Taylor Morrison Home Funding

Taylor Morrison builders offers a $5k credit towards closing costs if buyers use their "in-house" lender, TMHF.

So I figured, sure, what the heck, I'll take it.  Fast forward a few weeks and I'm now in mortgage applicant hell. It's unbelievable how much documentation I have to provide.  I'm days away from closing and they are STILL asking me to provide documentation for this and that.

Anybody else have used TMHF?? 

asg

IrvinePeon said:

Taylor Morrison builders offers a $5k credit towards closing costs if buyers use their "in-house" lender, TMHF.

So I figured, sure, what the heck, I'll take it.  Fast forward a few weeks and I'm now in mortgage applicant hell. It's unbelievable how much documentation I have to provide.  I'm days away from closing and they are STILL asking me to provide documentation for this and that.

Anybody else have used TMHF?? 

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Haven't used them. But you know the lender wants to make sure, the loan probably went through review so maybe they forgot something. (Who knows)

ToMuchHellF###

TMHF is a mortgage banker. Mortgage bankers have to be ready for a near error free sale to the investor right after closing. This then means your package submitted to the Underwriter, to the post closing Auditor, and eventually to the Investor needs to be squeaky clean.

Anything outside the box or missing data is a loan that has to be bought back by the originator. You get 2-3 of those per quarter and some companies (not TMHF since they are builder backed, but you get the picture)  with thin liquidity will fold. That's the reason mortgage bankers are so cautious.

Be sure to compare that $5k credit with what's available through other non-builder owned companies. Sometimes the savings isn't as great as it first appears to be.

My .02c

I heard you can technically use an outside lender and TMHF still have to give you the $5k due to some anti-steering law. Anyone heard of this?

Obviously if they give you closing costs, their interest rates will most likely be higher.

Thank goodness, escrow closed, but it was delayed a few days by the underwriter (according to TMHF).  The underwriter is indeed Wells Fargo; rate is 4.25% fixed.

Wells Fargo 4.25% for 30 year fixed?  That sounds high.
Wells told me 3.875% 30 year fixed with no points and no origination fee.
BofA told me the same rate.

Only New Penn Financial said 4.25%.  Strange there is such a big gap.

Irvineboy's comment about the $5K credit affecting your interest rate may be true.  I've been talking to two different lenders and am being quoted 3.875% to 4% for a 30 yr fixed with no points.  I have been working with TMHF and am going through "mortgage hell" as well.  Based on my personal experience and the comments on this and another thread about TMHF, I'm planning to apply with another lender.  I signed a TMHF document as part of the loan package that states that I plan to use TMHF for my loan.  Does anyone know if I need to get written approval from TMHF if I decide to change lender?

We signed the purchase agreement with TMHF initially, then changed to Wells Fargo directly a week later. We did have to sign an update/amendment that the sales staff arranged.

Also got 3.875 0/0 through WF.

irvine buyer said:

Irvineboy's comment about the $5K credit affecting your interest rate may be true.  I've been talking to two different lenders and am being quoted 3.875% to 4% for a 30 yr fixed with no points.  I have been working with TMHF and am going through "mortgage hell" as well.  Based on my personal experience and the comments on this and another thread about TMHF, I'm planning to apply with another lender.  I signed a TMHF document as part of the loan package that states that I plan to use TMHF for my loan.  Does anyone know if I need to get written approval from TMHF if I decide to change lender?

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Irvinebuyer, I think they have to release you.
Do you know how they will give you the closing costs if you go outside lender? Anyone have success doing that? I heard if they cannot do the loan and you go to an outside lender, they have to give you the $5k closing costs at closing.