PROVIDENT PRICING

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alersc

82 Posts

Posted - 04/09/2008 : 8:53:36 PM

Hey:

Who has exceptional rates like Provident out there right now? I cant remember who has rates like them. I have the following deal

50 LTV
215k LOAN AMOUNT
REFI-NO CASHOUT
SFR
OWNER OCCUP
FULL DOC
780 SCORE
NEED 5.5 PAYING AT LEAST .500YSP

Please email me at carlos@jencarfinancial.com

hherrm

1407 Posts

Posted - 04/09/2008 : 8:55:01 PM

Homecommings would have beat them today. And I got another improvement just before closing today.

alersc

82 Posts

Posted - 04/09/2008 : 8:56:32 PM

quote:
Originally posted by hherrm

Homecommings would have beat them today. And I got another improvement just before closing today.

Excellent! I'll check pricing tomorrow in the morn. Thanks!

lukyk22

1700 Posts

Posted - 04/09/2008 : 8:58:18 PM

we are at about .3 back on that... turn times 3-4 in uw, 24 docs and funding

goodguy1

1681 Posts

Posted - 04/09/2008 : 9:00:11 PM

dude, no offense but you should just get it locked and close it.

With the way lenders are having toubles, it may not be worth it to keep shopping. Sell it to him at roughly PAR, then charge him 1% origination...that is a very vanilla deal and he can get it anywhere...

beware of the extra stips provident is famous for..

What is here today may be gone tomorrow (ie. WAMU)..IMO

alersc

82 Posts

Posted - 04/09/2008 : 9:06:10 PM

Good thinking, however, I cant make crap on this deal in the front because it's a friend of the family. Therefore, I have to make all my money in the back. I'm not worried about them shopping, they wont go anywhere. I'm just more concerned about submitting this full package tomorrow morning and getting this over with.

Also, so all you brokers and Loan Officers out there. What is the deal with WEST AMERICA?? Do they just sell their loans to Countrywide and give us pricing and stips like Countrywide? If I wanted my appraisal ridiculed so much I would have just gone to Countrywide myself.

celloshred

1889 Posts

Posted - 04/09/2008 : 10:02:13 PM

ummm is that the same as Provident Bank Mortgage or is there another Provident? Their rate sheets show a 5.5 @ .5 cost on a 30year:

http://www.pbmwholesale.com/rates/CA-Whlsle-Conv99(2).pdf

Unless youre putting your client into a 1year ARM.... you WOULDNT would you??

Boulderco

1298 Posts

Posted - 04/09/2008 : 10:03:31 PM

Provident is like the blackjack dealer in Vegas Vacation. Save yourself the headache. Have some one take you out back, kick you in the nuts, and call it a day. You'll be happier than if you screw around with Provident.

kevcrerand

190 Posts

Posted - 04/09/2008 : 10:08:51 PM

I agree with the last post.. they are a pain in the azzzzzzz.... if it works???????? and I mean; if?????? you will paid a few weeks later

Pat

655 Posts

Posted - 04/10/2008 : 04:40:45 AM

not the same provident... www.pfloans.com

quote:
Originally posted by celloshred

ummm is that the same as Provident Bank Mortgage or is there another Provident? Their rate sheets show a 5.5 @ .5 cost on a 30year:

http://www.pbmwholesale.com/rates/CA-Whlsle-Conv99(2).pdf

Unless youre putting your client into a 1year ARM.... you WOULDNT would you??

goodguy1

1681 Posts

Posted - 04/10/2008 : 06:53:30 AM

quote:
Originally posted by Boulderco

Provident is like the blackjack dealer in Vegas Vacation. Save yourself the headache. Have some one take you out back, kick you in the nuts, and call it a day. You'll be happier than if you screw around with Provident.

D'oh, that's gonna' leave a mark~
Yep I would say the same. Save yourself the agony..

If this is a family/friend, be upfront with them and say;
"You don't expect me to work for free; 'cause you don't, right?"

"I can charge you upfront or in the rate. If you are staying with the loan for the long
term, upfront is best (+tax deduction)"

"Otherwise your rate today is 5.625-5.75%..the difference between that and 5.5% is only $34/month....you can probably afford it."

That would be what I would say to them if I were in your shoes.

alersc

82 Posts

Posted - 04/10/2008 : 06:57:22 AM

Good point. I have it with WestAmerica right now but they are stipping on getting one additonal comp which the appraiser doesnt have. Its like pulling teeth to get this 55 LTV loan with a 780 score RATE/TERM, REFI, OWNER OCCUP, DONE WITH THEM!!! They now want to do a field review and have me pay for it. Forget that man. I'm pulling the deal. I dont care if its the last stip left.

Listen if anyone knows who has awesome pricing OTHER THAN PFLOANS.COM because they are a pain to deal with then let us know.

Thanks

goodguy1

1681 Posts

Posted - 04/10/2008 : 07:12:45 AM

send it to Amtrust.
maybe not awesome pricing, but they seem to want to get things done.

anannival

428 Posts

Posted - 04/10/2008 : 07:57:32 AM

My pricing this morning with chase correspondent is 5.5%<0.85>.I consistently beat provident.

lunarhamster

4436 Posts

Posted - 04/10/2008 : 08:04:40 AM

Who cares what the pricing is with Provident, take it somewhere that will actually close it.

The YSP looks good, but if you ever get the deal done, any extra money you were making will be eaten up by re-draw fees and lock extensions.

I refuse to EVER use them again. Even the clean perfect deals they are so famous for get stipped to death.

anannival

428 Posts

Posted - 04/10/2008 : 08:15:51 AM

quote:
Originally posted by lunarhamster

Who cares what the pricing is with Provident, take it somewhere that will actually close it.

The YSP looks good, but if you ever get the deal done, any extra money you were making will be eaten up by re-draw fees and lock extensions.

I refuse to EVER use them again. Even the clean perfect deals they are so famous for get stipped to death.

Ditto. I used to think they were phenomenal last year and was closing about 6 loans a month with them until they came up with the overly crazy guidelines for appraisals especially on the low ltv loans, not to mention the fact that it was like they would do anything to delay the closing just to have the lock expire and make extra money on the extensions/redraw fees. Don't waste your time on them unless you enjoy added work, added stress and lack of income.

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