• Report: #523784

Complaint Review: Taylor Morrison Home Funding

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  • Submitted: Sat, November 14, 2009
  • Updated: Sat, November 14, 2009

  • Reported By: Jonathan V. — Los Angeles California United States of America
Taylor Morrison Home Funding
Internet United States of America

Taylor Morrison Home Funding Taylor Woodrow Avoiding pitfalls when dealing with Taylor Morrison (or other Home Builders) Internet

*REBUTTAL Individual responds: Taylor Morrison Home Funding Scams

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To whom-it-may-concern:

I'm taking the time to write about my experience as a first time home buyer, so that other Americans who are also FTHB can be informed about possible challenges and pitfalls.  In fairness to Taylor Morrison, I believe that my experience is not isolated to just TM, but other builders (e.g. KB, Centex, etc.) as well.

Around June 2009, my wife and I found our dream home in a TM development in Southern California.  We both viewed the model homes and just fell in-love with a particular floorplan/home.  In short, we were able to successfully close on the home before the Dec. 1, 2009 deadline for the $8000 Federal Credit (although, this is no longer the case, since the deadline has been recently extended)

To make our suggestions easier to read, I will just enumerate the list of things to watch out for.  I hope that this will help other Americans out there.
===================

1) If you plan on purchasing a home at TM and wish to stay with your personal Real Estate Agent, make sure that you bring your agent the FIRST TIME that you visit the model homes.  If you're not able to bring your agent, do not make any deals or try to negotiate anything with the TM sales person.  Just say, "thank you" and then you're still shopping around.  The reason why I say this, is because I made that mistake.  The sales person gave me some incentives to buy the home (e.g. 10k closing costs, 7k+ on upgrades 10k off sales price, etc.)  BUT, it can only be offered if I drop my agent.  (The problem with that is, once you drop your agent, no one is looking out for your best interest)

2) Upon receiving your FIRST GFE "Good Faith Estimate" don not sign any documents that have YSP "Yield Spread Premiums" on it.  The topic of YSP is another thread altogether, please feel free to google and further research what that means.  The bottom line is, as a homebuyer, if you have a YSP tacked on to your loan, then that pretty much guarantees that you will not be getting the best rate possible.  So if you're technically approved for a rate of 5% for example, the TM Home Fund will instead let you know you're approved for 5.5%.  The additional .5% tacked on to your rate (that TMHF is telling is the BEST that they can find for you) is absolutely FALSE.  Without the YSP, you would be getting 5% instead of 5.5%.  But since you implicitly agreed to a YSP by signing the GFE, the final loan package will have a YSP tacked on.

For my wife and I, I knew about this, so we were able to dodge it.  Please keep in mind that with YSP, that is the only way for the TMHF broker to get paid since they are most likely paying for your closing costs (e.g. through incentives).  Hence, they will be pushing for the highest YSP possible if they realize that the buyer is unaware of their motives

3) When buying upgrades, look at the fine print.  Basically, with us, they tacked on the price of the upgrade to the final purchase price and loan amount.  So if you are not planning on financing 1-5k of upgrades for 30 years, make sure you tell them upfront.  They were really sneaky with us.  On the day that we were going to close, our purchase price and loan amount increased by the amount of upgrades that we purchased.  Sure... we could have been backing out, but keep in mind that we already told our Apartment Manager that we were leaving that week, so we did not have the luxury to redraw the "closing" papers.  Please be aware of this

4) The only way for you to get back your deposit is if your loan was completely denied by the banks that TMHF is in dialog with.  If you get a loan that is approved based on "contingent upon" conditions  (e.g. paying for a credit card, bigger down payment, paying for th reminder of your car lease or car loan) it is considered by TMHF that you were approved.  Hence, your 1-10k deposit (whatever it maybe) will not be refunded.  So two things:
- Make sure that when you correspond w/ your TMHF agent, that you are explicit about meeting certain conditions that the bank is looking for if you dont' feel comfortable with it or it's just not feasible.
- Don't forget to try to process your home loan with another broker in parallel.  Remember you don't have to go through TMHF!

Thanks for your time.  God Bless you on your first or next home.

