Alert! Be careful if you doing business with Taylor, Bean, and Whitaker.

Be careful if you doing business with Taylor, Bean, and Whitaker.

If you are brokering to TB&W or your company has a correspondent relationship with them you should be aware of the recent activity at their corporate offices in Ocala, Florida and at their primary warehouse lenderĀ  Colonial Bank’s office in Orlando, FL.

The Fed’s served both companies with search warrants yesterday.

Why should you be concerned?

TB&W was in the process of leading a group of investors that was planning on helping Colonial with a cash infusion of $300 million that would in turn help the bank become eligible for a $550 million TARP bail out.

That deal fell apart last week and Colonial announced that the bank might not be able to continue with out the assistance.

If Colonial is unable to fund TB&W’s closings your loans will not fund.

If your company is doing business with TB&W and you have active loans in their pipeline you should be watching this situation hourly. You should have a back up plan for your pipeline.

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