I received the following email today from a lender at Regions Bank. Regions covers a lot of markets in the Southeast, so if you have an orphan loan, give Martin a call. He has done well on several loans we have closed together and I recommend him.
Sarah Rummage in Nashville TN
Effective today, Taylor, Bean, & Whitaker, a large source of mortgage financing for many mortgage brokers throughout the nation, has announced that they "will not be able to complete or fund any mortgage loans in its pipeline of unfinished mortgages." Taylor, Bean, and Whitaker was a large mortgage wholesale operation in Orlando which got much of its financing from Colonial Bank of Montgomery, AL that has recently been taken over by the FDIC.
TBW has been a huge source of mortgage financing for a large amount of mortgage brokers including many mortgage brokers here in Nashville. If you have any current clients affected by the closure, please let me know, and I'll be happy to get them financed with us. While, new regulations do not allow the transfer of a file, Regions management is giving priority in processing to loans that were schedule to close through Taylor, Bean, & Whitaker. If you had an FHA loan in process there, we can transfer the FHA appraisal over to us so that your client does not have to pay for a second appraisal.
Martin T. Harris, Regions Bank, 1604 21st Avenue, Nashville, TN 37212
(615) 748-2440 office, (615) 748-2441 fax
http://www.regionsmortgage.com/martinharris
email; martin.harris@regions.com
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