UPDATE
Taylor Bean and Whitaker has posted a new link that searches for your new servicer by entering your Taylor Bean and Whitaker loan number. You can find this page by clicking here.
This has been a question I’ve been receiving more lately. Calling Taylor Bean and Whitaker’s exit from the mortgage industry “Ungracious” would be the understatement of the year. Many borrowers had gone as far as signing their loan with Taylor Bean and Whitaker and were left with nothing but unanswered questions.
An article from Tampa Bay Times was telling people to mail their checks in to the old Taylor Bean and Whitaker address as recently as August 14th. Today, August 18th, Taylor Bean’s website is now telling a different story. There are now different addresses to send your payments. However, the information given isn’t very clear.
First, you cannot make your payments online. Second, Taylor Bean no longer offers automatic payment deductions. If you were on automatic payment deductions and are worried you will be double charged for sending in a check, you’ll be okay. Taylor Bean stopped automatic payments on August 10th, so if it hasn’t been drafted yet, send in your payments. I’m not sure how they’re going to handle late charges if received after the 15 day grace period, but I sure hope they accommodate their clients.
To add insult to injury, not all Taylor Bean loans need to go to the same place. You have to determine what KIND of Taylor Bean loan you have then find the proper address and phone number. Instructions for this are below.
I will try to do my best to break it down so everyone knows exactly what to do.
RECOMMENDATIONS ON HOW TO SEND YOUR PAYMENT REGARDLESS OF WHAT KIND OF TAYLOR BEAN LOAN YOU HAVE
Here is what’s recommended on Taylor Bean’s website:
- Write your loan number on your check
- Include special payment instructions such as additional payments to principal or escrow
- Use your Taylor Bean loan number until you receive a new loan number from your new servicer
Here are some extra precautionary measures you can take (Please remember that these items are not required nor recommended by any of the loan servicers. This is nothing more than an extra level of tracking and paper documentation for your knowledge and protection):
- Send payments using some form of tracking, such as Fedex, UPS or certified mail
- Print and store copies of the cancelled check to show it was cashed and cleared by the servicer
- Print the instructions from Taylor Bean and Whitaker’s website on where and how to send your payments on store it in a file
- Be sure to open all of your mail. Some may look like junk mail. However, it could be your new mortgage company telling you how and where to send your payments. Open everything before you throw it away.
IF YOUR LOAN IS OWNED BY GINNIE MAE
Most homeowners don’t know who Ginnie Mae is. Simply put, Ginnie Mae purchases government backed mortgages. If your loan was a FHA, VA or USDA loan and serviced through Taylor Bean, then your payments should now go to Bank of America. I would not go into a Bank of America branch to make a payment (yet).
Taylor Bean is telling clients who have Ginnie Mae loans to send their payments to Bank of America. Here are the instructions from Ginnie Mae on where to send your payments if your Taylor Bean loan is owned by Ginnie Mae.
Here is the information you need to make your payment.
ADDRESS
Bank of America Home Loans, LPO
Payment Processing
P.O. Box 10334
Van Nuys, CA 91410-0334
Phone: 1-800-669-6607
MY LOAN IS OWNED BY FREDDIE MAC
Freddie Mac was the primary purchaser of Freddie Mac conforming/conventional loans.
Unfortunately, Taylor Bean and Whitaker did not post an address to send your payments to. There are different servicers for your mortgage depending on whether you’re current or not current on your mortgage payments. Use this link to determine if your loan is owned by Freddie Mac. If it is, see the instructions below:
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 1-877-680-5583 .
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 .
MY TAYLOR BEAN AND WHITAKER LOAN ISN’T OWNED BY GINNIE MAE OR FREDDIE MAC. WHAT DO I DO?
Follow the instructions above on how to send your payment and use this address:
TAYLOR, BEAN & WHITAKER MORTGAGE CORP.
ATTN: CASHIERING
1417 N. MAGNOLIA AVE
OCALA, FL 34475
PHONE: 1-888-225-2164 or
1-800-530-2602
I’ve heard horror stories of wait times and disconnects when you call Taylor Bean, so be prepared to either wait or call back if you get disconnected. Hopefully the information here is detailed enough that you won’t have to call them.
Good luck!
UPDATE
The FDIC and Federal Reserve have released a new customer hotline for Taylor Bean and Whitaker customers.
