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#1229112 - 08/07/09 02:02 PM
Re: Taylor Bean Whittaker
rlcarey
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100 Club
Joined: Jun 2002
Posts: 108
Louisville, KY
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We were waiting on funding for a few loans that we sold and TBW has our original docs. What do you think will happen to the docs? Will we get them back?
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#1229167 - 08/07/09 02:49 PM
Re: Taylor Bean Whittaker
Key Lime Pie
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10K Club
Joined: Jul 2001
Posts: 83,219
Galveston, TX
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That is right up there with "Who do you think is going to win the Superbowl this year".
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#1229250 - 08/07/09 03:30 PM
Re: Taylor Bean Whittaker
rlcarey
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Power Poster
Joined: Jun 2003
Posts: 7,650
Florida
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I understand that they have retained a small staff at each location to ensure that the documents get back to appropriate parties.
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Integrity. With it, nothing else matters. Without it, nothing else matters.
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#1229258 - 08/07/09 03:35 PM
Re: Taylor Bean Whittaker
Rocky P
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10K Club
Joined: Nov 2002
Posts: 20,654
The Swamp
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I was going to suggest you try to contact them. Their press release indicates they intent to continue servicing for everything allowable (obviously that could change) so I would think there are folks you can contact there to guide you as to what to do with in process files.
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My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
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#1229913 - 08/07/09 09:48 PM
Re: Taylor Bean Whittaker
rlcarey
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Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
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We had two loans scheduled to close early next week. Both were underwritten and approved by TBW.
From a compliance stand point - I am thinking about Reg B - do we now have to send an ANN to the applicant indicating the application has been withdrawn? Then, start the process over with a new application, etc.? Since new disclosures would be required, and with MDIA, the loan cannot close for 7 days (which is a real issue since the sales contract stipulated it must close on the 11th, or the deal falls through).
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#1230024 - 08/10/09 02:07 AM
Re: Taylor Bean Whittaker
Many Hats
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Member
Joined: Apr 2006
Posts: 51
Midwest
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We have 6 loans out that we table funded and TBW said that they will assign back to our bank. These were FHA loans. So I have a question: the MPI that FHA requires upfront (1.75%) can we keep that as an insurance policy (we are not buying an insurance policy from anyone we are calling this self insurance) and the monthly MPI that was disclosed on the TIL - again, keep that and hope for the best?
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#1230034 - 08/10/09 11:25 AM
Re: Taylor Bean Whittaker
complyyes
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10K Club
Joined: Jul 2001
Posts: 83,219
Galveston, TX
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I think you may be risking a Section 8 violation or a UDAP claim. Additionally, if these were suppose to be FHA insured loans and down the road the borrower would only qualify for some special deal because they had an FHA insured loan and that is not the case, you are looking at trouble there also. I think that it would be in any bank's interest that finds themselves in this position to be discussing the possibile actions with their attorney.
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#1230065 - 08/10/09 01:35 PM
Re: Taylor Bean Whittaker
Many Hats
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Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
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We had two loans scheduled to close early next week. Both were underwritten and approved by TBW.
From a compliance stand point - I am thinking about Reg B - do we now have to send an ANN to the applicant indicating the application has been withdrawn? Then, start the process over with a new application, etc.? Since new disclosures would be required, and with MDIA, the loan cannot close for 7 days (which is a real issue since the sales contract stipulated it must close on the 11th, or the deal falls through).
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#1230711 - 08/11/09 02:42 PM
Re: Taylor Bean Whittaker
Many Hats
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10K Club
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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I do not understand how you have a withdrawn application... applicant never withdrew their application prior to the approval.
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I don't repeat gossip, so listen closely...
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#1230740 - 08/11/09 03:05 PM
Re: Taylor Bean Whittaker
#Just Jay
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Platinum Poster
Joined: May 2008
Posts: 915
Orlando, FL
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That's how the question was posed to me.
After thinking about it more, we obviously need to find another investor (which will take time). Since we will not do the loan in our own portfolio, I am thinking we need to send an AAN denial with "other" as the reason - "loan terms/conditions not offered."
Does that sound logical?
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#1230754 - 08/11/09 03:10 PM
Re: Taylor Bean Whittaker
Many Hats
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10K Club
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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Have you already issued your applicant a committment? If so, I would consult with your attorney if this is the road you choose to take.
If you only have two loans, what is the harm in booking them yourself? I know TBW had looser FHA standards, so it may be difficult to find a new investor willing to take them, depending on their quality.
FWIW, we are booking our 23 TBW loans that are coming back. For us, it is a small price to pay versus risking reputational fallout.
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I don't repeat gossip, so listen closely...
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#1231310 - 08/12/09 02:49 AM
Re: Taylor Bean Whittaker
Truffle Royale
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10K Club
Joined: Jul 2001
Posts: 83,219
Galveston, TX
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If there is anyone involved in this mess and have approved or closed loans that most likely will not be funded with TBW and you do not have your attorney actively involved, you are just asking for more trouble than you are in currently. This is not a proper forum to be looking for advice.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com
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#1231359 - 08/12/09 01:07 PM
Re: Taylor Bean Whittaker
Kathleen O. Blanchard
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10K Club
Joined: Oct 2006
Posts: 14,390
Cheeseheadland
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On a side note, this is an excellent learning tool to consider as we evaluate our vendor management programs.
_________________________
I don't repeat gossip, so listen closely...
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