Tuesday, August 18, 2009

Taylor, Bean & Whitaker's Message to Customers

I've been following and writing about the Taylor, Bean & Whitaker shutdown. My mortgage was serviced by TBW and I found out early that its website no longer accepted mortgage payments. Through other customers stories, I learned the large loan company had stopped deducting automatic mortgage payments from bank accounts as well.

Late Friday, it seems, TBW's website published the following information for homeowners about where to send payments. Some of the information is the same that I published in mhy post on the FHA's fact sheet.

The message is in all caps as posted by Taylor, Bean & Whitaker.
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 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. (TBW website)
I overnighted my payment to BAC last week figuring I could track the package and prove it made to the P.O. Box. The FHA FAQ told customers to expect letters from Bank of America in the next few weeks since BAC will be taking over some of TBWs loans. The above information from TBW has information for customers who may not be under BAC.

I would guess that people won't get late fees for this month if their payments arrived at BAC or elsehwere after the 15th because TBW's shutdown has been chaotic and confusing. Accurate communication with customers was a long-time coming, partly due to TBW no longer having staff. It didn't even tell customers what to with payments until August 14.

Earlier this month federal agents raided TBW headquarters in Florida investigating alleged fraud after the mortgage company's deal to save Colonial Bancgroup fell through. Last week it was revealed TBW not only went out of business but is filing bankruptcy.

3 comments:

Kate Burton said...

What a pain in the butt. I'm sorry you have to deal with this. Just wanted to let you know I enjoy your writing.

Good and plenty said...

Wow! Nothing I knew growing up for sure is ever for sure any more. Sorry you're having to suffer through this. Wow.
Luckily, I was able to get out of an Option I mortage right at the end of the three year ARM just before the meltdown into a BOA 30 year.
Scary stuff.

Vérité Parlant is Nordette Adams said...

Thanks, Kate. :-)

Hi, Candelaria. Haven't seen you in a bit. I actually have a traditional fixed loan with the lowest interest rate I've ever had in my life. It's TBW's handling of paperwork that's got me a little concerned and that the company seems uncooperative in handing over its data to the people who will be taking over.

ARMs. Yikes! Glad you got out of that b/c that's the loan that causes most people to lose their homes.