Think Glink has reported for weeks now that former Taylor Bean & Whitaker customers would get answers after the Oct. 31 deadline, by which new loan servicers were to have sorted out who would take what TB&W loans. While there has been some progress made, customers are still waiting for many answers.
Sandra Sheley, director of mortgage supervision for the Georgia Department of Banking and Finance, said she’s waiting to hear if the bankruptcy judge has approved those final negotiations between the new servicers. The upside is that all loans should have been assigned to new servicers by now, and TB&W customers should know who is now handling their loan. If you still haven’t heard from a new company, Sheley said the judge’s approval and next orders should indicate what next steps you’ll need to take.
A large part of frustration for borrowers has been getting their mortgage accounts reconciled—anything from a TB&W bounced check for escrow funds, to unfounded late payment notices to payments that have been frozen by TB&W or a third party, such as Equity Accelerator. Sheley says these reconciliations are still being worked out by the new servicers, starting with getting escrow taxes and insurance payments made first. Sheley also said most of the new servicers have said they will be responsible for any late fees for taxes due to the situation.
If they haven’t already, the servicers will then start to reconcile the accounts to correct payment histories and put frozen payments where they should be. But until then, sorting out the loans between the new servicers has still left a lot of lingering questions for many customers waiting to correct their accounts. We’ll stay on top of any news and steps borrowers can take to help get their accounts in order.
Keep an eye on ThinkGlink.com for an updated list of mortgage servicers, contact information and the replies we’re receiving from the mortgage servicers.
For now, make sure you check out the previous Taylor Bean & Whitaker stories and join in the discussion on the comments. We’re looking at your questions and working hard to find your answers.