Taylor Bean & Whitaker Mortgage Review
Taylor Bean & Whitaker Mortgage Corp. is a retail and wholesale mortgage company who through a nationwide broker network rose to national prominence as a mortgage lender and servicer. We located a website, seven telephone numbers, and more than a few past customer complaints.
Taylor Bean & Whitaker Website and Phone Contacts
Taylor Bean & Whitaker Website: http://www.taylorbean.com/
Taylor Bean & Whitaker Phone:
888-225-2164
352-351-1109
800-728-1129
(866) 409-2665
(877) 843-1631
Foreclosure & REO:
Collection Counselors at 1-800-530-2602
Address: TBW National Headquarters, 315 NE 14th Street, Ocala, FL 34470
Taylor Bean & Whitaker Mortgage Review
As a mortgage broker for over 15 years, Terri and I came across these guys but never brokered any loans to them. However, we heard a lot about them from other brokers who pushed the stated income programs of TB&W. This was one of their most aggressively marketed programs. I didn’t like stated income or subprime loan programs and stayed as far away from them as possible.
Any retail mortgage seller that services their own loans with this many consumer complaints ranging from mis-allocated escrow payments to erroneous late fees should be avoided. Taylor Bean & Whitaker has those type of complaints from past customers.
UPDATE: 8/5/2009
Taylor, Bean and Whitaker is shut down by HUD and must cease all lending and servicing operations. It is believed Bank of America will take over TBW’s loan servicing duties. The press release reads in part:
“Taylor, Bean & Whitaker mortgage corp. (“TBW”) received notification on August 4, 2009 from the US. Department of Housing and Urban Development, Freddie Mac and Ginnie Mae (the “agencies”) that it was being terminated and/or suspended as an approved seller and/or servicer for each of those respective federal agencies. TBW has unsuccessfully sought to have the termination/suspension decisions of each of those agencies reversed. As a result of these actions, TBW must cease all origination operations effective immediately. Regrettably, TBW will not be able to close or fund any mortgage loans currently pending in its pipeline. TBW is cooperating with each of the agencies with respect to its servicing operations and expects to continue to service mortgage loans as it restructures its business in the wake of these events. We understand that this could have a significant impact on our valued employees, customers and counterparties, and are very disappointed that a less drastic option is unavailable.”
NOTE: If you are facing foreclosure and need information on how to save your home, check out our book, Stop Your Foreclosure Now!.
It appears when I search for complaints against Taylor Bean & Whitaker, there are many. Click the link to see all the Taylor Bean & Whitaker complaints listed in Google.
BBB Activity on Taylor Bean & Whitaker Mortgage Corp.
” Based on BBB files, this company has a satisfactory record with the BBB. Any complaints processed by the BBB in its three-year reporting period have been resolved. The number and type of complaints are not unusual for a company in this industry.”
See Comments Below to Add/Read Customer Opinions On Taylor Bean & Whitaker
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Thanks!
Author: The Mortgage Insider
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Today I was told the loan mod process takes up to 90 days. If that is the case I should have some kind of answer by December 3rd. Has anyone from Taylor Bean been able to modify their loan? It seems I’m getting the runaround or the bank wants to sit on their gov. money.
What about applying for a mod at a different bank. Is that possible? I get letters everyday asking me to refinance my house with no out of pocket costs.
Thanks!
Don’t confuse your terms. Modification is not refinancing. Refinancing requires good credit and not to be in default.
Modification is a request of your current lender to restructure the loan with “better” terms, is temporary in most cases, and the borrower must show “hardship” of some kind to apply.
Yes well I qualified at Taylor Bean and was approved but they went out of business and BOA seems to be dragging their feet. I have been out of work for months and it’s nearly impossible for me to make my house payment right now.
I realize the difference between a loan mod and refi but I was wondering if another bank would take on my loan with my current situation if BOA denies me the loan mod.
My mod took a long time. when I finally applied, i was in my 3 mo trial period, in between my 1st and 2nd trial period, TB&W closed their doors. My loan was transfered over to Saxon, I paid my 2nd and 3rd trial period payment to Saxon. Saxon is now telling me that the mod will not go thru. My situation is because of divorce, the house was granted to me, financial burden, my mod was granted by TB&W. Bottom line, my loan is thru Freddie Mac, I have their legal dept working on it. Saxon is not obliging wtih Freddie Mac HAMP guidlines. I would suggest find out who owns your loan, and if Freddie Mac or Fannie Mae do, get with them. Yes, other banks are offering mods. B of A, Wells. Get on line, research, educate yourself.
