Fred Chamberlin

MLO 271072 OR & WA

Retired Mortgage Advisor

Oak Harbor WA 98277

541-221-3455 cell

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Taxes, 1098 and Taylor Bean & Whitaker

Those that follow my post know that I refinanced last year with Taylor Bean and Whitaker (TBW) on a VA ARM. It was shortly after that TBW was closed by HUD for problems with their lending policies. My loan was taken over by Bank of America and I had some difficulty finding out what to do with my payment. Now it is tax time and I, like many others, am wondering where my 1098 showing interest paid is from TBW.

So, I did some research, and this is what I found on the TBW website (yes, it still exists):

PLEASE NOTE: IF YOUR LOAN WAS TRANSFERRED TO ONE OF THE FOLLOWING SERVICERS IN 2009, ONLY ONE FORM WILL BE GENERATED: CENLAR, SAXON, OCWEN, BANK OF AMERICA, ROUNDPOINT OR DOVENMUEHLE or 21st CENTURY. . THE FORM, GENERATED BY YOUR NEW SERVICER, WILL COMBINE BOTH TBW AND THE NEW SERVICER’S INFORMATION BUT WILL NOT BE AVAILABLE ONLINE AT TBW’S WEBSITE. CONSEQUENTLY, IF YOUR LOAN WAS NOT TRANSFERRED TO ONE OF THE ABOVE REFERENCED SERVICERS, YOU WILL RECEIVE A YEAR END 1098 FORM FROM TBW AND THE NEW SERVICER, IF APPLICABLE.

So, the good news is that I have received the 1099 from Bank of America and “hopefully” it is correct. Now, all I have to do is fill out the tax returns and see what the latest tax code changes have done to me. I hope this information will help others that had TBW loans and were wondering what the status of their 1099 was. If this doesn’t satisfy your needs, try the TBW Website.

Contact Me

If you have questions about your current loan or are looking to refinance, contact me (Fred Chamberlin, the Eugene Loan Guy). I would be happy to help you mortgage needs. If you have questions about mortgage loans please contact me at 541-342-7576/541-221-3455 cell or by e-mail. I am a Senior Mortgage Advisor at Alpine Mortgage Planning, 1200 Executive Pkwy., Ste. 100, Eugene OR 97401. I am here to help you with your mortgage needs.

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6 Responses to “Taxes, 1098 and Taylor Bean & Whitaker”

  • Janice Sergeant says:

    I’m just asking you a quick question. Are you having trouble with Bank of America on your loan? I made my aug. payment to TB&W but it didn’t get recorded with boa. I have received over 100 late letters and about 360 phone calls saying I’m a month behind. I have taken my Aug check to them that cleared the bank to TB&W and my bank statements. But they still say I’m a month behind. I feel like I’m fighting a losing battle. Now they have put in the late charges and my monthly amount is now over $1600.00 per month. Even though I have a VA loan 30 year fixed and my orig. monthly amount 1,415.23 per month. BOA says its late fees and penalities being added in per month that is why the increase in my monthly amount. I have been told by lawyers that it would take to much money to fight BOA. I’m at the point of saying here is the key you win but I have made all my payments to date. Are you having trouble with BOA? IF so what are you doing?

  • fchamberlin says:

    Janice,
    I didn’t have any trouble with Bank of America, mainly because I hadn’t made my payment due to the problem with TBW. I had it in my account and wouldn’t send it when I heard about their troubles. Because I hadn’t made the payment, Bank of America was very caring about getting it. They wanted me to give them a telephone check but then were going to charge me to do that….they are funny that way. So, I agreed to make the payment at a local branch….not happening, they still didn’t have my loan in their system. Moral of the story, they credited my payment.
    However, the same thing happened to my nephew that happened to you. After much hassle, he finally made an additional payment. Bank of America is being real buttheads about this. I suggested to him and also to you that you contact the state’s attorney general, consumer affairs and the VA. File complaints against BofA. It isn’t going to help you to file suit against BofA because they have a lot more legal power than you do. Maybe if a class action attorney took it on, it might help. In the meantime, call everyone in the state that regulates banking and mortgage and file complaints. Also won’t hurt to contact the Better Business Bureau. Keep on them as long as you have proof of your payment, don’t give up.

  • Randy Borton says:

    I have had very much the same problem with TBW and Bank of america. My first payment went to TBW and still has not been credited to my account with Bank of America. I had numerous late payment calls from Bank of America and explained to them every time the situation but they kept hounding me for the payment. so i made an extra payment to shut them up and to stop the late fees from adding up. Then i sent in a RESPA dispute to Bank of America the reply was that they put a note in my file but did NOTHING… to credit my account or return my late fees that i paid. From the looks of things my first payment plus the late fees i will never see again because Bank of America is not going to do anything..

  • fchamberlin says:

    Randy,
    I think that everyone that has a problem with Bank of America over the TBW problem should contact their state’s Attorney General, The state Banking regulator and maybe even the Comptoller of the Currency that I think has jurisdiction over BofA. What is happening is wrong and needs to be corrected.

  • Jade beach condo says:

    I love your posts regarding real estate, and this one is so true. Thanks for the post.

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