Provident Funding AssociatesThis company is not yet accredited. To learn more, see reviews below or submit your own. Want to know more about Proivdent accredited brands? Check out ConsumerAffairs for Brands. The company took over our mortgage Provident funding payoff They were taking out a large amount for our escrow account to pay our insurance and taxes.
Top Reviews and Complaints about Provident Funding Associates
We finally signed the closing documents on our most recent mortgage refinance. We ended up going through the same local mortgage broker who linked us up with Provident Funding , which is apparently one of the largest private lenders in the country. Before going through them, I read some reviews online and the main complaint seemed to be that their underwriting was overly strict. I decided to go with them anyway because:.
So how did it go? The underwriting is very robotic and inflexible. For example, my wife already has plenty of stable, W-2 income to support the loan by herself. I decided to keep my name off the application explicitly to keep things simple since I have both W-2 and income. Why would you care where the extra income came from? Another example is regarding bank statements. Never mind what our total balances were. This is annoying, especially if you move money around a lot like I do. The really stupid part?
I suppose this proves you own it? Provident Funding has very competitive rates, but with strict underwriting requirements that often lack common sense. You should be wary of them if you are a non-standard applicant in any way self-employed income, recent job change. There are many complaints that people lost the house they had under contract because they were eventually denied their loan or did not close on time.
The total time from loan application to closing on our refinance was approximately 45 days. Related mortgage refinance articles: Can you share more details about that? That is a huge hurdle to overcome. If I tack on enough negative points to cover the costs, I end up at my current rate or higher.
I think they only ask for months of bank statements, but they will ask for other bank statements if you have transfers between bank accounts, which opens up more questions….
I had costs covered through negative points. You may be able to get a appraisal waiver from Fannie if refinancing within a year.
Title insurance may also be cheaper for recent refis. When I got my last mortgage the finance planning started happening right along with thinking about buying a house.
My company cut ties with Provident Funding over 2 years ago because they were more of a liability than anything. One I remember clearly was a shared driveway maintenance agreement. Provident denied the file, with no explanation. A simple explanation and how they want it remedied would have saved the loan. But you are right, their rates are generally very competitive. Wow, your article just described my life haha. I bought a house last year after getting married, and you can imagine the amount of transaction stuff that was going on.
I have the same situation as you financially. The best thing you can get from these lenders is the price, second is the customer service response time from your agent. Everything else seems to be standard. I am talking for just a couple of thousand dollars. We seem to refi, on average, every 3 years or so. I actually got off easy because I have been doing mobile online deposit — one check at a time. Usually when I deposit several checks at once, it just shows as one lump deposit, which would have been a huge hassle in comparison.
I went through Zillow. They are very strict and like you I like to move my money around. Broker was laughing when he saw 20 casino cash receipts taped together. Strict is an understatement. I think this is the new standard for underwriting. The bank wants to know how much money you make, how much money you have and where the money in your accounts came from. Personally I think this is good.
Thanks for the review, J. Always nice to know something about these companies beyond what they tell you in their web ad…. I just closed a no cost re-fi with them and had a great experience. My rate was competitive, the underwriting review was incredibly smooth, and they were responsive throughout.
Congrats on the new shorty your wife is brewing. Your life is about to change in both wonderful and terrible ways. Luckily the wonderful comes out on top most of the time. Really appreciate your posts and comments by other readers. I thought I ask for some input from you and other readers.
I bought my place in and still continue faithfully making mortgage payments. Current loan is 5. I want to refinance my current mortgage but my place is worth much less than the current mortgage. Seems like every time I contact someone, I get shot down as soon as they hear I am underwater. Thanks for any thoughts, inputs, leads…. Thank you for this post. Our mortgage is currently with Provident and I can attest to the strict underwriting.
Luckily our mortgage broker helped us and we were able to close on our house within 30 days. While I appreciate the strict underwriting, it can be frustrating trying to prove money you actually made!
You can also try to go back to your current lender to ask for a loan modification on the rate not to principle reduction, but rate reduction, some of the big banks are doing this per the settlement. It is very hard to get approve and it will have an effect on your credit. And as for Provident, I understand there are new standards and policies, but provident is illogical and unreasonable on their requirements.
They demanded a local office address even when there is no local office. I gave them the HQ address and they came back and said its out of state. I think most people would think that is unreasonable. Jenna, it is def worth it to re-fi if you can get credit to cover all closing cost. Because if you are paying no money out pocket and get a lower rate, why not? Provident is the best one out there in terms credits and rates. But like many people said, be ready to have a lot of patient when dealing with them.
If you have a complicated finance ex. Jonathan, how much were the closing costs? I did a refi in late and got stuck with Provident. The customer service is not very good, including long wait times on the phone. Additionally, they charge fees for one time payments or to mail in a check. The only way to make a payment and avoid fees is to setup a recurring payment at a recurring amount. They do have the best rates around, which is how they can get away with being such a pain during the approval process.
What rate did you end up with? How many negative points? Just did a refi too. Took almost 60 darn days! Just took a long time but they had everything and never asked us for more. End result, we closed for nothing. So glad we did it. Why did you go through the broker and not go direct, or did you? I thought the broker had some markup in the rates in order for them to make money. My husband and I are buying our first home and all the personnel involved are just completely incompetent.
Everyone only says things that you want to hear yet they are really not doing much. And when there are problems, we are always the one to blame. I seriously will avoid them as much as we can once we close on this house. I would have to be the one calling them. I just started my another refi a few days ago with a broker.
I was going for Provident Funding, but the broker can provide the same interest rate without any closing cost, while I need pay a few hundred dollars for the same rate at Provident Funding.