to me from the title company and this is how I found out that TB&W closed. I have been unable to reach anyone. So am I suppose to make my Aug. mortgage payment and who would I send it to because they are not taking payments online or by phone.
Kathleen, that’s a great question. Without fail, you should go ahead and mail your mortgage payment as you normally would. Someone will be assigned to handle those payments, and if you don’t make them, you can be assured they will treat it as a late or no-payment and your credit will most likely be adversely affected. Look on your monthly statement for a mailing address and go with that. Good luck.