FDIC 1-877-275-3342
Federal Reserve 1-888-851-1920
RELATED LINKS
www.keaneloans.com/2009/08/06/taylor-bean-and-whitaker-is-closed-now-what
Related posts:
I’ve heard several stories since this post of other servicers than who is mentioned above. If you received a letter specifically regarding your mortgage with Taylor Bean, please call the new servicer and insure that your loan is with that company before sending a payment.
This is an email I got from someone about their Taylor Bean loan. Thanks Hans! Anybody else have a similar response?
“Hi, Keane, I just wanted to let you know that the number you provided is not being answered by Cenlar due to “unforseen circumstances” they recommend going online using my coupon book etc. Of course, this doesn’t work because my loan has not yet been transfered. Also, I actually received an email in response to a question to TBW telling me to call Cenlar at 1-866-305-6949 which only gives a busy signal. At this point I am holding off on making any payments for August until I get some clarity. Just wanted to let you know since I found your post through a google search. Feel free to post any of this info if you want. Regards, Hans”
I received a yellow (junk mail looking) letter in the mail the other day which was a notice from RoundPoint Mortgage Servicing. The letter notified me that my mortgage would be taken over by their company. A new address for payments was also in the letter as well as a phone number (1-866 559-8717). I called the number and they had several recorded messages for TB customers. I did not wait to talk to a representative.
I sent my August mortgage payment to Taylor Bean but it has not been withdrawn from my bank account (though I do have a confirmation email and a September Statement from TB saying the money has been credited). Hopefully they will get this straight soon.
By the way, my post above was a VA loan.
Thanks for your input Mike. I’m trying to find some consistency in where these loans are going. I was hoping the information from Taylor Bean’s site would be accurate, but Mike’s story proves otherwise.
Received notices from both Cenlar and Roundpoint on the same day, both stating as of Aug. 12 they were servicing my mortgage and I should make my payments to them. I have no way to know which (if either) is correct. As my property taxes haven’t been paid I am concluding that the money I paid at my re-fi closing in June is gone – I’m not inclined to send out any more until the dust settles.
Taylor Bean’s site says all Ginnie Mae loans are going to Bank of America, which may not be true. All of my VA clients with Taylor Bean and Whitaker loans are getting letters from other companies.
Please see the update on the blog post for the new FDIC customer hotlines.
I’m in the same boat as many others. I had an FHA loan with TB&W and have received letters from both Colonial Bank and RoundPoint. Both banks claim that they now own my loan. I’ve called the FDIC hotline and their reported message has zero information on the TB&W closure and there’s no apparent way to get a hold of an FDIC rep. This is just another example of red tape.
Ryan,
You talked to both Colonial and Roundpoint reps and they both said they have your loan?
Recent news is that Colonial is going under, so my guess it’s with Roundpoint but who knows.
You may want to call Bank of America and see if they’ll take your payments since the information given by Taylor Bean says B of A should have it.
Keep responding and updating here guys. I want to get the real news to the homeowners. I can’t believe how messy this is!
I have not actually spoken to a Colonial or Roundpoint rep, but I have loan transfer notices in my hands from both of them. I’m not about to trust either party via a phone call. I want either TB&W to tell me who owns the loan, or I want the FHA or FDIC to tell me. As I mentioned above, the FDIC has zero information and I’ve been trying to call the FHA “National Servicing Center” at 888-225-5342 and have been getting a fast busy, which indicates that their phones are down in some capacity. The local Seattle HUD office are the ones that directed me to the FHA.
I have some new information for those that are interested, and I’ve posted a summary below. If this was for anything other than my home, I would find this quite comical.
* Colonial Bank sent me a letter on August 12th stating that they are the owner of my TB&W Ginnie Mae loan. On August 14th the bank tanked and assets were transferred to BB&T. As of today, BB&T cannot confirm nor deny that they own my loan.
* RoundPoint sent me a letter on August 12th stating that they are the servicer of my loan. As of today, they “think” they are the servicer but are waiting for the FDIC to send over all information on the loan, as well as who the owner of the loan is. As far as they are concerned, the loan could be owned by BOA or Colonial, which of course is now BB&T.
*I called BOA today and they have absolutely no record of my loan. They told me that they are getting every TB&W Ginnie Mae loan but that they don’t appear to have mine. They told me to wait a few days and call them back. For what it’s worth, they told me that there is going to be a 60 day grace period for TB&W loans where no late fees will be incurred.
