Provident Funding Associates, L.P.

[redacted] and [redacted] were first classSuper informed and very quick to respondthis is a major plus in a very tense situationwe now have our dream home and couldn't be happier...GREAT JOB Stars!

Initial Business Response / [redacted] (1000, 5, 2015/02/13) */ I have been asked to respond to the complaint you filed with the Revdex.com Firstly, I would like to assure you that we strive to provide the best possible service to all of our valued customersThat being said, we do adhere very strictly to a policy of waiving late charges only when we have made an errorDue to a high scrutiny banks and lenders face, we are left with no latitude to make exceptions and we want to ensure we have a fair application of policy relating to waiving of late charges We have researched this matter and have confirmed that your January 1, installment was not received until you successfully completed a one-time online payment on January 20, Please review the enclosed payment history which reflects the date your January 1, installment was received It should be noted that we have no record of having website functionality issues during the month of JanuaryAdditionally, our Customer Service Representatives are available Monday through Friday AM PT to 5PM PT and are more than happy to assist you with logging into our website or completing a payment, including taking a payment by phoneWe have no record of you or your wife speaking to a Customer Service Representative regarding this matter until you called our Customer Service Department on January 30, According to the terms of the enclosed copy of the Promissory Note that you and your wife executed at the closing of this loan, payments are due on the 1st of the monthIf a payment is not successfully received by the end of the 15th calendar day after the due date, a late charge will be assessedIt is the responsibility of the borrower to ensure payments are received in accordance with the terms of the Note on the 1st of the month and within the grace period to avoid the assessment of a late charge As we did not successfully receive a payment for your January 1, installment in a timely manner a late charge in the amount of $65.21, which was paid on January 20, 2015, was properly assessed and we are unable to accommodate your request to refund this charge For your records, since your January 1, installment was successfully received within the same month it was due, no day late has been or will be reported to the credit bureaus and this matter will not negatively affect your credit score We are pleased to see that you have recently enrolled in our payment drafting service, this free service will automatically draft your payments from your designated bank account on the fifth day of each month and will ensure that your payment is received each month in a timely manner, providing that the draft is accepted by the financial institution At this time, your loan is next due for the March 1, installment in the amount of $1,and a free automatic draft in the amount of $1,is currently scheduled to be drafted on March 5, I may be reached by phone at XXX-XXX-XXXX or via email at [redacted] @provident.com if you have any further questions Sincerely, [redacted] Consumer Compliance Enclosures

Fantastic serviceStraightforward answers and a multitude of options provided! Highly recommended

I Just wanted to write and share about the wonderful experience my husband and I had with our recent loan from Provident*** was our Mortgage consultant, he was very knowledgable, and extremely helpful in helping us find the right loan for usHe made what could have been a grueling process, a very smooth and easy one! Thank you so much ***! I will be recommending Provident to everyone I know that is in the market for a home loan, or refinance