- JV

p.s. TM is actually a very good company to deal with.  But if you don't watch yourself and don't seem to be informed, you will more than likely get taken advantage of.

p.s.#2 Don't forget to document e.g. pictures of your new home (every step of the way, from the pouring of the foundation to the final walkthrough)

p.s. #3 Taking pictures of the "frame" walk-through is very important if you're plannign to wall mount your TV and put an elaborate Home Entertainment System.  You get an idea of were the studs are prior to using stud finders.  If you plan on putting some HDMI or speaker cables behind the wall, don't forget to bring the "inwall" certified cables with you.  You can just install it yourself before the drywall is put on.  It will save you a lot of head ache later.

This report was posted on Ripoff Report on 11/14/2009 08:45 PM and is a permanent record located here: http://www.ripoffreport.com/r/Taylor-Morrison-Home-Funding/internet/Taylor-Morrison-Home-Funding-Taylor-Woodrow-Avoiding-pitfalls-when-dealing-with-Taylor-Mor-523784. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 REBUTTAL Individual responds

Taylor Morrison Home Funding Scams

AUTHOR: Dundiit - ()

Buying a home is the first and imprtant dream of everyy single American. It is a dream that is significant to everyone regardless of thier income whether they are rich or low income. It does not matter how much you have into your account or what position you're holding, the only important thing is your own decission when you decide to buy a home and start to live independently.

The dream that all American have is such impartant dream that no one would ever think of taking it away from any one. The US federal and state governemnts always stood  firm by the Low Income US families who struggled financially to improve their life.

The government provides subsidy programs to assist those who need it. The Taylor Morrison Company will not accept these government subsidy, which making it hard on a low income home buyers who has chance to qualify for government assistant first time home buyers programs. 

To come to the point, let me start by informing those who are looking toward buying a home through Taylor Morrison company, especially the LOW INCOME families to watch out very carefully with this company's guildelines and procesures.

My experience with Taylor Morrison is very hassle, and a heart breaking. Myself and my wife has long been wanting to buy a home for our family. However, our credit scores was not that great. In 2012, we started to built our credits to the point where we could not even realized our credits has jumped upto 800 Score points.  When we found out about our healthy credit reports, we were so excited and start to shop for a home. We went through many various building companies, looking through their models and having conversations with their sale persons.  Mywife and I fall in love with one of the Taylor Morrison's model, and we choosed the model for our new dream home. 

We started the process with one of their sale persons, and then he transfered us to one of his loan consultant to work with us. 

While we are in the process, the consultant kept telling us that the home is ours and we will definetly qualify. We had our walking and closing days scheduled Late September 2013. Right after we walk through the home, we were told that the last thing that we need to do toward closing days is to provide my last two months bank statements, and my paystubs to do the last verification for our income. I did sent the documents to them and the loan consultant confirmed that he received the documents. Two days latter, the loan Consultant emailed me and requesting for my last month bank statement.

I asked him whether it is the same one I just sent to him two days ago, or which one he needed. He told me he need the last months bank statement. I went to my bank and get the bank statement and sent it to him again.  Two days before my closing day, I received a call from a person who introduced herself as credit agent for Taylor Morrison Company, and she would like to talk to me regarding my student loan. I aware her that I did provided my student loan paper works to my loan consultant and if she want to get the information I can provide it to her.  The lady has all my information including my date of birth, social security and full name, but I was surprise because no one notify me of such person. 

One hour later, my loan consultant send me an email with conference number that he said to be the people for my student loan payment check up. When I call him and infomed him that some lady called me and asked to talk to me regarding my student loan, the man apologized to me, and encouraged me to call the lady back right a way. Now, I have one day left for closing. Early in the morning of my closing day, a different lady called me from Florida asking to talk to me regarding my student loan. I told her that I am confused and I just need to talk to one person in stead. She finaly get me connected to another women in California, and the one in California connected the conference with a different lady in the background who has all of my information, believed to be an employees of the credit burreau. We talked, and she told the other lady how much my student loan payment may be after deferement. 

The lady from Florida told me that she  is sending my report to the underwriter, and will call me back before the end of the day today to tell me the result from the underwriter. The day passed, and she never called me back. I sent email to my original loan consultant, and he told me that there is problem with my student loan payment, and make it difficult to get me approved. I provided them wih my student loan paperwork back in May, and it was not an issue. My loan consultant finally told me that I was denied a loan, and he will help me find a different lender instead. I am advising those who need to buy home from Taylor Morrison to know what their loan consultants need before the put their home into the home, because they will disqualified you at the last minute and break your heart so badly. 

Best. D. Dundiit. 

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