*The FHA Resource Center (800-225-5342) has zero information on TB&W and refers customers to the FHA National Servicing Center.
*The FHA National Servicing Center (888-297-8685) still has a fast busy when calling them.
*The FDIC Customer Hotline (877-275-3342) lists information on 3 recent bank closures, but mentions nothing about TB&W (the nation’s 3rd largest FHA provider).
As you can see, our government is doing a great job earning our tax dollars. You’d think they’d think these sorts of things through before closing multiple banks in the same week.
I just got an automated Call from Taylor Bean and Whitaker to contact them regarding my payment. They advised me to call 866.708.1687. I called that number and the system said the new phone number as of May is 888.225.2164 but that the office is closed at this time and to call back durning regular business hours.
Ryan,
My guess is it went to Colonial but then moved to Roundpoint. However, don’t take my word for it. Colonial is in trouble too, like Taylor Bean.
I agree that the government probably could’ve handled it better.
I received the exact same phone call that Marissa reported above. I actually got a chuckle out of it. The irony was just so classic. The message also stated that payments could be make via TB&W’s website, and obviously anyone reading this thread by now knows that is not true. To me it just proves that things over there in Florida are still quite messy. I read yesterday that the FDIC has taken TB&W to court since they will not turn over all their assets, including checks from homeowners. Apparently TB&W somehow thinks they’re still the best ones to control the assets, even though there’s now evidence that many homeowners are defaulting on their home owner’s insurance because TB&W is not making the payments – just in time for hurricane season.
Thanks for all the input guys. I don’t know when we’ll have the right answers but sharing your experiences here definitely lets others know they’re not alone. I’m hoping we come to a resolution soon.
Guys, you will want to make sure that Colonial Bank is your servicer if you got a servicing transfer letter to them. See the related post
http://www.keaneloans.com/2009/09/02/taylor-bean-files-for-bankruptcy-colonial-banks-assets-are-seized/
Taylor Bean was servicing 488,000 loans when they closed! That’s really scary.
I had another client who received dual servicing letters. They have an FHA loan and received new servicing statements from Roundpoint and Colonial.
If anybody has received these two letters and have found out who is really servicing the loan, please comment for others to see.
As I mentioned above, I also received letters from both Colonial and RoundPoint. I just called BOA again this morning and they still have no record of my loan. However, every press article I’ve read still says that all Ginnie Mae loans from TB&W are getting moved over to BOA. Also, the FHA National Servicing Center hotline now works and they have a recorded message stating that all of their backed loans, which TB&W had, are being sent to BOA. And since BOA had TB&W in court earlier this week over the fact that TB&W still is not allowing all the loans to be transferred, I’m guessing that my loan is still going to make it over to BOA at some point in the next few weeks.
Sure would be nice if the government, whether it’s HUD, the FDIC, or Obama himself, would step in and get this show on the road. As you mentioned above Keane, TB&W had almost a half million loans! At what point does the government decide that this is an urgent matter?
Ryan,
My hunch is the owners of Taylor Bean and Whitaker begged HUD to allow them to stay in business or close business with a “soft landing” which is why the Taylor Bean executives flew to DC right after their HUD license was revoked. When it clearly didn’t go the way TB&W wanted it to, they obviously just said, “Fine, you deal with this mess” and closed shop and leaving the keys with the government knowing exactly what was going to happen.
Ultimately, the real losers end up being the customer.
Here’s some info about ordering payoffs through Cenlar
“Posted – 09/14/2009 : 07:09 AM
——————————————————————————–
I have a loan that was basically ready to CTC. The only this remaining was a updated payoff from the now defunct TBW. The loan was sent to Cenlar and we have been trying to get a payoff. We have followed the instructions on the website (basically emailing the company) and also have tried calling with no success (line is typically always busy or just rings and rings).
Has anyone had any success? If so, can you share so we can get this loan closed for this client.