Initial Business Response /* (1000, 5, 2015/02/06) */
We apologize if our representatives have been unable to fully address your concerns regarding the $increase to your monthly escrow payment which is currently scheduled to go into effect with your March 1, installmentPlease
rest assured that the funds in your escrow account are administered by us, on your behalfThey are maintained in a trust account and remain your funds, to be used to pay obligations connected with your propertyHowever, pursuant to Section of your Deed of Trust, which I have enclosed for your reference, it remains your responsibility to pay any deficiency or shortage and to ensure the account is properly funded
As you may already know, the purpose of an escrow analysis is to ensure that sufficient funds are collected monthly to pay future tax and insurance bills as they become dueWe are required, pursuant to the Real Estate Settlement Procedures Act ("RESPA"), to perform this analysis at least annuallyWe are permitted by RESPA to maintain a cushion not to exceed an amount equal to twice the monthly escrow deposit (to provide for any increases or delay in receipt of monthly payments) and we are required to ensure that, at one point during the analysis year, the lowest anticipated balance on hand does not exceed that cushion (to ensure that we are not over-collecting funds)We calculate the anticipated amounts needed to minimize future shortages, and any surplus funds after the actual amounts of the payments are determined will be made available to you at the next analysisCopies of the escrow account analyses that have been performed on your loan are enclosed for your reference
As you know, the current analysis has disclosed an underfunding in the amount of $This underfunding is comprised of five components:
A $increase in your insurance premium which was paid in April and has not been adjusted for until this point in timeIt should be noted that our $1,disbursement on April 24, was based on the outstanding premium that your chosen homeowners insurance company, USAA, electronically reported to us at that timeAlthough we subsequently updated the amount of your annual homeowners insurance premium to $1,through our January 22, escrow analysis, which was performed pursuant to your request, the additional $in funds that we disbursed to USAA are now contributing to your total shortageWe have no record of receiving any refund from your insurance company after our April 24, disbursement, and we suggest contacting your insurance agent to determine how these additional funds were processed
A $increase in your annual property taxes which was paid in October and has not been adjusted for until this point in time
A $increase in the cushion in your escrow account between the January and January annual escrow analyses
A shortage of $which was disclosed in the January analysis but for which no payment adjustment was madePlease note that when the total amount of the shortage is less than the amount of one monthly escrow deposit, we choose not to mandate an adjustment to the monthly payment
The adjustment to the expected payment date for the tax installment payable for your property, the effect of which was a one-time shortfall equal to $385.98, or one month's unadjusted escrow paymentBy way of clarification, the adjustment to our most recent analysis was made to reflect our actual anticipated tax payment practice in the state of North CarolinaAs you know the delinquency date is early in the month (January 5th) and our December anticipated disbursement date is scheduled to ensure payment is timely posted and to avoid any risk that it will appear in the county records as past dueWe note that as evidenced on the enclosed payment history and as you stated in Provident Funding Case #XXXXXXX, we have never waited until January to disburse funds for your property tax payments
To further clarify, the unadjusted escrow payment in the amount of $reflected on the January 22, analysis is calculated based on the anticipated annual paymentsBased on your most recent annual taxes ($3,594.68) and homeowners insurance premium ($1,037.00), your unadjusted escrow payments are $monthlyPer RESPA, Provident Funding is allowed to maintain a cushion in the amount of two months' worth of unadjusted escrow payments, or $($* = $771.96)However, as reflected on the January 22, analysis, your loan is anticipated to fall under the cushion multiple times, with its lowest point being after the $3,anticipated tax payment in December Your escrow balance is anticipated to be at -$in December 2015, but it should not fall below the cushion reflected on the January 22, analysis of $771.95; therefore, the difference between the two values is the shortage amount of $
We provide three options for addressing the shortage:
You may pay over twelve monthsThis option is reflected in the $2,new monthly payment shown on the January 22, analysis, which is effective with your March 1, installment
You may pay in full and we will adjust your payment accordingly, upon receipt of the remittance slip enclosed with the January 22, analysisIf you choose this option and pay the total shortage in full, your escrow account may be reanalyzed so your total monthly payments will be updated to only account for your unadjusted escrow payment
