Former NAMB Chief: Market Will Absorb TBW's Business

A former president of the National Association of Mortgage Brokers says the collapse of Taylor, Bean & Whitaker's wholesale division may not be as disastrous as it sounds for loan brokers. "The void they left will be filled not by one but by many," said Marc Savitt, who recently stepped down as NAMB's annual president. "It will be absorbed," he said in an interview with National Mortgage News. Mr. Savitt, who manages a small brokerage shop in West Virginia, said he has not had any trouble funding loans with the wholesalers he works with. "We did use TBW," he said. "They were a good shop and offered good service." Last week the Ocala, Fla.-based TBW closed its production division after the company was suspended by the Federal Housing Administration. It remains as a servicer.