Great weekend with all the activity about the listings that Sundin Realty has for the Fannie Mae foreclosed homes. With 6% seller concessions, no appraisal, No MI what’s not to love! This will slowly make the difference in some neighborhoods.

I just rescued another deal where this incredible house was listed for $339,000 and the offer was for $341,000 with seller paying $6,000 in closing costs and Wells Fargo declined it due to low value or the new policy of using an AVM and the value was 10% out of perimeter so they don’t like it. Come May it is even going to be worst as National Companies need to order appraisals and they are guaranteeing value to the lenders…hmmm- value has always been what one will pay so how the hell they goin got do that?

Nothing to do with the fact that the appraisal was a licensed appraiser and is bonded and trained in the field…. and an AVM is like pulling off Zillow- never accurate and especially if you have a nicer neighborhood and less then a mile away has an ugly ran down neighborhood that you are now pulled into! I just can’t believe they will take an automated value over a true professional. UGGGH!~

Well I sometimes wonder about these big banks…. seem to be making it worst for themselves and society as a whole. I think we saved the day with our Homepath loan program! We are able to offer the same 95% loan and this time go the full 6% seller contributions and had en even lower rate! Clients are ecstatic…and I scored a new affiliate partner I hope for once again stepping out of the box and finding solutions to the problems of today.

We have a really incredible bridge loan as well that I think I will be offering training on next….I think it will be another GREAT TOOL that will make a difference of a tranasaction. For those struggling the box is getting smaller and for those who are adventurous I say it’s time to LEAP! Try something different- make sure you have the very best lender you have ever spoken with… market like you have never markete before….

As hard as it is to compete with the banks today….finding what works in this market and educating the Realtors and buyers has became my true passion and is what it’s all about! We all need to step outside the box, that is one thing that separates the application takers from the true professionals.

Yours truly,

A broker refusing to join them in the box!

Bill Black CMP

Not seen inside the box!

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August 4th, 2009 – USA

FHA Suspends Taylor, Bean & Whitaker

I stopped using Taylor Bean & Whitaker about 3 months ago as I noticed their practices was not up to standards and now I see that wa s a very good decision. Here is the actual announcement HUD made today regarding TBWs suspension and the potential debarment of 2 of their top executives.

This is just another example of why we as mortgage professionals need to always do business in an ethical manner and not give in to the short term gains that can so easily be achieved in our industry.

Here’s the announcement verbatim….
FHA SUSPENDS TAYLOR, BEAN & WHITAKER MORTGAGE CORP. AND PROPOSES TO SANCTION TWO TOP OFFICIALS Ginnie Mae Issues Default Notice and Transfers Portfolio WASHINGTON – The Federal Housing Administration (FHA) today suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW’s ability to continue to service Ginnie Mae securities. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW’s nearly $25 billion Ginnie Mae portfolio.
FHA and Ginnie Mae are imposing these actions because TBW failed to submit a required annual financial report and misrepresented that there were no unresolved issues with its independent auditor even though the auditor ceased its financial examination after discovering certain irregular transactions that raised concerns of fraud.
FHA’s suspension is also based on TBW’s failure to disclose, and its false certifications concealing, that it was the subject of two examinations into its business practices in the past year.
“Today, we suspend one company but there is a very clear message that should be heard throughout the FHA lending world – operate within our standards or we won’t do business with you,” said HUD Secretary Shaun Donovan.
FHA Commissioner David Stevens said, “TBW failed to provide FHA with financial records that help us to protect the integrity of our insurance fund and our ability to continue a 75-year track record of promoting, preserving and protecting the American Dream.
We were also troubled that the Company not only failed to disclose it was a target of a multi-state examination and a separate action by the Commonwealth of Kentucky, but then falsely certified that it had not been sanctioned by any state. FHA won’t tolerate irresponsible lending practices.”
Ginnie Mae President Joseph Murin said, “I would like to reassure TBW’s customers whose loans serve as collateral for Ginnie Mae securities that, although this action will result in a new servicer, the transition will be seamless for them.”
TBW’s immediate suspension is for a temporary period pending the completion of an investigation by HUD’s Office of Inspector General, an ongoing review by the Department’s Office of Housing, and any legal proceedings that may ensue. TBW is the third largest direct endorsement lender of FHA-insured loans and the eighth largest issuer of Ginnie Mae mortgage-backed securities. FHA decided that TBW’s immediate suspension is in the best interest of the public and is necessary to protect the financial interests of the Department.
TBW may appeal its immediate suspension by submitting a written request for a hearing before an Administrative Law Judge within 30 days. Such a request will not delay the action FHA is announcing today.
In conjunction with TBW’s suspension, HUD sent notices of proposed debarment to TBW’s Chief Executive Officer, Paul R. Allen, and TBW’s President, Ray Bowman. Mr.
Allen’s proposed debarment alleges that he submitted false and/or misleading information to Ginnie Mae regarding TBW’s delay in submitting its audited financial reports for fiscal year ending on March 31, 2009. Mr. Bowman’s proposed debarment alleges that he submitted two false certifications to HUD on TBW’s Yearly Verification Report. Mr. Allen and Mr. Bowman have thirty days to contest the proposed debarments.

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