You may choose to discontinue your escrow account and become responsible for the timely payment of your property taxes and homeowners insurance premiumsIf you would like to choose this option, please formally request that by opening a new case using the Contact Us link through your www.provident.com online account
We once again apologize for any confusion you have experienced, but must ask that you continue to fund your escrow account in accordance with the terms of your Deed of TrustAs of the date of this letter, your next payment due is the March 1, installment in the amount of $2,Unless we hear differently, an ACH payment in the amount of $2,is scheduled to draft from your checking account on March 5,
I would be more than happy to go over these figures on the phone with you once you have had a chance to review the content of this letter and have determined how you would like to address the shortageFeel free to contact me by phone at (XXX) XXX-XXXX or via e-mail at ***@provident.com if you have any further questions or concerns
Sincerely,
*** ***
Consumer Compliance
Initial Consumer Rebuttal /* (3000, 8, 2015/02/11) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I do not accept the business response; however, I consider the dispute closed, because I closed escrow account with them; therefore, the issue of escrow shortage is no longer present due to no escrow account
I do believe someone needs to look into the practice of paying taxes and insurance early by these companiesThe company acknowledged to me that the $shortage would not have existed if they simply waited one month to pay my county taxesIf they had waited until December to pay county taxes, instead of paying in November 2013, an additional month of escrow would have accumulated in my escrow account and there would have been a sufficient amount to pay the taxes without the account going shortThe same scenario can be applied to 2014; they paid taxes in October for a bill that wasn't due until JanuaryIf they would have paid it in December of that year, additional months of escrow would have accumulated sufficient to offset shortagePaying a bill when there isn't enough money in the account is negligent, when they know funds will be deposited in time to prevent shortage and payment of the bill on time
Over and over again, the business told me they paid the taxes early - even though they knew at the time of payment a shortage would occur - so that my taxes were received on time at my county tax officeSo with that reasoning, they executed payment in October of 2014, so that the payment would be received at my tax office by January That is way too early; it doesn't take 3-months for payment to arriveMy tax office accepts payment online, electronically, by check, etcIf the company paid by check and mailed it...according to my tax office payment is considered received by the postmark of the envelopeThey paid early, creating shortfall in my account, resulting in higher monthly payment for me to the businessIn my opinion, negligent action on their part and this practice should be looked at
With the above stated....I closed my escrow account with the business and no longer have a dispute at the moment regarding this issue
Final Business Response /* (4000, 10, 2015/02/13) */
As indicated in your rebuttal, this matter was resolved on February 9, after your escrow account was deleted pursuant to your written request, the remaining funds in your escrow account were sent to you in the form of check #XXXXXXX in the amount of $664.35, and you became personally responsible for the timely payment of your property taxes and homeowners insurance premiums
While your rebuttal verifies this matter has been resolved, we must note that we have reconfirmed the January 22, escrow analysis provided you with the most accurate information available to us at that time, and that we are confident your escrow account was serviced by Provident Funding in compliance with the Real Estate Settlement Procedures Act
As of the date of this letter, your next payment due is the March 1, installment in the amount of $1,555.48, and an automatic payment in the amount of $1,is scheduled to draft from your checking account on March 5, I can be contacted by phone at (XXX) XXX-XXXX or via e-mail at ***@provident.com
Sincerely,
*** ***
Consumer Compliance
Final Consumer Response /* (4200, 18, 2015/03/03) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Provident didn't answer a single question posed in the consumer's 02/07/response
As provident noted, I did close my escrow account as a result of this dispute
Provident keeps going back and pointing to the escrow analysis as being accurate, but my contention is that masks the real problemYes, the analysis will be right based on the numbers, but my point is and always as been.....paying the taxes too early put the account in a shortageThey essentially wrote a check on my account that wasn't funded to cash itThat is irresponsible on ProvidentProvident's only answer to why they wrote that check early as been, "so your taxes arrive on time." Totally irresponsible and unnecessary to pay county in mid-October that aren't due until early January
I think Provident should answer the questions posed by the consumer on the 02/07/

