How do I get my $400 mortgage application fee back from Taylor Bean & Whitaker fiasco?

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I went through a mortgage broker to refinance my home. The broker placed my loan with Taylor Bean & Whitaker. I was fully qualified and approved for the loan. However, before the loan could close, the federal government shut down Taylor Bean & Whitaker. The mortgage broker informed me of the situation and offered to place me with a different lender at a higher rate. At this point, am I entitled to a refund of my $ 400 application fee? I’d like to walk away from this mess.
1) The loan was not an FHA loan.

2) Other lenders will not accept the appraisal that was done. So, if I go with a new lender, I have to pay for another appraisal.

  1. Reply
    May 4, 2011 at 12:12 am

    While you may certainly be entitled to a refund, chances of getting same any time soon are very low. TB&W has basically ceased operations, and is attempting to ‘restructure’. Odds of a refund during such a mess are quite low. If you want a mortgage, follow your broker’s advice and seek a different lender.

  2. Reply
    May 4, 2011 at 12:19 am

    The $ 400 fee was probably for your appraisal so if an appraisal was done you will not receive a refund.

    Edit: I have several lenders that are already either accepting transferred appraisals from TBW or are setting things up to do it.

  3. Reply
    Beverly S
    May 4, 2011 at 1:01 am

    Was your loan going to be FHA? If so the appraiser can transfer the appraisal (for 6 months) to a new FHA lender if the appraisal has been done. If not, your broker should still have the money & you can ask for a refund from him. If appraisal has been done & you don’t want it transferred you have a right to the original appraisal.

    If your loan was conventional I can’t answer your question because the appraisal is ordered through a management system instead of your broker.

    I work for a mortgage co. who sold all of our loans to TBW- our customers don’t even know who to pay yet- Bank of America is taking over all their loans.

  4. Reply
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    February 27, 2012 at 2:46 am

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