Try fiddling with configuration settings on mod choose menu. Turn on "Load Textures on Demand." It has worked for some people.
If the above stuff doesn't work, try deleting your profile.dat file - its in AppData/roaming/Mount&Blade Warband or something like that. AppData is a hidden folder so you need to turn on view hidden files and folders.
The profile.dat file has all your profiles stored so back it up in case its not the problem. It'll be created again next time you play Warband and make another profile. Deleting it won't affect anything except that you'll have to recreate all your profiles and spend time getting the faces right again.
It might not work, but its worth a try :)