I just bought my first home and shopped for best rate and the most helpful mortgage lenderProvident was fantastic!!! I cannot thank my team enough for getting everything turned around quickly and smoothlyI will definitely be using them for future services! I recommend them to anyone that is buying a home :)

Getting a mortgage loan is, today, a cumbersome and complicated process with layers of regulation, reams of documentation and deadlines to close a purchaseI was accustomed to dealing with my small town bank throughout my business life but after relocating to Florida, no longer have that relationshipI was really leery about dealing with someone all the way across the countryI found the brokers at Provident helpful and understanding throughout the process*** and *** *** were extremely helpful to me and coached me through the processConsequently, my application was successful, the loan and purchase closed on schedule and Provident helped me into a new home

So, far investmentst with Provident to unpaid at time of contrtacted event and hold the money without explanation or communication ***

A note to comment on recent refi with Provident Funding Very professional from start to finish Currently waiting for the time period to fully fund Already a long time customer of Provident and they have been an excellent company to work with
***

Initial Business Response /* (1000, 5, 2015/04/28) */
Provident Funding is responding to the complaint you filed with the Revdex.com
Thank you for taking the time to speak with me todayWe would once again like to apologize for the confusion you have experienced in relation
to this matter as your experience is not in line with the service we strive to provide each of our valued customers
As discussed during our phone conversation, the April 6, letter was inadvertently sent to you in error and you may disregard that noticeRest assured that your account reflects your current homeowners insurance through Farmers Insurance Group is active, that your current coverage amount is sufficient, and that no fees were or will be assessed in relation to this matter
In response to your concerns we have taken steps to ensure a similar error does not occur in the future and are confident that we will provide a superior servicing experience
If you have any further questions I may be reached by phone at XXX-XXX-XXXX or via email at ***@provident.com
Sincerely,
***
Consumer Compliance

My recent loan (refinance) process went extremely wellI had a two-person team (*** & ***) who ensured I understood the loan process, answered all my questions, confirmed receipt of my documents, and provided timely electronic notifications of my loan's progressProvident has an excellent system established for their customers to upload their documents (bank statement, W-2, etc), and for their customers to electronically view/download/approve loan documentsThis allowed me to complete my loan process (from initial contact to closing) in business days(I could have shaved at least days if I wanted an earlier home appraisal appointment.) This process went very quickly and smoothly
The partners they chose to work with me (Home Appraiser, and Notary Public that came to my home at the time of my choice - 7.am- to sign closing documents) are extremely professional, courteous, and attentive
I strongly feel that I got an excellent rate (no cost loan) & a discount for being an existing customer
I am very pleased with my refinanced loan at ProvidentI highly recommend them and will continue to keep my business with them