Tnanks
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Helping homeowners, with low rates. BK and poor credit okay
www. ParamountEquity. com
jamesbcrossc
Mortgage Agent
51 Posts
Posted – 09/14/2009 : 07:27 AM
——————————————————————————–
I called and waited on hold with my customer for 40 minutes on a 3 way call they gave me a verbal over the phone so i could close and had a faxed copy to me within 24 hours. If you call there number just hit 1 dont follow there automated sytem repeately hit #1
Thank you,
James
richsalazar2003
Wholesale Lender
242 Posts
Posted – 09/14/2009 : 10:33 AM
——————————————————————————–
I had this problem. After waiting 5 days I spoke with my client and credated a username and password on http://www.cenlar.com. I ordered the payoff through their system and had it in 30 min.
——————————————————————————–
Richard Salazar
Branch Manager
Midwest Funding Bancorp
richards@mwfmortgage.com
http://www.mwfbancorp.com
773-237-3065 (P)
708-395-2512 (F)
richsalazar2003
Wholesale Lender
242 Posts
Posted – 09/14/2009 : 10:37 AM
——————————————————————————–
Call our Autofax Payoff request line at 877-772-9633
——————————————————————————–
Richard Salazar
Branch Manager
Midwest Funding Bancorp
richards@mwfmortgage.com
http://www.mwfbancorp.com
773-237-3065 (P)
708-395-2512 (F)
Can someone clarify what happens to your online payment that automatically is sent to TBW? did I just lose 2,000 for my September mortgage
Ann-Marie,
What kind of loan do you have? Automatic payments were supposed to be cancelled after August 10th. Nobody was supposed to get an auto-draft after this date. Can you confirm you did get a draft after this date? Did you get a servicing letter from your new lender?
Can we all confirm at this point that if a borrower gets a servicing letter from Colonial that they probably do NOT have the loan?
Taylor Bean cashed my september 1st payment on the 18th. Noone can tell me who is servicing my loan, so I sent qualified written requests to Taylor Bean, Colonial, and Roundpoint. I’m going to keep sending payment to Taylor bean until someone can tell me.
Kevin, what kind of loan do you have? This will help.
FHA. Ginnie Mae. And yes, I contacted BOA countless times and they advise they are not servicing my loan. Quote, “Do not send payment to us” I closed on my house the very end of July.
I have gotten conflicting information from and not limited to:
TBW
Colonial Bank
Roundpoint
BOA
FDIC
FHA
HUD
Florida regulators
PA Department of Banking (PA resident)
Broker
and on and on. Nobody can give accurate or consistant information.
So I was advised to send certified written requested under and save EVERYTHING. Which I am doing. Hopefully it gets worked out and my credit will not be impacted.
What a great experience for a first time homebuyer!
I don’t know what to do.
Kevin,
Everyone who’s posted on here has had their FHA and VA loans moved to Roundpoint. Keep knocking on their door. That may be your answer.
In fact, I have not had ONE client tell me their loan was moved to Bank of America. Sounds fishy.
Does anyone know who is takin gover loans whose original inestor was wells fargo?
Lucy,
Wells Fargo typically keeps their servicing and should still be servicing your loan. What happened?
I just know that they were my original investor when I bought my home three years ago, immediately TBW became the servicer. I am still stuck with TBW and was wondering if there was a chance I would be back with Wells Fargo, I would take any lender at this point. Being one of the 15,000 loans still left with TBW is very nerve racking…
Lucy,
Sorry, I seriously doubt it will go back to Wells Fargo. What kind of loan do you have?
The most common servicers I’ve seen is Cenlar, Ocwen and Roundpoint. Roundpoint has been taking all the FHA and VA loans, even though Taylor Bean announced Bank of America was taking it over. Most conventional loans are going to Cenlar with a few to Ocwen. All of their contact info is above. It doesn’t hurt to give them all a call.
Good luck!
I have a convential loan. not FHA or VA…maybe I will give Cenlar a call.
Thanks for all the info!
Good luck! Either way, let us know your experience. Hopefully it will be helpful for another home owner who visits as well.
Hi all,
My colleagues and I at RoundPoint Mortgage Servicing Corporation are very sorry to hear about all the confusion and heartache regarding the TBW loans. As a borrwer-focused mortgage servicer, it is our mission promote and preserve homeownership for all. I just wanted to provide resources for those of you who still have questions; RoundPoint is here to provide whatever information we have available and answer as many questions as we can. Best wishes to you all!
