Provident Funding Associates, L.P.

My recent loan (refinance) process went extremely well. I had [redacted], who was awesome, ensured I understood the entire process, answered all my questions, confirmed receipt of my documents, and provided timely electronic notifications of my loan's progress. The ability to upload all the required documents was excellent. This allowed me to complete my loan process (from initial contact to closing) in 15 business days. The only slow down was the appraisal, because of the Thanksgiving holiday. This process went very quickly and smoothly.

The partners they chose to work with me were extremely professional, courteous, and attentive.

I strongly feel that I got an excellent rate and a discount for being an existing customer.

I am very pleased with my refinanced loan at Provident. I highly recommend them and will continue to keep my business with them.

great customer service. fast and effective. They requested all documents needed at once. Closed escrow in a little less than three weeks.

I recommend [redacted] with an A+

Initial Business Response /* (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 customers. That being said, we do...

adhere very strictly to a policy of waiving late charges only when we have made an error. Due 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, 2015 installment was not received until you successfully completed a one-time online payment on January 20, 2015. Please review the enclosed payment history which reflects the date your January 1, 2015 installment was received.
It should be noted that we have no record of having website functionality issues during the month of January. Additionally, our Customer Service Representatives are available Monday through Friday 5 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 phone. We 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, 2015.
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 month. If a payment is not successfully received by the end of the 15th calendar day after the due date, a late charge will be assessed. It 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, 2015 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, 2015 installment was successfully received within the same month it was due, no 30 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, 2015 installment in the amount of $1,304.18 and a free automatic draft in the amount of $1,304.18 is currently scheduled to be drafted on March 5, 2015. 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

The Provident Funding representatives made the re-financing process very easy and worked quite nicely within my schedule. I would highly recommend their services to anyone wishing to refinance or apply for a new mortgage.

Initial Business Response /* (1000, 5, 2014/03/20) */
Provident Funding responding to the complaint you filed with the Revdex.com.
Please review the enclosed copy of the letter that was sent to you on August 2, 2013 in response to the complaint you filed with the Consumer...

