We, as you know, are a direct lender. We underwrite FHA and most other loans right in our office, and fund the new loans. But, we do not “service” loans, or keep the loan and collect the monthly payments from each borrower. We sell our loans to servicers.
Why is this important? Because we have sold a lot of loans to the mortgage servicer, Taylor, Bean & Whitaker; especially our FHA loans. TBW was the 3rd largest FHA mortgage servicer in the nation. And, as you may have heard in the news, TBW closed their doors abruptly last Wednesday. And, a lot of clients are wondering where they should be sending their monthly mortgage payment now.
HUD just came out with a fairly informative information page for loans that were serviced by TBW. You can find it HERE. The entire FHA portfolio has been transferred to Bank of America.
And, if I helped you in orginating your home loan, then feel free to call me and I will do what I can to help you sort out any questions that you have.
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