Customer Service:
RoundPoint Mortgage Servicing Corporation
Customer Service
P.O. Box 19409
Charlotte, NC 28219-9409
Tel: 1-877-426-8805
Fax: 1-877-776-1112
Email: servicinghelp@roundpointmortgage.com
Kate,
Thank you for the response. Even though Taylor Bean announced that Bank of America was taking over their FHA/VA loans, we’ve noticed that most of the service letters have been Colonial and Roundpoint. Since Colonial is now out of business, it appears Roundpoint is the servicer most FHA and VA Taylor Bean clients should turn to. Is this true?
Keane
Hi Keane,
As you know, TBW serviced close to 500,000 loans, so it’s difficult for me to comment on an entire group of loans. However, I can verify that RoundPoint is servicing both FHA and VA loans from the Taylor Bean/Colonial portfolio. We are happy to say that we received additional loan data, and, though it takes time to accomplish the complicated task of loading and validating that data, we should shortly be in a much better position to answer questions for the borrowers whose loans we do service.
In case this information was not already made available, there is now a tool on the TBW website, http://www.taylorbean.com, which allows borrowers to enter their TBW loan number to definitively find out who is servicing their loan. The data available from this search tool is directly from the FDIC, so it should be correct.
We understand that many borrowers are having difficulty making contact with their new servicers; we have a call center open from 8a to 8p M-F and 8a to 12p on Saturdays (EST) with a staff available to answer questions without wait times. Obviously, we won’t be able to answer questions for borrowers whose loans we aren’t servicing, but we can still provide some general information and guidance in this difficult time.
I hope this information is helpful to some of you!
By the way, I know there has been discussion on quite a few blogs, etc., regarding whether or not RoundPoint is a scam. Though we are a relatively new entrant into the mortgage servicing arena, I assure you that we are an actual business dedicated to helping both borrowers and investors in the current credit crisis. I encourage anyone with questions to call, e-mail, or visit our website at http://www.rpmservicing.com.
Best wishes,
Kate
I have an update. I spoke with TBW this morning and asked why I have not been transferred to a new lender and was informed that Wells Fargo (my orignal investor) has decided to “stick” with TBW through the bankruptcy and if they make progress, they aren’t pulling back their loans. Long story short, Im stuck with TBW unlesss miraculously they decide to do a Chapter 7 instead and wind up business.
I am already looking to refinance, no way am I going to be stuck with them.
Lucy,
I’m sorry to hear that. Use the new Taylor Bean and Whitaker search link above and see if your loan has sold. If your terms are which you don’t want to refinance, hopefully it will get worked out.
Kate, thank you for sharing the information you did on this blog. I know the homeowners appreciate it. I know I do.
Hi Everyone,
We have been VERY frustrated with our mortgage situation. We refinanced at the end of July. Taylor bean and whitaker had our mortgage beforehand, and when we refinanced we remained with them. Our first payment was suppose to be due Sept. 1st. Mid-August we got a letter from Roundpoint saying our loan was being transferred to them. In the meantime we called Taylor Bean several times and could never get through. We called Round Point to validate that they were taking over our loan and they verified all of our info. So we wrote a check out to them for our mortgage payment for sept. About a week later we got a letter from T B and W saying we owed them for September. Then we called both TB and W and Roundpoint and they both were so sure that they had our loan. We have a lawyer helping us out now. Then late september we found out our real estate taxes were never paid. We have our money escrowed each month w/TB and W. Now we have a $100 late fee. Our Lawyer has been on the phone trying to get this figured out. TB and Whit. says they are still servicing out loan. Now Roundpoint is saying they don’t have our loan and don’t know when we will get our money back that we paid. My husband and I are hard workers always pay on time and have excellent credit. We have a 1 year old boy and money is tight. We are worried our credit will be ruined…and are confused why T B and Whit cannot pay our real estate taxes – IT IS OUR MONEY. And who is going to pay the fine. Will roundpoint tranfer our money soon? Anyone else dealing with this headache? We live in VT.
I have heard of instances like this. I responded to another client’s issue similar to yours on this post.
http://www.keaneloans.com/2009/09/01/no-solid-answers-on-taylor-bean-and-whitaker-yet/
Keep records of your payment and a copy of the cleared check including the paperwork showing your loan was moved to Roundpoint. You can bet that this is not an uncommon story and the credit bureaus SHOULD remove any late payments on your records with these documents and a dispute requets (should be done online or via a letter to each bureau).
You should also be able to use the same documents to get the late payment removed.
