Thursday, February 12, 2009

Provident Funding: The New Mortgage Top Ten Originator!


MortgageDataWeb's national ranking of conventional mortgage top ten originators now includes Provident Funding Associates of Burlingame, California. This ranking is based upon the total dollar of mortgage originations in 2008. Provident Funding currently ranks ninth in the nation. 2008 is the first year that MortgageDataWeb found Provident Funding on this distinguished list.


MortgageDataWeb uses data collected from municipal recordings to rank mortgage lenders in geographic locations. The top ten ranking of conventional mortgage originators is based upon purchase and refinance mortgages recorded and collected from over 700 counties across the U.S.



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30 comments:

Anonymous said...

Great news. I want to work for Provident Funding, a growing mortgage bank.

Anonymous said...

Incredibly hard to work with. Provident underwriting conditions are documented without any compassion. In addition, when a condition is submitted it takes four days to them to view and if that generated another condition it takes another four business day. They are never at fault. Their processors do care, their managers don't care. Provident Funding is "worthless".

Anonymous said...

Provident funding is very hard to work with. I fell for the trap with my Broker. Never Again Don't use this company you will be sorry.

Anonymous said...

These people especially the underwriters have no clue. It is sad that my processor has to explain to the underwriter how she arrived at getting DU approval with the borrowers income. PF came up with over 70% dti, not taking into consideration rental income,my client had one negative rental income and they multiplied that by 3, the number of properties owned. They finally conceded that they were wrong.
They also give you conditions last minute so that your lock runs out and they make you pay for an extension, horrible company stay away.

Anonymous said...

Provident Funding is a joke! It took them 4 months to work on my loan and they decilines it. Their decline letter said it was factors other tan my credit score (which is over 780) but my 4 attempts to have them explain it went unanswered.

SK said...

I've been with Provident for years. My house payment is sent electronicly every month and for the first time this month it accidentally did not go through. I got a letter indicating a missed payment on July 16th. I had a grace period of 15 days so the letter was sent purposely after the grace period of which I have to pay for late fee of $200. I could have paid instantly if they called me earlier or alert me before the grace period was over. I called to ask to waive the charge since I've always paid on time. No desire whatsover to help or waive the fee. This is their customer service to me and I'm sure to everyone. I need to switch lender asap.

Anonymous said...

We have been trying to work with this company on a loan modification for months, so they will not end up with a foreclosed home. There are impossible. They ask for the same information over and over. I do not believe that they are operating in good faith. No one will talk with you and their policies very consumer un-friendly. Do they have TARP funds and don’t care if they end up with a foreclosed property?

Anonymous said...

800 credit score, $1.5M liquid assets, 17% dti, 28% ltv, rate and term refinance. Lawyer and a self emp businessman over 20 years each. Schedule E has a 'see statement 1" with -$4.00 loss (that is FOUR dollars). on the statement there is a list of five defunct partnerships, only one with a $4.00 activity. Need letter of explanation from CPA, all addresses and dates included on 1003. Been 44 days in Underwriting and 45 day lock expires tomorrow. Customer is leaving on Monday. I have so much hate in my soul right now for that underwriter it isn't healthy.

You like Provident? congratulations to you. They just helped me lose a great customer and $500 for an appraisal I paid for.

Anonymous said...

This company is a joke. I should know as I was an employee there a few years back. The problem is that the underwriters and even the managers don't actually know how to underwrite. I'll bet most of them would not be able to accurately calculate income off of a tax return. I don't place blame on the underwriters with the slow response time in terms of getting conditions signed off and returning phone calls because management has them doing other stupid little tasks like chasing after customers for missing documentation on loans that may have funded up to a year ago.

Anonymous said...

I am a sellers agent in Charlotte NC, This company not only approved and funded a loan but called the attornies office the next day and wanted to recind the loan... there is no right of recision on a first mtg in this state...

Steven Craig said...

The Revolution Has Begun!
As the "Fat Cats" of Provident Funding (Craig Pica and Mark Ulmer) sit high upon their Thrown of Arrogance, the revolution has begun to topple their empire. Violating multiple laws put into place to protect Americans, justice will be served.
I have been receiving a multitude of responses from other home owners who have lost their homes or are in jeopardy of losing them. All the complaints have the same story and are asking how they too can fight back. Start by filing complaints with the Attorney General, Better Business Bureau, US Treasury Department and Federal Trade Commission. Don't sit back and think your voice will not be heard because it will and Provident Funding will be put under investigation.
Did you know by law Provident Funding is required to respond to your complaints? How many of you have tried to contact Provident and never get a reply back?
Write out your story and include whatever documents you have to back up your dealings with Provident and send them to me. I am compiling the information for the book "Mortgage Lenders "Destroying America" and once enough information is gathered, it will then be turned over to the media.
Enjoy your time now Provident Funding, the revolution has begun and thanks to our Constitutional Rights "Freedom of Speech" and "Freedom of Press", along side your arrogance, you will be lucky to afford a trailer to live in when all said and done. We the People of the United States of America have said "Enough!"

www.providentfunding.info

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This is especially useful when you track clients that purchased a home when mortgage rates were higher. When rates dip to all-time lows, you can draw from your pool of past clients for repeat business.



