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part of protecting your investment. Regular maintenance now can prevent huge expenditures in the future. 

LETS TEST OUR HOME MAINTENANCY IQ:

1. NOISY PIPES ARE JUST HOUSE SETTLING, NOTHING TO WORRY ABOUT?

    FALSE: The underlying cause of noisy pipes could be associated with vibrations that loosen fittings and cause costly leaks.

    2. USE SALT DURING WINTER WEATHER FOR TRASCTION ON WALKWAYS?

    FALSE: Salt can actually cause unsightly damage to pavement. Opt for kitty litter or sand to do the trick without marring the pavement.

    3. HOT WATER AIDS THE BREAKDOWN OF DEBRIS THROUGH THE GARBAGE DISPOSAL.

    FALSE: Avoid clogs by using cold water during garbage disposal operation to solidify and flush greasy waste.

    4. RUN CEILING FANS IN THE SUMMER ONLY TO KEEP COOL.

    FALSE: In the winter, ceiling fans aid heating by circulating warm air that accunulates near the ceiling. For maximum efficiency, run ceiling fans clockwise in the winter and counter-clockwise in the summer.

Call me when you're ready to buy or sell. I can guide you through the complexities of real estate.

August 4, 2009, the federal government shutdown Taylor, Bean, & Whitaker's FHA lending operations.

And while the press is breaking stories about the company, its executives, and its business dealings, the biggest story as yet untold is the impact of Taylor Bean's shutdown on everyday American homeowners.

Taylor Bean was the 3rd-largest issuer of FHA home loans, funding $17 billion in the first six months of 2009. Assuming an average FHA loan size of $185,000, that's 3,800 loans funded per week.

So, if we account for TBW's 60-day turn-times in underwriting, the math tells us there's at least 30 thousand people who are suddenly without financing -- some of whom expected to buy a new home today.

Taylor Bean's shutdown has spawned a lot of questions from affected FHA borrowers. Here are some of the more common ones.

How do I know if my FHA mortgage application was being underwritten by Taylor, Bean, & Whitaker?

If you're unsure whether Taylor Bean was underwriting your FHA mortgage, talk to your loan officer about it. Or, think back to the beginning of the approval process; you likely received a stack of disclosure documents from the "end lender". If those papers were branded by TBW, your FHA mortgage was with Taylor Bean.

Do you have a copy of the official Taylor, Bean, & Whitaker company statement that it's shutting down its FHA business?

Yes. Here's the Taylor Bean Whitaker Press Release discussing the shutdown.

Will my FHA Streamline Refinance with Taylor, Bean, & Whitaker close? It's in-process.

No, Taylor Bean is no longer funding FHA mortgages. Your FHA Streamline Refinance will not close with TBW. If you want to do an FHA Streamline Refinance on your home, you'll have to start the refinance process over.

My Taylor, Bean, & Whitaker FHA mortgage was already scheduled for a closing. Am I still closing?

No, Taylor Bean is no longer funding FHA mortgages. Consider your FHA mortgage application "dead". If you want to close on an FHA mortgage of any type -- purchase or refinance -- you'll have to start the refinance process over.

I am buying a house and have a FHA approval from Taylor, Bean, & Whitaker. Will it be honored?

No, Taylor Bean is no longer funding FHA mortgages. If your loan officer hasn't done it already, notify your real estate agent and every other interested party about what's going on. The Taylor Bean shutdown has been widely publicized. Your seller won't be happy about the situation, but they won't be able to say it's your fault, either. The next step is to start a new FHA mortgage application with a new FHA lender. If you are in need of an FHA mortgage for whatever reason e-mail Jerry Lampert at, www.jerrylampert.com of Republic Mortgage Home Loans which will be a good option for you. He is strong with all mortgages and has rates that are very good.

I am buying a home and my Taylor, Bean, & Whitaker FHA mortgage was cleared-to-close. Will my mortgage fund on time?

No, Taylor Bean is no longer funding FHA mortgages. Even though you were cleared-to-close, the government is forbidding TBW from sending funds to your closing. If you are in need of an FHA mortgage for whatever reason e-mail Jerry Lampert at, www.jerrylampert.com of Republic Mortgage Home Loans which will be a good option for you. He is strong with all mortgages and has rates that are very good.

I closed on a FHA refinance with Taylor, Bean, & Whitaker last week. The loan was scheduled to fund this week, but then the government shut down TBW. Will my loan still fund?

No, Taylor Bean is no longer funding FHA mortgages. Even though your loan was "closed", it doesn't fund until the 3-Day Right of Rescission is over. Therefore, if you signed your refinance paperwork with an escrow agent July 31, August 3, or August 4, 2009, your refinance will not fund with TBW. If you signed your paperwork on Thursday, July 30, your odds of the loan actually funding were small. If it didn't fund and you still want an FHA mortgage, you'll have to start the FHA mortgage approval process over. Talk to your loan officer about what's next.

I went to my FHA purchase closing on Wednesday, right as the Feds were raiding Taylor, Bean, & Whitaker's offices. I signed all of my paperwork but my loan didn't fund. When will the funds get to my closing so I can finally close on my house?

The funds will not arrive for your closing. TBW is no longer funding FHA mortgages. All parties in the transaction should be made aware of your financing situation as soon as possible. If you are in need of a new FHA mortgage for whatever reason e-mail Jerry Lampert at, www.jerrylampert.com of Republic Mortgage Home Loans which will be a good option for you. He is strong with all mortgages and has rates that are very good.

Can't another lender just "assume" my in-process Taylor, Bean, & Whitaker FHA mortgage approval? No. FHA mortgage approvals are not assumable. If you move your FHA home loan to a different lender, expect to restart your mortgage approval from the beginning including the signing of new disclosures and the providing of current income and asset documentation.

I paid for an FHA appraisal as part of my mortgage approval. Do I have to pay for another appraisal with a new FHA mortgage lender?

It depends. Some appraisers will charge a small fee to "assign" your FHA appraisal to a new lender and some will do it for free. Depending on the age of your appraisal, though, you may be required to re-order and start fresh. This will be the most expensive option, but it's out of your hands -- appraisal requirements are at the lender's discretion.

Okay, I get it. I have to start from Square One with a new FHA mortgage application. Do I get to keep my old mortgage rate?

No. When your mortgage application was canceled with Taylor Bean, your mortgage rate lock was canceled, too. Your new mortgage rate will be whatever the current rates are for an FHA home loan.

My loan officer says that Taylor, Bean, & Whitaker was his only FHA lender. What do I do?

If you are in need of an FHA mortgage for whatever reason e-mail Jerry Lampert at, www.jerrylampert.com of Republic Mortgage Home Loans which will be a good option for you. He is strong with all mortgages and has rates that are very good.

Call Joana Hoover for more information or for help with any of your loan questions she will be more than happy to direct you to the correct party to give you the help you need.

360-362-2700 joanahoover@remax.net