As for your escrow account, all I can say is to keep your ear to the pavement and wait to see how others get it resolved. I’ll continue to advise people to share their experiences here so everyone can be better informed of other experiences. You are the first I’ve heard who had their loan moved to Roundpoint then moved back to Taylor Bean.
Update: We finally spoke with someone willing to help us at RoundPoint. Since Taylor Bean won’t accept wire transfers they are sending the check fed ex. We called Taylor Bean to give them a heads up. I spoke with a staff member in the resolutions department. She told me that we should be all set. The accounts are still frozen so they still can’t pay our taxes with the escrow money. She also said that our check won’t clear right away but it will be posted as paid with them. I guess all the money/checks are in lock boxes?? The woman I spoke with at Taylor bean said that they are in court right now and are hoping things will be resolved soon so they can unfreeze our account.
Does anyone know if the government can step in and help us – or give us monetary compensation for this hassle? I had to take two days off of work and my cell phone bill is through the roof from making so many phonecalls and being put on hold and transferred. My husband and I are paying our tax bill if the account isn’t unfrozen by next thurs – why should have to pay late fees and double pay on our taxes??:(
Frustrated,
I know it sounds crazy, but the little progress we’ve seen is probably due to the government. When HUD raided Taylor Bean’s office, I was told that a few of the Taylor Bean executives flew to Washington DC to plead with the government to reinstate their FHA license. When they were denied, Taylor Bean basically just closed their doors in less than one day. I believe their response was the equivalent of saying, “Fine, this is your mess now. Have fun cleaning it up.”
It’s sad how the decisions of just a few can affect so many others.
Isn’t is someones responsibility (maybe the governments) to make sure the loans are transferred and things are explained to the consumer? I am just hoping to get the word out that this is going on and it is not okay. We just refinanced to save money – not lose it!:( Do you think it would help to contact local news stations or write a letter to Obama? Anything to help!
Hi Keane,
I am not sure if you have the answer but will TBW be required to give everyone a copy of the Assignment of Mortgage? My fear is that a lot of people may fall through the cracks on this one and end up in foreclosure, this Assignment will prove vital in contesting the validity of any action.
Any insight you have would be great.
I haven’t heard of anybody going into default yet due to this. I don’t believe it will happen on the mortgage side. The Federal Government is well aware of the magnitude of this mess.
However, what I am concerned about is the clients who have frozen escrow accounts and do not have insurance or taxes paid. Their state/city/county CAN foreclose on them. If they’ve paid them in their mortgage payments and cannot pay them separately, they could go to foreclosure from unpaid taxes.
I think most municipalities will work with home owners if they let them know what’s going on, but there will always be some who just wait.
thanks for the info. from what i have heard the funds are solely being unfrozen, but in some cases I am sure not fast enough…
I had two investment property loans with TBW. Have not been able to make a payment on either loan since 8/01/09. Had been checking with BOA but no sign of it there. No notification from anyone as to where my loans stand. Have been making monthly insurance premium payments and taxes not due until mid 2010. After trying to deal with TBW for about 3 years, I cannot justify sending ANYTHING to them and hope it gets to the right lender. Is this going to effect our credit ratings? Thank you for any help.
Have you done the “Loan Search” feature on their site? The link is above at the beginning of this blog.
Actually, I have not gone to their website. Won’t bore you with more of what you have heard so many times but TBW customer service has been beyond “cruel and unusual” and frankly, I wouldn’t rely on anything at their site, especially after hearing of some who where assigned to one mortgage co. or another only to find it still wasn’t the correct company. Am I being too risky to just wait for some sort of “welcome letter” as we have been reading about? Is is also true that we can’t be considered delinquent until 15 days after receiving a “welcome letter”?
Deborah,
I know it appears risky to trust anything on their site, but remember any content on that site is usually put there and facilitated by the US Government. TBW is in a Bankruptcy court and their employees are not the ones managing the company or the website. Only after the government stepped in did we start getting information regarding how to find your servicer and where to send your payments.
Here is the link
https://www.tbwloansearch.com/LoanCheck.aspx
Haven’t seen this on here yet… I was with TBW and did a refi with them that closed on 7/29/09, funded 8/3/09. I rec’d information that my OLD TBW loan number was transferred to CENLAR, but they had no information about my NEW TBW account. TBW website showed both accounts, the old one being paid in full, the new one for the correct new mortgage amount. This is/was a Freddie Mac loan. I checked the loan search on the TBW site and it says the OLD loan is being serviced by CENLAR, the new one by TBW – called TBW, told them this is a Freddie Mac loan (verified by call to Freddie Mac) and needs to be transferred to CENLAR, they told me no, I need to send money to TBW – ya, right!