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hannajc said...

I paid my mortgage on time or ahead of time to them for 10 years and after missing 2 payments after being out of work for 6 months (economy), they are starting foreclosure proceedings. Their policy of not accepting partial payments (I tried to pay just the principal) is designed to make it harder on the customer. I contacted my congressman for help, but either he doesn't care either or Provident blew him off. Customer service is arrogant, unhelpful and plain cold-hearted. I've never been able to speak with a supervisor- they're always doing "something else" and I never get a call back either. At this point, since my house is worth MORE than my mortgage, I believe Provident is trying to take the house so they can make a profit. The bottom line is THEY DO NOT CARE.

Anonymous said...

DO NOT GET A LOAN FROM PROVIDENT FUNDING! We have excellent credit and income. They continuously add ridiculous irrelevant conditions to the loan, one at a time, making it impossible to fund. One gets fixed, then they add another at 5:57 PM the day before close. The good rate just isn't worth the enormous struggle and game they play.

Anonymous said...

DO NOT GO TO PROVIDENT FUNDING!!! It has been the most abusive and traumatic experience in our lifetime. Excellent Credit, Low LTV, No Debt except for a $255 month carpayment and good income!! Just kept making us jump though hoops!!! Finally put an end to it today after 4 weeks of torture. Not playing their game anymore. We will go get a home equity loan! After reading these posts on various websites regarding this company I am glad we called it quits. How do these companies and even the brokers representing them get away with treating people this way. There should be some type of recourse. NEVER AGAIN!

Anonymous said...

We can't believe the loan process from Provident Fund was so terrible and the worst company that we deal with.......They were So Nagative...

Anonymous said...

My experience as a refi customer has been very much the same as others. The worst service, loan processing knowledge and ability of any lender I've dealt with. In my case, their practices boarder on unlawful and are definitely diceptive - first offering a rate and terms that were acceptable and then repeatedly delaying the appraisal until it was too late to make the lock deadline. A lock extension fee then applies. Upon review of the appraisal (which came in $80K - $100K below current market value and even below tax assessors valuation), it had numerous errors and did not follow required industry standard practices for determining value (one of the comps was over a year old and the other two were over 1/3 smaller than my home when current sales of the same size/quality home in the same neighborhood were readily available). Provident has a business interest in the appraisal company it uses. As a result of the errored appraisal, the terms of the loan changed - adding significant points to the closing costs. When I questioned the accuracy of the appraisal, Provident drug their heals (no response still after two weeks). In the mean time I went to a local appraiser and asked them to review the Provident appraisal - they confirmed that the appraisal was not done properly and found several other significant errors that I had not seen. Their estimate of my homes value - $105K more than this appraisal... Between a lock rate extension fee due to the lenders needless delays and a bate and switch pricing tactic, this lender cannot be trusted. I agree with several other posters - this lender will not be in business much longer. Either the authorities will close them down or word will spread to potential customers and they won't have any one else lining up to be defauded.

Anonymous said...

They are torturing me and my employer even though I provided information needed for employment verification.
Never go with them unless you want to be tortured.

Anonymous said...

Provident is as bad as they say here in the comments left by all others. I too am trying to work with Provident on a loan modification. Excellent credit unblemished payment history and still no action. I have a different approach I am going to take. I refuse to continue to pay on my loan. If i default Provident due to their laziness when selling my loan to Freddie Mac believed my loan was good enough to not insure. Therefore according to Freddie Mac representative they will be responsible to pay at least 100K if i choose to default. I informed them that i am setting up an escrow to dump my payment to until they agree to address their fraudulent lending practices. Don't know if it will work but cant resist sticking them with a huge bill either way. Stay tuned...

Anonymous said...

Stay away from Provident. They claim they left a voice mail and notify me the cancellation of automated bank transfer for monthly payment. I never received the voice mail. Then, they charged me the late fee. Their customer service rep and manager are rude.

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