Off Broadway Styling and Tanning Salon

Initial Business Response /* (1000, 8, 2015/07/06) */
I must begin by stating that Provident Funding takes pride in the quality of the loans we originate. While we apologize for any unintentional frustration you may have experienced during your mortgage loan application process, Provident Funding...

does not purposefully delay mortgage loan applications and our turn time for processing residential mortgage loan applications is well below the industry average.
We have investigated your concerns and have confirmed the conditions added to your application were added in accordance with our lending guidelines and are considered standard to the residential mortgage loan industry. We have also confirmed you were able to view the outstanding conditions since your application was initially underwritten on May 6, 2015. As you know, the Loan Commitment and Condition Log, which outlined all outstanding conditions on your application, was available through your www.provident.com account 24 hours per day.
For your records, our representatives evaluate all mortgage loan applications solely on the documentation provided and in compliance with Provident Funding guidelines and all federal, state and local regulations to which we are subject to. Whether or not a mortgage loan application is approved is dependent on obtaining all documentation necessary to make a final non-conditional approval, verifying the applicant's financial resources and ability to repay conform to our guidelines, and ensuring we are able to lend on a subject property.
Please bear in mind that after an applicant's supporting documentation is reviewed we may need additional documentation based on the information discovered in that supporting documentation. As such, additional conditions based on the information discovered in the most recently provided supporting documentation may be added throughout an application to ensure we can make a final non-conditional approval.
While our representatives would have been more than happy to proceed with your application and have been attempting to contact you to determine your intentions, due to the documentation required to proceed with your application not being received and as a result of your intentions not being relayed to us, your application was closed for incompleteness on June 30, 2015.
In regards to your request for a refund of the $600.00 appraisal deposit, were remind you that, as is standard in the residential mortgage loan industry, Provident Funding and its investors require an appraisal report in order to make a final non-conditional approval of a mortgage loan application. Among other purposes, appraisal reports are required to ensure a lender is able to lend on a subject property.
Our records reflect you were properly notified the appraisal fee deposit would not be refunded if your mortgage loan application was not approved. I bring your attention to the enclosed copy of the Appraisal Deposit Agreement disclosure which was mailed to you on April 16, 2015. Additionally, Provident Funding has confirmed you acknowledged and agreed to our appraisal deposit refund policy on April 22, 2015 when you submitted your $600.00 appraisal deposit online; prior to an applicant successfully submitting their deposit online, they must acknowledge our appraisal deposit refund policy. I also bring your attention to the enclosed copy of the Appraisal Deposit Agreement disclosure you executed and agreed to on April 22, 2015.
The appraiser provided a competent and complete report, and deserves to be compensated for the work performed. Therefore, we are unable to grant your request for a refund of the $600.00 appraisal deposit. It should be noted that the total appraisal fee was $700.00, and that Provident Funding paid the additional $100.00 for your appraisal report at our own expense.
If you would like to have your appraisal report transferred to another lender to utilize in a new mortgage loan application, please notify me using the contact information below as we would be happy to work with your new lender to do so. If you have any further questions I may be reached by phone at XXX-XXX-XXXX or via email at [redacted]@provident.com.
Sincerely,
[redacted]
Consumer Compliance
Enclosures
Initial Consumer Rebuttal /* (3000, 11, 2015/07/12) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Mr [redacted],
I received your letter. The reason I want a refund is because the person working on my loan was substandard. I called for days without any reply of what was needed to complete my loan application without response. Then on the day before settlement he sent a list of stuff still needed as long as my arm. We got a new settlement date and worked on the list when we got it done or should I say almost done my realtor said he would help get a letter saying nobody could subdivide the lot next door because of the restrictions a house 7ft wide would have to be built. Your company wanted that from the title company which said that wasn't their job. Mr [redacted] was asking the impossible. My Realtor called and talked to [redacted] and asked if thats all was needed turns out he had another list as long as my arm of stuff again he needed. We needed to settle on the property so we purchased out of pocket. I had a previous loan with Provident and couldn't believe the company could've regressed this much. As we had to purchase out of pocket and were already pretty sure the place was worth well over what we paid we didn't need to "overpay" somebody to tell us and since your company did not work as economically as was needed I am demanding this refund. I had no time to write my story on Revdex.com but when I do I will as well as every other public forum. The way business was done was ridicules and nobody should be subject to that. My Realtor, the title company and myself as well as hundreds of others seem to think this reading through your complaints online. I am down $600 and because I told your representative he was terrible at his job he held up and made my application impossible and I almost lost the property.
Regards
[redacted]
Final Business Response /* (4000, 13, 2015/07/27) */
I have referred your most recent correspondence to senior management and have obtained approval to refund the entire $600.00 appraisal deposit from this application as a gesture of good faith and in consideration of any inconvenience you may have experienced. A check in the amount of $600.00 will be sent to you under separate cover shortly.
You may contact me by phone at (XXX) XXX-XXXX or via e-mail at [redacted]@provident.com if you have any further questions.
Sincerely,
[redacted]
Consumer Compliance