Has anyone had any luck modifying their loan with Bank Of America? I was told I qualified on 9/3/09 and I would receive paperwork in the mail. I never received it. I did talk to someone last week and they said to fax over my bank statements, hardship letter and a utility bill. I tried to call today but I get a message on both numbers that I need to call during business hours (8am – 10pm). It noon!!!
I’m sure they are busy but it seems like the same old run around!
Keep after them…I just read an article in the Washington Post how they are under a deadline set my the Feds to pick up the base on mods. BofA was complaiining about not having enought staff, bad faxing system, and too many folks who simply didn’t qualify…but they also mentioned they were making the documentation easier so they could get more done.
If you were told you qualified…that’s 90% of the battle…keep after them to send out the paperwork.
I forgot today was a holiday.
Well I was just told to fax the info. I’m going to call tomorrow to verify they have what they need. When is the dealine?
I believe it’s either the end of Nov or Dec…then the government is going to take another look at servcers who took money (BofA took $6 Billion!) and decide a proper punishment. The article said to BofA to get more folks done would not require income docs like paystubs, etc. and would lossen other requirements…so if there was ever a time for folks with a BofA loan to get a mod done…it’s over the next couple of months.
Punishment? So was BofA taking the money and not helping people out? The making homes affordable or govt plan doesn’t end until summer. I wished you had a link to the article. I will keep bugging them!
Thanks!
I have tried faxing the paperwork all day to the numbers they provided with no luck. I guess I will call them tomorrow to see if I can mail the documents or e-mail them.
Has anyone had any kind of luck with BOA?
I tried for months to work with TBW on a modification. each time getting different answers. From we can’t do anything, to we can work with you,to we did not get your paper work. then I got a notice they were going to auction my house. when I tried to stop it I got the same Run around and avoidance from TBW. Then on the sept 4th I got notice of transfer of loan to B of A.I called them and they said they got it sept 1st, but home auctioned aug 31st. All the news articles on the web state they were to cease all foreclosures. and we were to be notified of the change in who was taking on the loan. we did on sept 4th. Do I have any options at all?????
Frank,
I’d get a lawyer…or seek out your local legal aid office for free legal help.
Several months ago, I read on the TB&W website that my loan could be refinanced. I filled out and submitted the online application, then proceeded to hear nothing for 2 months. After several contacts to TB&W, I was told that my refi had been approved, and that I “just needed to keep making my payments on time, and they would call me when they were ready to close my refi.”
Now, I’ve received a letter saying that my loan has been assigned. What about my refi? Is it dead in the water? My rate was supposedly locked in at 5.25%, and I was told that they’d automatically extend the lock, if they couldn’t get closed on time.
I would appreciate any insight that anyone else may have as to my options.
Randy,
Yes, your refi is dead in the water. Simply start another refi with another lender. Rates have actually come down since then, so no harm really. You can get current rate quotes emailed from our online system … Click Here.
Good Luck!
I just received this from my contact at HUD:
Notice to Home Mortgage Customers:
At this time, Taylor, Bean & Whitaker mortgage corp. (”TBW”) is unable to either offer an online payment option or automatic payment deductions for its home mortgage customers. Please note that no automatic debit payments have been made since august 10, 2009. Moreover, TBW is no longer servicing Ginnie Mae and Freddie Mac loans.
For home mortgage customers with a Ginnie Mae loan, your loan will now be serviced by Bank of America. Bank of America can be reached at 1-800-669-6607. Payments should be sent to:
Bank of America Home Loans, LP
Payment processing
P.O. Box 10334
Van Nuys, CA 91410-0334
For home mortgage customers with a Freddie Mac loan, your loan will now be serviced by one of the following servicers:
if your loan is current, your servicer will be Cenlar. Cenlar can be reached at 1-866-430-9689.
If your loan is not current, your servicer will either be Saxon or Ocwen. Saxon can be reached at 1-888-422-6451. Ocwen can be reached at 1-800-74-ocwen.
For all other home mortgage customers, please mail your payment to the following address:
Taylor, Bean & Whitaker Mortgage Corp.
Attn: cashiering
1417 N. Magnolia Ave.
Ocala, fl 34475
It is important for all consumers that your loan number is written on your check and that you include any special payment instructions such as additional payments to principal or escrow. Use your TBW loan number until you receive a new loan number from your new servicer.
For questions about your FHA-insured loan, contact FHA’s resource center at 1-800-call-FHA.
For questions about your Freddie Mac loan, go to the Freddie Mac website at http://www.freddiemac.com or contact Freddie Mac’s headquarters at (703) 903-2000.
For other questions, please contact TBW at 1-888-225-2164 or 1-800-530-2602.