Uh oh… Where did Taylor, Bean and Whitaker go? 
For those of you who unaware, TB&W was a major lender in the wholesale lending market. Many, if not most, mortgage brokers utilized them for a fair amount of their loans.
Yesterday, mortgage brokers across the country received notification from TB&W that they were ceasing and desisting. They would process NO MORE LOANS, and any loans that were currently in their pipeline could be considered DEAD.
Talk about a Frenzy! Mortgage Brokers are rushing to move these loans to other lenders- hopefully they have good relationships with these other companies so that their files can be expedited…
Buyers are nervous. The loan they thought they had in place with TB&W is now non-existent. Many of these buyers are in the purchasing process with banks and lenders because they are buying a foreclosed (reo) property. They’ve been given specific closing date deadlines that they are required to meet, and if they aren’t able to meet these dates, they’re faced with big penalties (sometimes upwards of several hundreds of dollars per day!).
Real Estate Agents are anxious and antsy. They want what is in the best interest for their client and are flooding the mortgage brokers/ bankers voice-mails and email in-boxes with inquiries as to what the next step is and how quickly they will get it resolved and ultimately be able to close on the home.
So now what? How is this new twist going to affect the Real Estate Market?
Unfortunately, there will be people who suffer through this. But, the good mortgage brokers and bankers will work through it at lightning speed. They will sort through the mess and get it resolved. Ultimately getting their purchasers a new loan, with a new company. Once again making the dream of home ownership a reality.
It’s not going to be an easy, or necessarily fun ride- BUT as we continue to push through this ever-changing (and I mean EVER-CHANGING!) Real Estate Market- We will get past this hiccup too!
To read more about the Taylor, Bean & Whitaker shut down from the Wall Street Journal, CLICK HERE
To view a video CLICK HERE
Talk Soon,
Heidi Griffith, Realtor
Realty One Group
702-540-0420
VISIT MY WEBSITE!
