“These Clients were Part of a Lender Fraud Case”

     “These Clients were Part of a Lender Fraud Case”



Dear Joe,

Just a quick message to say thank you for all of your efforts, help, and advice throughout our long and stressful mortgage refinance. We never thought something that was supposed to be quick and easy would turn into such a disheartening 5 month process. With the help of Right Trac we were able to get into a new and "real" mortgage if you will, and finally get some peace of mind. Starting with Eric 8 years ago, up until now, we have been very pleased with you all and will continue to recommend your company to friends and family. I'm sure we will contact you in the future for other refinances. And although we couldn't resolve the issues with the Taylor Bean and Whittaker fraud, we are relieved to be out of that mess and secure in a good mortgage. Joe, one final thing, if you could please share with us the banks/credit unions that could help up with a home equity loan that would be great!

Thanks again,

Justin and Nicole


My heart broke for these folks. A number of years ago they did a USDA mortgage with a lender by the name of Taylor, Bean & Whittaker. The chairman of this company is doing some serious time and harmed many people along the way.


When I did the mortgage application I was doing it as a USDA streamline loan which meant the process was pretty seamless and it would be pretty quick. The lender approved the loan and it was sent to USDA for their approval and the loan was denied. It was denied because they indicated they never underwrote the loan way back when and they never got their funding fee.


What happened was TBW kept the $5,000 funding fee which was charged at the time of the original purchase, even though these folks paid the fee and have been making their payments for years and it included a monthly mortgage insurance fee. The current servicer is Bank of America and they also let the clients know, it wasn’t their problem.


Our lender contacted USDA on behalf of these clients to make an exception and approve the loan based on everything that was explained to them and guess what they said, “They were not willing to insure this mortgage for these clients”. Even though I called the local director of USDA, I could get nowhere as well.


I ended up doing a new mortgage for them. It felt great to get the loan closed for them. This time a real mortgage!

Subscribe to my blog via Email:


Enter your email address:

Delivered by FeedBurner


Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com



Like me on facebookfollow me on twitterConnect with me on linkedin

Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 4 commentsJoe Petrowsky • October 23 2017 03:03PM


Good morning Joe. What a sad story and so unnecessary. Glad they found you.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) almost 2 years ago

Wow what a mess. Thank goodness this is all behind them now.

Posted by Kat Palmiotti, The House Kat (Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com) almost 2 years ago

Way to go Joe, just goes to prove that if you have a knowledgible loan officer and cooperative borrowers there are solutions out there to be had.

Posted by David A. Weaver, 24 years helping folks finance their dreams. (Peoples Bank & Trust Co.) almost 2 years ago

I remember those guys from the short sale days. We sure did quite a few they were involved with.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) almost 2 years ago