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Do Any of You Do Business With Taylor, Bean & Whittaker?

I just received the broker package for Taylor, Bean & Whittaker and I guess my question to you is, "Is it worth it?" I filled out as much as I can, but a lot of the questions on this particular broker package, I've never encountered before! I've done a few broker packages in my day and I have NEVER come across this many proofs and questions to become a broker........which would lead me to believe that they must be GREAT! Right? I mean, they want to know ALL loan officer's LIFE STORY!!!!................LITERALLY! They want us ALL to submit to them our resume' including our HOME ADDRESS & PHONE NUMBER, social security numbers, dates of birth and complete employment history! Holy COW! Are they for real? They want my RESUME'? This seems sort of backwards! They work for ME! They WANT my business! I have account executives calling me ALL day long begging for business and these guys want me to jump through a proverbial hoop just to be able to have their account execs calling me all day?

Is it just me or is this kind of crazy? If any of you have some positive feedback to give me it would be greatly appreciated! I have NO Idea how I'm going to convince my bosses, particularly the owner of our brokerage to give me his life story and resume', especially not his social security number! SO, perhaps with some testimonials, I could better convince them?

If anyone has anything bad to say about them, it's welcome as well. I don't want to go through the trouble of having to ask my boss to give me his social security number and etc. if these guys stink! I really only want to have a relationship with them so I can do manufactured home loans.

Somebody, anybody?

Posted by Abbie Lettre on 04/08/2008 02:07 PM

Comments (10)

lender advice, mortgage professionals advice, brokers advice, help, mortgage industry help

Post is included in group: Moms In Real Estate

10 Comments on Do Any of You Do Business With Taylor, Bean & Whittaker?

APR

2008

I know their turn times for FHA loans is somewhere around 3-4 weeks right now. That is forever.

Their VA loans are 9+ day turn around -- The online website upload leaves a lot to be desired if you upload, double check and verify -- you may think it's all done only to find out its missing one field...

Otherwise like all other lenders - have their own quirks

Abbie,

as the other two have mention, their web site leaves little to be desired and their turn around time is acceptable only if your accustom to 45 day locks on rates for your clients. Moreover, after you are clear to close, it is you or your processor that must do all the work with regards to getting the doc's sent out and everything else thats involved with closing a loan with TB& W. It was literally the worst experience my processor ever went through and her last statement stayed with me all this time... " why are they charging any fees whatsoever when it was I who had to do everything myself.... with little to no help from them at all.

And I agree with you about the inconvenience they're imposing, your employing them and yet you're the only one jumping through hoops.

APR

2008

Turn times are long right now but they do know their FHA and VA loans. We only lock 45 days with them right now. Hopefully they will hire more staff to handle the larger influx.

JUL

2008

I currently use them but there turn around times are forever.

AUG

2008

Taylor bean is great for FHA mobile homes, but be prepared to wait 4 weeks for an underwriting decision, unfortunately they are one of the few that will still do the Mobile homes on FHA now, so they are a necessary evil. Their pricing is not that bad, but you will have to extend your lock because of the turn times.

OCT

2008

I have nothing positive to say about them, please see my blog.

If you are sending in a conventional file, their turns times aren't bad. I recently sent in a purchase money and cashout refinance and both were underwritten in 2 days. I prefer this Lender many times over others for conventional loans.

Also note that TBW is a Freddie Mac lender. You can send in your DO findings and request for them to use those vs. the LP done on their site. When calculating your max compensation with TBW, remember to include their Lender fees, but 3rd party processing fees are excluded from this calculation. Each lender is different with the calculations but it's good to know since this can affect your compensation on the smaller loan sizes.

I think it all really depends on your closing coordinator, Account Executive and Closer. I process loans for several different brokerage companies, each with different "closing" groups with in the TBW. I definitely prefer one of the other! One will allow a change on a Fee Sheet after it's been submitted the other will require you to pay a $100 redraw fee whether it's your error or theirs.

TBW does have the FHA 203k loan though which I have seen more and more clients inquiring about this program. This however, as many comments above, is a government loan so expect longer turntimes.

OCT

2008

Turn times are reasonable and if you have the correct rep they are solid all around

APR

I am a Real Estate Broker and 3 of my clients, all of which are going Rural Development, are using the same Mortgage Broker. Their mortgage broker submitted all three files on March 5, 2009. Here is is April 9th and none have been assigned to an Underwriter. We are currently requesting extensions for closings, but my buyers are at risk of losing their deals. Aaaarrrggghhh! What a nightmare!

Anyone else in the same boat or know what is going on??????

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