Initial Business Response /* (1000, 5, 2014/12/31) */
I must first clarify the timeline of this application, as there seems to be a lack of communication on the part of your mortgage broker, Port City Mortgage, LLCWhile you indicate in your complaint that you were expecting to close by
Friday, December 19, at the latest, this mortgage loan application was never released for loan documents ("closing") by Provident FundingAs reflected on the enclosed copy of the Loan Commitment and Condition Log from this application, which your mortgage broker had hour access to via our website, one prior-to-document ("PTD") condition from the initial December 5, underwrite of your file was never satisfied and two PTD conditions that were added less than a week after the initial underwrite of your file remained outstanding when your application was deniedWe bring your attention to the fact that your application was denied on December 18, 2014, which was just days after your mortgage broker delivered your loan file to us for underwriting
In order to best address your concerns, I would first like to outline the timeline and details surrounding the appraisal reportThe history of this mortgage loan application reflects the appraisal report was ordered by Port City Mortgage, LLC on December 2, in compliance with Appraiser Independence Requirements through an appraisal management company (LenderVend) and was completed by a state of North Carolina licensed appraiser; this process is intended to restrict communication and thus ensure there will be no undue influence by a lender on the independence of a licensed appraiserFor your records, per the Appraisal Order Terms & Conditions your mortgage broker agreed to prior to ordering your report:
Payment of the appraisal fee is not contingent on the appraiser reaching a 'pre-determined' value or the closing of the loan for which the appraisal report was completed
After the property inspection was completed on December 8, 2014, the appraisal report was completed on December 11, 2014, and our Appraisal Department's review of the report was completed the following business day on December 12, Once our review of the appraisal report was completed, our Appraisal Department determined that the subject property was ineligible for financing with Provident Funding due to insufficient recent and proximate comparable market activity
After this December 12, determination was relayed to your mortgage broker, we received a formal dispute from your mortgage broker on December 17, in which they provided additional sales for our reviewHowever, the additional sales your mortgage broker provided could not be utilized because they were not similar to the subject property than the sales utilized on the report
After thoroughly reviewing the appraisal report, multiple third party data sources and your mortgage broker's formal dispute, our Appraisal Department verified the best available comparable sales were utilized on the appraisal report and there weren't any available comparable sales that were recently sold in the subject property's new subdivision or more than one comparable sale that was sold within the last monthsIt was then once again determined that there was insufficient recent and proximate comparable market activity for Provident Funding to lend on the subject property, and your mortgage loan application was subsequently denied on December 18, due to insufficient data to support the appraised value
Our loan denial is based solely on this reason and is not a reflection in any way on your personal creditworthinessThis denial was not and will not be reported to any credit agencies, and will not affect your credit score in any way
For your clarification, even though an independent licensed appraiser completes an appraisal report to the best of their abilities with what is available in the market at the time of the report, the appraisal report may not meet our lending guidelines due to the limited availability of acceptable comparable sales
In regards to your request for a refund of the appraisal fee, please review the enclosed copy of the Right to Receive a Copy of Appraisals disclosure that Provident Funding emailed to you on December 2, which notified you the appraisal fee would not be refunded to you if your mortgage application was not approved
Provident Funding has confirmed that this mortgage loan application was properly processed and denied in compliance with Provident Funding guidelines and all federal, state and local regulations to which we are subjectWe have also confirmed the appraisal report from this mortgage loan application was not defective, tainted or flawedThe appraiser provided a competent and complete report and should be compensated for the work performedTaking all of this into consideration, Provident Funding is unable to refund the $appraisal fee
It should be noted that as you were the client of Port City Mortgage, LLC, our policies and procedures did not allow us to communicate directly with you during the processing of your application and all communication concerning the application was sent directly to Port City Mortgage, LLCTherefore, any issues involving the service provided by Port City Mortgage, LLC or the information relayed to you must be addressed directly with that company
We would be happy to work with your mortgage broker to transfer your appraisal report to a new lender if you wishIf you would like to pursue that option, please ask your mortgage broker to submit that formal request to usI can be contacted by phone at XXX-XXX-XXXX or via e-mail at ***@provident.com if you have any further questions
Sincerely,
*** ***
Consumer Compliance
Initial Consumer Rebuttal /* (3000, 7, 2015/01/06) */
(The consumer indicated he/she DID NOT accept the response from the business.)
There may have been a lack of communication between our mortgage broker and Provident Funding about our closing dateOur rate lock was expiring on Dec 22, so it seems that it would be obvious to the lender we were planning to close before thenHowever, this really has nothing to do with the complaint
As was stated in the response "The appraiser provided a competent and complete report and should be compensated for the work performed." If this is the case that it's complete and competent, and has the home appraised well over purchase price, how can Provident choose not to use the appraisal? What's the point of even having appraisals completed if lenders can pick and choose which ones they will useThis gives the lender the ability to deny a loan for ANY reason, AFTER making the borrower pay for an appraisalHow can that be fair or legal to a consumer in any way?
Also, when speaking with Provident on the phone after receiving this response I was told that they do not make any money off the appraisals, that it was between the appraisal management company and the appraiserI had found out through research that the appraisal management company (LenderVend) and Provident Funding were somehow connectedTurns out they are owned by the same groupOf course Provident didn't volunteer this information, they admitted it after I questioned them
Final Business Response /* (4000, 9, 2015/01/09) */
To begin with, as outlined on our December 31, letter, we would be happy to work with your mortgage broker to transfer your appraisal report to a new lender if you wishIf you would like to pursue that option, please ask your mortgage broker to submit that formal request to us
In regards to your concerns over the affiliation between Provident Funding and LenderVend, we have confirmed that you were promptly notified of that business relationship once your mortgage broker submitted your mortgage loan request to usI bring your attention to the enclosed copy of the Affiliated Business Arrangement Disclosure Statement which was emailed to you on December 2, and notified you that Provident Funding and LenderVend had ownership in commonWe have reconfirmed that your appraisal report was ordered by Port City Mortgage, LLC on December 2, in compliance with Appraiser Independence Requirements through an appraisal management company (LenderVend) and was completed by a state of North Carolina licensed appraiser; this process is once again intended to restrict communication and thus ensure there will be no undue influence by a lender on the independence of a licensed appraiser
In regards to your additional concerns about our decision to not proceed with your mortgage loan application due to insufficient recent and proximate comparable market activity, I must clarify that 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 subjectWhether or not a mortgage loan application is approved is dependent on obtaining all documentation necessary to make a final non-conditional approval, verifying that the applicant's financial resources and ability to repay conform to our guidelines, and ensuring that we are able to lend on a subject property
As outlined on our December 31, letter, even though an independent licensed appraiser completes an appraisal report to the best of their abilities with what is available in the market at the time of the report, the appraisal report may not meet our lending guidelines due to the limited availability of acceptable comparable salesAdditionally, ordering an appraisal report does not guarantee a mortgage loan application will be approved as a lender must review a completed report to determine if they are able to lend on a subject property; that determination cannot be made until the completed report is provided to the lender
To further clarify, we were unable to proceed with your application due to there being insufficient comparable sales from both within and outside of the subject property's subdivisionAs noted on Page #5, Section of the enclosed copy of your appraisal report, only four homes had been built in the subject property's subdivision of planned lots at the time of the report, and comparable sale #is the only property within the subdivision to have sold in the past monthsMoreover, the comparable sales utilized on your appraisal report were not considered sufficient to lend on due to the following:
Comparable Sale #1: On the market for over three years before being sold, and per Page #of your appraisal report the typical exposure time for the area is three to six months
Comparable Sale #2: Built in and located in an established neighborhood unlike the subject property which is in a developing subdivisionSite size is well over double than that of the subject property
Comparable Sale #3: Approximately seven miles southeast of subject property in a different townProperty is more proximate to *** and the ocean
Comparable Sale #4: Just a listing rather than a closed saleProperty is over miles southeast of the subject property in a different townProperty is more proximate to *** and the ocean
As you know, your mortgage broker was also unable to locate any additional comparable sales that would have allowed us to proceed with your applicationAfter our Appraisal Department determined the best available comparable sales were utilized on the appraisal report and that those comparable sales were not sufficient to lend on, your application was denied due to insufficient data to support the appraised valueOur denial of your mortgage loan application was once again just days after your mortgage broker delivered your loan file to us for underwriting
Provident Funding has confirmed that this mortgage loan application was properly processed and denied in compliance with Provident Funding guidelines and all federal, state and local regulations to which we are subjectWe have also confirmed the appraisal report from this mortgage loan application was not defective, tainted or flawedThe appraiser provided a competent and complete report and should be compensated for the work performedTaking all of this into consideration, Provident Funding is once again unable to refund the $appraisal fee
As previously relayed to you, we would be happy to work with your mortgage broker to transfer your appraisal report to a new lender if you wishI have asked one of our supervisors to contact your mortgage broker to remind them of this option
You may contact me by phone at (XXX) XXX-XXXX or via e-mail at ***@provident.com if you have any further questions
Sincerely,
*** ***
Consumer Compliance
Final Consumer Response /* (4200, 11, 2015/01/12) */
(The consumer indicated he/she DID NOT accept the response from the business.)
The 1st comparable was actually the home the builder was using to show - and then buildingSomeone came in and wanted to purchase right away cashThere was actually another offer on the home we purchased the same day as we made offerAnother home sold in the neighborhood in 2014, it was never on MLS because it was custom - I assume this is why it isn't showing up?
Regardless, what we're being told is basically that we'd have never been able to get the loan in the first place because it isn't an established neighborhood (despite large down payment, perfect credit, more than adequate income, and enough cash on hand to pay the next 5+ yrs of house payments.) Why would a lender fail to tell us all this before we pay for the appraiser? Had we known that - The lender wouldn't use normal/reasonable comps AT ALL and - Won't lend money for a home that is not in an "established" neighborhood, we would have never wasted $for an appraisal - seems like this major information should be given to borrowers in the beginning
Provident has never explained how our loan was a risk for them at all, just that not enough homes have sold to compareThere is no question that they could sell our home immediately for more than what our loan was going to be for
Like I've already told Provident numerous times before we don't want the appraisalThey left us scrambling the week of closing (the week before Christmas) and the same week we sold our other home to figure it outThey would not work with us at all for a solutionWe went with someone else that didn't require an appraisal and closed quicklyMy complaint may not get any resolution for us, but I hope that Providant will eventually be shut down for their abusive practice and another innocent family$may be pocket change to them, but for the average family they're taking advantage of, it is a lot of moneyAll over the internet they have horrible, horrible reviews and have taken advantage of many peopleThe least they could have done for us was to refund the money they made off the appraisal or have tried to work with us instead of just flat our denying our loan and refusing to use ANY other comp nearbyThey could couldn't less

I just finished a refinance with Provident and was very impressed with their serviceThe loan specialists were very helpful and answered questions and concerns in a quick and timely mannerThe process was smooth and quickThere were no hidden fees and the paperwork was straight forward and organized They will be the first on my list to call again when I need a mortgage or refinance

We recently refinanced our home with Provident and were extremely pleased with the efficiency and customer service provided. Would definitely recommend!

We were looking for someone to refinance our primary home. Lower our interest and payment. No cost loan. [redacted] was able to deliver everything we needed. I was a Provident customer already and gave Provident first chance to keep my business. Provident and [redacted] made it happen.
I will keep them in mind when I want to refinance my investment home.

[redacted]

I just complete my recent refinance cash-out with Provident. I worked with [redacted] Parrish
for the second time and [redacted] answered my questions and concerns very promptly.
This was my 5th refinance with Provident and have found the whole Provident Team to be trust worthy and easy to work with. I worked out that I had no out of pocket costs and the whole process took about 20 days.

Initial Business Response /* (1000, 5, 2015/01/16) */
I must begin by stating that Provident Funding takes pride in the quality of the loans that we originate and that we are proud of our good name and reputation.
We have investigated your concerns and there seems to be a lack of...

communication on the part of your mortgage broker, Radiant Financial Group LLC. For your records, Radiant Financial Group LLC is independent from, and not an affiliate of, Provident Funding. Furthermore, Radiant Financial Group LLC is not an agent of Provident Funding and is prohibited from representing to third parties that it is acting as an agent for Provident Funding.
As reflected on the enclosed copy of the Loan Commitment and Condition Log from this application, which your mortgage broker had 24 hour access to via our website, our representatives added a prior-to-document ("PTD") condition requesting evidence the executor of the purchase contract had the legal right to sign on behalf of the owner on title during our October 6, 2014 initial underwrite of your mortgage loan application. That evidence was provided to us on October 17, 2014 in the form of a document that was filed by the Clerk of the Superior Court of the State of Arizona, in and for the county of [redacted], which stated [redacted] (executor of the purchase contract) was appointed as Personal Representative of the Estate of [redacted] J. [redacted] (owner on title) without restriction, and our prior-to-document condition was cleared that same day; a copy of that document is enclosed for your reference. Your mortgage broker subsequently completed the loan document order process on October 20, 2014, and our representatives sent loan documents to title that same day.
Our representatives would have been happy to proceed with your mortgage loan application, and there was more than enough time to fund your loan by the October 29, 2014 expiration of your interest rate lock. However, your mortgage broker sent an email to us on October 24, 2014 which stated you did not wish to proceed with your application, and your application was therefore withdrawn from our system as Approved Not Accepted that same day.
In regards to your concerns over the appraisal report that was obtained in connection with this mortgage loan application, we have confirmed that the appraisal report was ordered by Radiant Financial Group LLC on October 8, 2014 in compliance with Appraiser Independence Requirements through an appraisal management company and was completed by a state of Arizona licensed appraiser; this process is intended to restrict communication and thus ensure there will be no undue influence by a lender on the independence of a licensed appraiser. It should be noted that per the Appraisal Order Terms & Conditions your mortgage broker agreed to prior to ordering your report:
Payment of the appraisal fee is not contingent on the appraiser reaching a 'pre-determined' value or the closing of the loan for which the appraisal report was completed.
Provident Funding has confirmed that this mortgage loan application was processed in compliance with Provident Funding guidelines and all federal, state and local regulations to which we are subject. We have also confirmed the appraisal report from this mortgage loan application was not defective, tainted or flawed. The appraiser provided a competent and complete report and should be compensated for the work performed. Taking all of this into consideration, Provident Funding is unable to grant your desired resolution.
As you were the client of Radiant Financial Group LLC, our policies and procedures did not allow us to communicate directly with you during the processing of your application and all communication concerning the application was sent directly to Radiant Financial Group LLC. Therefore, any issues involving the service provided by Radiant Financial Group LLC or the information relayed to you must be addressed directly with that company.
Provident Funding denies any and all allegations of wrongdoing on its part in connection with this mortgage loan application. I can be contacted by phone at XXX-XXX-XXXX or via e-mail at [redacted]@provident.com if you have any further questions.
Sincerely,
[redacted]
Consumer Compliance
Initial Consumer Rebuttal /* (3000, 7, 2015/01/25) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Response Revdex.com Case # XXXXXXXX
I have the following questions for Provident Funding Associates:
1. Were you made aware by [redacted], Broker Radiant Financial Group that borrowers Donald and [redacted] had not been informed upon entering into the purchase agreement and generating application#XXXXXXXXX that the executor of the purchase contract did not have legal right to sign on behalf of the owner on title?
2. Was Provident Funding Associates aware that their requests for evidence that the executor of the purchase contract had legal right were never shared with the borrowers or that [redacted] from Radiant Financial and realtor Jason Poyner whom she has listed as a partner on her mortgage brokers website blocked the borrowers receipt of the preliminary title so that they were not informed of the legal question?
3. Was Provident Funding aware that First American Title escrow officer Dana Mahler withheld the preliminary title report from borrowers, Don and [redacted]? The preliminary title was withheld until the [redacted]'s demanded a copy and had to get it from another employee of First American Title 10/16/14.
4. Did [redacted], Radiant Financial Group LLC order the appraisal on behalf of Provident Funding or was [redacted] and Radiant Financial acting independently in ordering the appraisal?
5. Please explain how you, Provident Funding can declare that the appraisal is done by an independent appraiser when [redacted], Radiant Financial told us that we had no other choice but to use an appraiser employed by Lend Vend, a subsidiary company of Provident Funding?