Financial Protection Bureau. As stated in Mr. Nielsen's letter and as further clarified in the email I sent to you on March 17, 2014, a copy of which has been enclosed, we received a loss draft check in the amount of $17,475.20 on August 14, 2012 and in accordance with our standard procedures, check #XXXXXXX in the amount of $15,000.00 was promptly sent to you on August 21, 2012. The remaining loss draft funds in the amount of $2,475.20 have been placed into your loss draft account, which is separate from your escrow account, pending an inspection of the completed work.
As previously explained, because your loss draft claim exceeded $15,000.00, in accordance with the terms of the Mortgage you executed and agreed to at the closing of this loan and our standard procedures, a property inspection is required to be completed at your expense to ensure the work on the property has been satisfactorily completed. I would also like to bring your attention to the enclosed copy of Section 5 (Property Insurance) of the Mortgage you executed and agreed to at the closing of this loan, which states:
Lender shall have the right to hold such insurance proceeds until Lender has had an opportunity to inspect such property to ensure the work has been completed to Lender's satisfaction.
As previously clarified, in accordance with investor guidelines, the loss draft funds currently being held on your behalf have been accruing interest since November 12, 2012. The current interest rate on your loss draft account is 0.01%; this rate is based on the average passbook rate of three major financial institutions.
Provident Funding has re-confirmed that since we received your loss draft check, we have accurately and consistently relayed to you that an inspection was required to release the remaining loss draft funds and that the inspection cost is $40.00. We would be more than happy to remit all loss draft funds currently being held on your behalf plus the interest earned once the required inspection has been performed which evidences the work has been satisfactorily completed. Please contact our Customer Service Department at (XXX) XXX-XXXX to order the inspection at your earliest convenience.
I may be reached at (XXX) XXX-XXXX or via email at [redacted]@provident.com if you have any further questions.
Sincerely,
[redacted]
Consumer Compliance
Enclosures
Initial Consumer Rebuttal /* (3000, 7, 2014/03/24) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Provident Funding was sent copies of 3 building inspections issued by the Alachua Co. Building Inspection Department, Gainesville, fl. the first inspection was at the onset of the roofing project. second was midway through construction and the final inspection and sign-off was at the completion of the reroof. I personally met the inspector and discussed the construction each of the 3 times he was at my home additionally, copies of all building materials & itemized costs was provident by the roofing contractor to provident funding. lastly, a copy of my statement of satisfaction was provided to Provident as was a release by the contractor to Provident indicating they were paid in full. This project was closely supervised by the Alachus Co. building department and required specific permits for the construction approval. Any verification of work done and done correctly has been provided through copies of all necessary permits/inspections by the county building department. simple contact with that department will confirm the process. lastly, to suggest an interest rate of .01 is worse than stealing. a basic 6 month CD paid 2.5. to badger me with a inspection fee of an amount to be determined by Provident, when all evidence of permits and inspections were provided is a gross means to generate $40. then to suggest an interest rate of .01 is added insult. having garnished other complaints against Provident Funding, this is just one of many pertaining to withholding of funds. I have made my dissatisfaction very clear to the company that sold me this mortage and have posted a detailed explanation to that effect.
Final Business Response /* (4000, 9, 2014/03/27) */
Provident Funding is responding to the rebuttal you filed with the Revdex.com, and the complaint you filed with the Florida Office of Financial Regulation.
Please review the enclosed copy of the letter that Mr. [redacted] sent to you on March 20, 2014, which contained copies of our previous letters to you regarding this matter. While we appreciate that you have provided us with a large amount of documentation regarding your loss draft claim, in accordance with investor guidelines, we must obtain a final inspection which evidences the work on the property has been satisfactorily completed before we can release the remaining loss draft funds in your account. In accordance with the terms of the Mortgage you and your wife executed at the closing of this loan and our standard procedures, the final property inspection is required to be completed at your expense. As you know, the cost of the final inspection is $40.00.
The remaining loss draft funds in your account will stay in that account until your loan is paid in full or you proceed with the required final inspection and we receive satisfactory evidence that the work on the property has been completed. If you would like us to deduct $40.00 from your loss draft account for the required property inspection, please send a written request to my attention and I will be happy to do so and coordinate the required property inspection.
As previously clarified, in accordance with investor guidelines, the remaining loss draft funds in your account have been accruing interest at a rate of 0.01% since November 12, 2012, and this rate is based on the average passbook rate of three major financial institutions. It should be noted that, as reflected on their respective websites, the interest rate for a basic savings account with JPMorgan Chase, Bank of America, Citigroup and Wells Fargo is 0.01%.
Provident Funding will continue to service your loan in compliance with all federal, state and local regulations to which we are subject, and in accordance with the loan documents you and your wife executed at the closing of this loan and our standard procedures.
As of this date, your next payment due is the April 1, 2014 installment in the amount of $1,869.37. You may reach 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
Final Consumer Response /* (4200, 13, 2014/04/02) */
(The consumer indicated he/she DID NOT accept the response from the business.)
3 separate inspections were required and done by the Alachua County building department Gainesville, Fl.. the reroofing of our home was a permited process and highly regulated by the code enforcement department. all copies of the inspections/permits were given to Provident Funding. although, the mortage contract has a buried clause indicating a necessary inspection, 3 were done, at my expense, by the county. there is also no specific amount defined by Provident Funding for an inspection, allowing them to define whatever amount they want to access. There is absolutely no indication of a specific rate of interest or what that rate is based upon. in fact, I initally asked Provident several times for the account number and the interest rate being generated and they would never supply that information. I am sure Provident was earning more than .01%. .01% was hardly the rate of interest I would have earned november of 2012. After 18 months of rainy weather in Florida our roof is in excellent condition, as it should be considering it is a new roof with multiple documents from the contractor, county building inspectors office and my cancelled checks to the contractor indicating such. Provident Funding is not interested in determining if the roof was replaced because they have always had ample proof of the necessary construction. they simply want to garnish $40 and give me as little as possible in earned interest on the funds they withheld. I have always wanted, nothing more than the balance of my insurance claim. at this time, a 6% rate of interest on the withheld funds and that same amount which I had to pay out-of-pocket are my expectations for resolve.

This was by far the quickest and easiest loan I've been through. Great communication with the persons handling my loan and hassle free. Will definitely do business with Provident again!

This is the worst lender I've dealt with. Provident Funding have really horrible customer service standards and dump their responsibility onto their customers at any turn of events. They only care about their own investors:
1. On their website, they notify that in case of home insurance claims they'd need an independent inspector, but they conveniently avoid telling you that you'd need to pay 100% for that, even if you own the majority of the property; On top of that, they will bury your in their forms;
2. Provident Funding have hidden fees when you leave them for another lender: "Release Fee";
3. If you miss notifying them about your insurance (annually), they'll automatically assign you their own one with convenient for them rates.
Looks like it's the greatest company to be an investor of, but not a borrower.