Simply The Best Loans » Blog Archive » FHA Suspends TBW–TBW Shuts Down

Warning: is_executable() [function.is-executable]: open_basedir restriction in effect. File(/sbin/aspell) is not within the allowed path(s): (/home/greene3/:/usr/lib/php:/usr/local/lib/php:/tmp) in /home/greene3/public_html/wp-content/plugins/ajax_spellchecker/service/spell-check-library.php on line 1004

Warning: is_executable() [function.is-executable]: open_basedir restriction in effect. File(/sbin/aspell.exe) is not within the allowed path(s): (/home/greene3/:/usr/lib/php:/usr/local/lib/php:/tmp) in /home/greene3/public_html/wp-content/plugins/ajax_spellchecker/service/spell-check-library.php on line 1010

Warning: is_executable() [function.is-executable]: open_basedir restriction in effect. File(/usr/sbin/aspell) is not within the allowed path(s): (/home/greene3/:/usr/lib/php:/usr/local/lib/php:/tmp) in /home/greene3/public_html/wp-content/plugins/ajax_spellchecker/service/spell-check-library.php on line 1004

Warning: is_executable() [function.is-executable]: open_basedir restriction in effect. File(/usr/sbin/aspell.exe) is not within the allowed path(s): (/home/greene3/:/usr/lib/php:/usr/local/lib/php:/tmp) in /home/greene3/public_html/wp-content/plugins/ajax_spellchecker/service/spell-check-library.php on line 1010

Warning: is_executable() [function.is-executable]: open_basedir restriction in effect. File(/bin/aspell) is not within the allowed path(s): (/home/greene3/:/usr/lib/php:/usr/local/lib/php:/tmp) in /home/greene3/public_html/wp-content/plugins/ajax_spellchecker/service/spell-check-library.php on line 1004

Warning: is_executable() [function.is-executable]: open_basedir restriction in effect. File(/bin/aspell.exe) is not within the allowed path(s): (/home/greene3/:/usr/lib/php:/usr/local/lib/php:/tmp) in /home/greene3/public_html/wp-content/plugins/ajax_spellchecker/service/spell-check-library.php on line 1010

Warning: is_executable() [function.is-executable]: open_basedir restriction in effect. File(/usr/bin/aspell) is not within the allowed path(s): (/home/greene3/:/usr/lib/php:/usr/local/lib/php:/tmp) in /home/greene3/public_html/wp-content/plugins/ajax_spellchecker/service/spell-check-library.php on line 1004

Warning: is_executable() [function.is-executable]: open_basedir restriction in effect. File(/usr/bin/aspell.exe) is not within the allowed path(s): (/home/greene3/:/usr/lib/php:/usr/local/lib/php:/tmp) in /home/greene3/public_html/wp-content/plugins/ajax_spellchecker/service/spell-check-library.php on line 1010

Warning: session_start() [function.session-start]: Cannot send session cookie - headers already sent by (output started at /home/greene3/public_html/wp-content/plugins/ajax_spellchecker/service/spell-check-library.php:1004) in /home/greene3/public_html/wp-content/plugins/dd-formmailer-plugin.php on line 2

Warning: session_start() [function.session-start]: Cannot send session cache limiter - headers already sent (output started at /home/greene3/public_html/wp-content/plugins/ajax_spellchecker/service/spell-check-library.php:1004) in /home/greene3/public_html/wp-content/plugins/dd-formmailer-plugin.php on line 2
Simply The Best Loans » Blog Archive » FHA Suspends TBW–TBW Shuts Down

FHA Suspends TBW–TBW Shuts Down

On Tuesday, the Federal Housing Administration (FHA) suspended Taylor Bean Whitaker (TBW) from originating or underwriting mortgage loans for FHA.

“The FHA said in a written statement that TBW is the third largest direct endorsement lender of FHA-insured loans and the eighth largest issuer of Ginne Mae mortgage-backed securities.”

According to the Wall Street Journal’s report on Tuesday, Taylor Bean failed to submit a required annual financial report and to disclose to the FHA “certain irregular transactions that raised concerns of fraud.”

TBW was shut down on Wednesday and approximately 1000 employees found themselves out of work. This closure will have a significant impact on both mortgage brokers and borrowers seeking FHA financing.

This entry was posted on Saturday, August 8th, 2009 at 9:10 am and is filed under Residential Mortgages, Consumer Alerts, General Commentary, Regulation. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply