TBW Reeks of Something, We Just Aren't Sure What(TF)

Wednesday, August 05, 2009 , , , , 0 Comments

Cascade Pacific Mortgage's Adam Stein has some questions around the Taylor, Bean & Whitaker mess and frankly so do we. There is a little too much in this story to digest so we'll have to take it in little pieces along the way (God forbid you people pay attention for longer than 3 minutes), starting with this interesting exchange. Lucky for us, Adam has even provided us the background on the e-mail chain (hey, are the Fed boys paying attention? This is how you do transparency).

Adam can also be found on Twitter @adamlstein - it is our humble suggestion that you follow him because when doomsday actually comes, you're going to want to be behind the guy who is working late on a weeknight.

Curiouser and curiouser:

So we started noticing funding issues w/TBW a week ago... We had a loan released to record that took more than a couple of days to fund after the right of recission was up... normally a sign of maxed out funding line and potential lender asphyxiation (reminiscent of SPFC)... Then comes Tuesday morning with the breaking story of TARP fraud and Federal Agents raiding the TBW headquarters in FLA... By this morning we’re hearing rumors of TBW being stripped of Govie’s by HUD and conventional authority by FANNIE/FREDDIE. In the end my client is left hanging in the breeze on a jumbo fixed rate refinance:locked at 4.5%, signed Monday July 27th, released to record July 31st, never to be funded by TBW….

Here’s this morning’s email trail (pretty good reading): [Jr Deputy Accountant totally agrees]


Please don’t take any offense at this, but isn’t FUNDER’S response pretty much the same as saying ‘please contact someone who cares’?

Can you please answer the question asked below ‘… as to if, and when, TBW is funding loans…’? Answers like: ‘yes’, and ‘funding times ranging 72-96 hours’, sound informative - and may be entirely factual. Answers like ‘Please contact your account executive’ and “Wires are delayed. I don't have any other information…”, sound like ‘ask someone who cares’ and ‘I’m in the dark here and I’m not going to look for a light switch’… Answers like ‘we’re screwed and we’re going out of business’ aren’t so much what any of us are looking for either but I have to know what is happening with respect to our client’s loan [my emphasis... the funny part is that TBW was screwed, as Adam found out just moments later. LOL!]
Long and short of it is this: I need more information than what were being given (which isn’t much). Can you help?

Thank you,

Adam L. Stein,
Executive Vice President
Cascade Pacific Mortgage Co.
[we don't want people stalking Adam, but he can be found here]

License# [we don't have to publish that, do we?]
Chairman, Washington State Mortgage Broker Commission
Broker of the Year, Washington Association of Mortgage Professionals
Advisory Council, Conference of State Bank Supervisors
Recipient, Jim Fitzgerald, Lifetime Achievement Award

From: XXXX (Funder TBW)
Sent: Wednesday, August 05, 2009 10:15 AM
To: Adam Stein; XXX
Subject: RE: CLIENT

Adam - Please contact your account executive.
FAX LINE - 801-999
From: Adam Stein [mailto:]
Sent: Wednesday, August 05, 2009 11:07 AM
Subject: RE: CLIENT

Please understand – we have a very concerned client, who I am hard pressed to put at ease. Mr. CLIENT fails to understand why his loan has not yet been funded. I too am growing concerned as this loan was to fund on Friday and as of today, three business days later, we are being told “Wires are delayed. I don't have any other information.”… I realize that your reply may reflect the fact that the funding issues are beyond your personal control - I have been in the industry long enough to understand the dynamics of the ‘availability of funds’. That being said I need to know if TBW is still funding loans and, if that is the case, when you would anticipate this loan funding. ‘No other information’ is unacceptable to my client. Frankly, that response is also unacceptable to me. I need better information so as to communicate some degree of confidence to our mutual client, Mr. CLIENT.

If this request sounds like too much of a PITA factor (Pain In The …) then feel free to forward this email or otherwise put me in touch with TBW’s management. I need someone (anyone) who can answer the questions as to if, and when, TBW is funding loans. Leaving my staff and our clients without any information is wholly unacceptable. I thank you in advance for your attention in this matter.


From: XXX
Sent: Wednesday, August 05, 2009 8:47 AM
To: Adam Stein
Subject: FW: CLIENT

Sent: Wednesday, August 05, 2009 8:44 AM
Subject: RE: CLIENT

Wires are delayed. I don't have any other information.

FAX LINE - 801-

"Wires are delayed"? That's a new one!

Never one to wildly speculate, I will hold off on accusations until I've gone just a tad further down this particular rabbit hole. I'll be sure to let you know what I discover. =/

(here's a fat fucking hint: it reeks of Deutsche Bank)

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.