nothrdayinparadise's Blog

American Finance did not "fund" your loan, meaning you never closed and your old mortgage was never paid off. You must make your payments to your old mortgage company. You should contact your old mortgage company TODAY. Do not send any money to American Finance, Taylor Bean & Whitaker is a wholesale company,American Finance is your Broker. Your loan was never approved through American by TB&W. You are really in a tough situation, DO NOT go 30 days late on your mortgage or will not be able to refi. You need to start over at this point. FHA underwriting is pretty straight across the board so any lender that is FHA approved should be able to help you, but with the problems you have been through I suggest you go to your bank. You should set an appt with the loan officer and bring all of the documentation you supplied to the broker.

I am a broker and it is frustrating to hear stories like this one. Broker's provide an invaluable service, but in this instance they really let you down.

What a mean thing to say about someone who's trying to help you.

I understand your frustration, but I mean just because YOUR broker did you wrong doesn't mean Michelle doesn't know what she's talking about.

Wait til your lawyer screws you over. Then you'll really be jaded. Then what will you do?

Wow, thanks for the slap in the face. You obviously did not select a very good broker, I hope you have better luck in selecting a lawyer. I advised you to start over with a lender directly because it is obvious you were not working with an honest broker, your ability to judge character is lacking. To make a blanket statement like that clearly shows your lack of intelligence. Think about what you are saying, one bad apple does not mean all brokers are horrid. If you went to a mechanic and they did not perform would you state "never go to a mechanic again", or would you use one that came highly recommended? Good luck to you, you are going to need it.

p.s. the "loan committment" comes from the Lender NOT the Broker, suing the broker will make your lawyers' Lexus payment for a few months. Signing a mortgage brokerage agreement or contract only states that you know that broker represents you, not the lender.

I guess michelled does not know how to read yet she is calling people uneducated, go back and re-read I already signed all the refinance docs not a broker agreement, jeez

You state that you have a signed "refinance contract", those are your words and I did read them incorrectly. The issue is, you do not have a contract with the actual lender. Signing the docs at the closing table does not ensure that you have a new mortgage unless the loan funds. What you should look for in your stack of paper work is a "loan committment" from Taylor Bean and Whitaker. They are a reputable wholesale lender, for whatever reason they have chosen not to fund your loan at the closing table. If they emailed docs to your title company, which you indicate they did then your loan was approved and cleared to close. Something happened from your closing date until the funding date. There is a three day right of recission on primary residences from the date you sign the docs until the funds are transferred from the lender to the title company. Your broker never touches the money and is not paid until the loan funds.

In order to be in compliance with state law you would have signed a broker agreement or contract otherwise the lender would not have underwritten your file.

I do not usually call names, but it was not nice of you to insult my profession just because you used a broker that has problems. I suggest you start over with a bank to expedite the process, because it sounds like to me Taylor Bean & Whitaker has made an underwriting decision to NOT fund your loan. There are many reason this could happen and starting over could put you on a faster track than dealing with an attorney.

Michelled
I first want to apologize for anything bad I might have said about you personally, that was definitely not my intentions but somehow I did not word it correct, again for that I am truly sorry.

As far as your profession, again I am not attacking you, but I find brokers only concerned about their own pocketbook, I have dealt with 4 different ones through this seemingly easy process and all they wanted was to take my money and run. So out of the 4 all were bad so how should I look at the profession? I also called FHA and they just told me I CAN NOT go to another broker/mortgage co, they have already done a lock with that Finance Co and I am stuck with it, now the legal docs they are responsible and can not back out after I have signed the docs.

I have contacted them and they even admit they dropped the ball on this, however this does not make them go any faster.

The biggest problem is how the broker has handled this matter, I have spoken with many people in the past few weeks and I always have people email me the horror stories of brokers so I still stick with my original statement of NEVER USE A BROKER.

I am again sorry if that offends but 4 personally were bad and I have many emails from others I find its hard to believe anything different.

The FHA lady said most of the sub-prime problems were brokers doing what was best for their pocketbook not the buyer, her words exactly, and I tend to agree even though the buyer is also responsible for stupidity.

Thank you Michelled.

Here is an update, I called TB & W, apparently American Finance is the one that messed up. They were told by TB&W the requirements on the subordination 5 weeks ago and American Financing CO, never told the subordination people what was required. I talked with the subordination people and they faxed it over right away, so now TB&W will fix their portion in 24 hours.

However this still leaves all the fees, interest and other problems. We spoke with Florida Attorney General and also Senator Nelson and they jumped on this, they also filed a grievance with American Financing Co and they must pay all the fees and charges, as well as we will file suit in court for anything derogatory on my credit.

Now, if everything goes smooth, finally this will be over.

A little about the past Brokers.
The first quickly took 450 dollars and then did an appraisal and submitted it for conventional loan, however when final underwriting found it was Florida they turned around and took off 10% off the appraisal for soft market. I owe 153K and the house was appraised for 172K.

I must also say I have superb credit and good job, so none of that is in play.

The first broker told me they do not do FHA so I was SOL. No refund, no nothing. They even refused to give me a copy of my appraisal even though I asked in writing.

Second Broker, took my 350 and ran, did not even show up for the appraisal but said they did it, sent me the appraisal that was appraised at 108K, no photos, no inside house data.

Third Broker, told me they did FHA, again took my mone

OUCH! Most brokers do not do FHA loans as you must be a correspondent lender and the liability goes up dramatically. Because FHA is the "hot" thing right now since subprime has all but disappeared it sounds like you were just taken advantage of. Very frustrating and I can see why you have your opinion. Fortunately for the rest of us, most of the fly by nights will disappear.

I personally decided to get my broker's license after working for the bank for 15 plus years because I could offer better products at lower rates. I have all of the big banks available at discounted rates because there is no overhead to the bank.

Sounds like you have it pretty well have it sorted out and I hope you get your money back. Like I said before if you a question, let me know and I will try to help you sort through it. No hard feelings, I can understand your frustration. Take care and best wishes!