So, right now, two servicers are asking me for money on one property – CENLAR is asking me for payments on my OLD mortgage and TBW is asking for payments on my NEW loan.
I have faxed EVERYTHING to CENLAR (since 9/15/09) and still have not heard back from them. Apparently, the people in their “research” area (where I was instructed to send the fax) cannot take phone calls and the CSR rep are of NO help.
oh, and by the way, the Deed of Trust (for the NEW mortgage) HAS been recorded with the county Recorders office, so I know the “funding” did happen (it was internal within TBW)
Any suggestions on how I can force TBW to transfer my NEW loan to CENLAR?
T Randall,
Wow, you’re absolutely right. That’s news to me. So you HAD Taylor Bean and refinanced through them.
First, I’d start by sending proof of your recorded loan to Cenlar. See if that gets them off your back. I’d get a copy of your final HUD statement from escrow showing the recording, the Deed of Trust you mentioned and a copy of your new Note that’s recorded. All should be in your loan docs. Recorded copies can be received at your recorder’s office, which is even better.
The fact that Taylor Bean has your NEW loan and it matches the loan number is interesting. Have you entered that loan number in the Taylor Bean loan search function on their site? If THAT says it’s still with Taylor Bean also, you may want to send payments but keep records of them. I know it’s scary, but everything put in place to service clients like you has been enforced by the Federal Government. Be sure to keep all records.
I think all the credit bureaus will be easy to work with regarding late payments regarding Taylor Bean loans, but I feel they may not be lenient on clients who choose to not send any payments. I’d ONLY send the payments via a personal check, ask your bank for copies of the cancelled checks and send the checks via CERTIFIED MAIL and keep the tracking. Keep calling and bugging them to insure your payments are safe.
I wish you the best of luck. That’s a tough one.
Keane
I have faxed over 100 pages to CENLAR including proof of the recorded loan (obtained from recorders office), all loan docs, closing statement, etc.
I’ve entered both loan numbers into the loan search on the TBW site and it says the OLD loan is being serviced by CENLAR and the new one is being serviced by TBW.
I’d feel more comfortable sending my payments to CENLAR with the NEW loan number. Thoughts?
So, the loan search features says you have two loans. That’s great (sarcastic tone used).
What did Cenlar say after you sent them those documents?
Ya, I know… I laughed too! CENLAR has not gotten back to me on anything I’ve sent them. When I call, they tell me it is being researched and is set to be completed 11/10/09. But they won’t let me talk to anyone in the Research dept, nor will they have anyone call me. I’m not panicking yet, but I will definitely make a decision and send a check to someone by 11/15/09.
You’re on the right track then. Keep records…keep records and keep records! Ultimately, I would find the loan that most looks like the one on the title. That’s the one tied to the property, which is why I suggested you send the payment to Taylor Bean.
Also see if the escrow company who handled your closing has proof of a full reconveyance from your refinance. This is proof the old lien was paid and cleared from title.
Will do.. thanks for your input!
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Peggy,
You can keep Roundpoint accountable. Be sure to have your bank send you back copies of your cancelled checks and send your payments via certified mail until they get it fixed. I know it’s a pain but it’s the only way you can prove you’ve made the payments and they’ve cleared.
If they still don;’t have it correct after that, you can report them to the FDIC.
I love your post was really interesting, but I was wondering If the US senate has a hard time understanding the new health care bill from Obama how can common folks? When will we be able to understand what he has done?
My mortgage was with taylor, bean. While they were servicing this loan, me and my husband did a loan modification in order to get my name put on the loan. My husband was terminally ill and we knew my name needed to be added. When the loan was transferred to Cenlar, Freddie Mac stated on their website that all documents would tranfer and be accepted by the new company. This has not been the case. Although I have been paying the loan by myself for the last year, Cenlar refuses to talk to me. They have no knowledge of a loan mod (so they say) and my mortgage just went up. I am thinking they went back to the original interest rate, but don’t know for sure as I can’t get anywhere with them.
Nice post, thanks for sharing it!