6. Why in your response regarding funding the loan was the date 10/29/14 and the rate lock window the targeted date and not our 10/24/14 closing date?
7. After having reviewed and answered the above questions does Provident Funding still believe that our loan application was processed by [redacted] and Radiant Financial in compliance with Provident Funding guidelines and all federal and state regulations?
Final Business Response /* (4000, 9, 2015/01/30) */
We have reviewed the additional concerns outlined in your rebuttal and have determined that they are predominately in relation to the service provided and/or the information relayed to you by your mortgage broker, Radiant Financial Group LLC. I must remind you that you were the client of Radiant Financial Group LLC, and that Radiant Financial Group LLC is independent from, and not an affiliate of, Provident Funding. While we believe your concerns should be directed to Radiant Financial Group LLC instead of Provident Funding, the seven itemized concerns listed on your rebuttal are addressed below:
1. Provident Funding was not privy to all of the steps taken by Radiant Financial Group LLC on your behalf or to all of the information provided to you by Radiant Financial Group LLC and the sellers(s) of xxxx, and we have no such record. As outlined on our January 16, 2015 response, during the underwriting process of your application and as is customary to purchase transactions when the owner of title is not the same as the entity executing a sales contract, Provident Funding received documented evidence that the executor of the purchase contract had the legal right to sign on behalf of the owner on title. Closing documents were sent to title on October 20, 2014, and Provident Funding was prepared to proceed with your mortgage loan application. It wasn't until we received an email from your mortgage broker on October 24, 2014 that we were formally alerted you did not wish to proceed with your application.
2. Provident Funding was not privy to all of the steps taken by Radiant Financial Group LLC on your behalf or to all of the information provided to you by Radiant Financial Group LLC, and we have no such record.
3. Provident Funding was not privy to all of the steps taken by Radiant Financial Group LLC on your behalf, including and not limited to the closing agent they selected, or how or what information was provided to you by either of those entities or its representatives, and we have no such record.
4. 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 in order to establish a loan-to-value ratio and to ensure a lender is able to lend on a subject property. During the initial underwrite of your mortgage loan application on October 6, 2014, our representatives added a condition for the appropriate appraisal report, and your mortgage broker elected to order the appraisal report on October 8, 2014. We have reconfirmed that your appraisal report was ordered by Radiant Financial Group LLC on October 8, 2014 in compliance with Appraiser Independence Requirements through an appraisal management company (LenderVend) and was completed by a state of Arizona licensed appraiser.
5. In compliance with Appraiser Independence Requirements and as stated on the enclosed copy of the Affiliated Business Arrangement Disclosure Statement we emailed to you on October 3, 2014 (or prior to your mortgage broker electing to order the appraisal report), Provident Funding requires applicants to use the services of our affiliated appraisal management company, LenderVend, to order a real estate appraisal. As your mortgage broker is fully aware, in compliance with all applicable federal, state and local regulations and our company policy, any party other than the appraisal management company, including and not limited to Provident Funding, your broker and yourself, is prohibited from contacting the appraiser directly. This requirement is once again intended to restrict communication and thus ensure there will be no undue influence by any other party on the independence of a licensed appraiser. Rest assured that your appraisal report was completed by a licensed real estate appraiser who is independent of Provident Funding, and that Provident Funding did not participate in the preparation of your appraisal report.
6. In accordance with our standard procedures and as your mortgage broker is fully aware, an application must fund on or before the original interest rate lock expiration date or it will be subject to worse-case pricing. In the case of your application, your original interest rate lock expiration date was October 29, 2014. Therefore, your application needed to fund no later than October 29, 2014 in order to fund within the original rate lock period and avoid being subject to worse-case pricing.
7. Provident Funding's records evidence this mortgage loan application was processed by its representatives in compliance with Provident Funding guidelines and all federal, state and local regulations to which we are subject. Radiant Financial Group LLC is once again independent from, and not an affiliate of, Provident Funding, and we are therefore unable to speak on their behalf.
Provident Funding once again denies any and all allegations of wrongdoing on its part in connection with this mortgage loan application. We suggest that you contact Radiant Financial Group LLC if you have any further concerns regarding this matter. You may contact me by phone at (XXX) XXX-XXXX or via e-mail at [redacted]@provident.com.
Sincerely,
[redacted]
Consumer Compliance
Final Consumer Response /* (4200, 11, 2015/02/10) */
(The consumer indicated he/she DID NOT accept the response from the business.)
In your response to question 6 you mention 10/29/14 as my rate lock expiration. Do you have some documentation that the rate would expire that day? We filled out an initial application and returned it to [redacted] and Radiant Financial on 10/2 so that she could give us a quote but we were still involved with another lender at the time. After reviewing the rates and other cost quotes from [redacted] and after [redacted] convinced us she could close on 10/24/14 we chose to go with Radiant Financial but we did not ever receive a rate lock notice from [redacted] and we were still in discussions about rates, locking them in, and other costs after 10/5. How did our rate lock get done if we were not informed? Rate locks last 30 days do you have any documents that tell us we were locked in 9/30?

[redacted] and [redacted] were first class. Super informed and very quick to respond. this is a major plus in a very tense situation. we now have our dream home and couldn't be happier...GREAT JOB 5 Stars!

We have Provident Funding as our First Mortgage Lein holder and are VERY happy to have had a smooth and positive expirence with Provident Funding. Previously Provident Funding carried the loan on the home we just sold. Twelve (12) years of Total Customer care and excellence!

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