Buyer BEWARE! Taylor, Bean, and Whitaker Suspended From Making FHA Loans!

There was a time when closing took 30 days.......As we all know those days are long gone.

Our job as a REALTORS is becoming more challenging as we navigate through today's lending environment. Coastal Georgia has seen an increase in the number of FHA Loans used. It's easy to see why considering buyers are only required to put 3.5% down. As a result of the lower down payment FHA has strict guidelines, and at times you feel like you are having to jump through hoops with well tests, septic tests, required repairs, and the list goes on. Experience shows that getting all of these things done, and having HUD approval is taking longer than 30 days is most cases. It is more important than ever for REALTORS to stay on top of things, and make sure all inspections/repairs are done in a timely fashion. Nobody wants to extend the closing date.
Now there is another possible delay.......and it's not good. The FHA has suspended Taylor, Bean, & Whitaker from issuing FHA loans. This is the same Taylor, Bean, & Whitaker that is not only in the Top 5 for largest originators of FHA loans, but they are also the largest lender to ever be suspended from FHA lending.

The Department of Housing and Urban Development (HUD) is concerned with Taylor, Bean, & Whitaker's financial disclosure and business practices. HUD is sending a warning through the lending community to play by their rules, or don't play at all.

So what does all of this mean?....If you are not obtaining an FHA Loan then not much, but for those who are it could delay closing for an undetermined period of time if the client choose to stay with Taylor, Bean, & Whitaker.

The following link is from an article in the Wall Street Journal that will provide more information http://online.wsj.com/article/SB124940991556305327.html