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christineB
60 Posts |
 Posted - 04/16/2009 : 06:06:39 AM
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They have great rates, the fastest turn times in the industry, and horrible interpersonal skills and are so nit-picky my customers regularly scream at me.
They strictly monitor the loans that are locked and not closed and when you reach 25%, you are out.
They lie and mark loans as "withdrawn" by broker when they were declined becasue of low values, or other similiar items.
They do not respond to questions directly, or at all, if you try to address this.
I find it impossible, since my customer base is in a "declining market" in the Philly suburbs, to get all my locks closed. I really try through. I never cancel a loan. I feel like there is no understanding and frankly they are discriminating against a region.
Their only comment is "I should have known" the appraisal would come in low when it does.
Hmm.
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judgement
99 Posts |
Posted - 04/17/2009 : 06:42:50 AM
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Most properties are located in a declining market per these guidelines. Learn to adapt.
In addition, please explain how they "lie", I'm curious. |
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awright
2 Posts |
Posted - 04/17/2009 : 11:34:13 PM
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| Provident Funding is a nightmare, but they do have good rates. I suggest selling your client on a slightly higher rate and closing their loan in a timely fashion. |
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judgement
99 Posts |
Posted - 04/19/2009 : 10:50:49 AM
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quote:
Originally posted by awright
Provident Funding is a nightmare, but they do have good rates. I suggest selling your client on a slightly higher rate and closing their loan in a timely fashion.
A nightmare if you don't know how to properly submit a loan application, yes. |
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hlsi
233 Posts |
Posted - 04/20/2009 : 11:38:46 AM
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I believe he was saying that they "lie" because of the way they characterize loans with low appraisals.
A loan with a low appraisal should get a decline letter. But Provident prefers to characterize many of them as "withdrawn by broker". This is a critical Provident issue because Provident counts withdrawn loans against your lock tier status but not declined loans. So I can understand why someone would get angry at being told their low appraisal loan was a withdraw and not a decline. |
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mikeemortgage
197 Posts |
Posted - 04/21/2009 : 05:00:32 AM
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| you can always ask Doug! I hate provident! |
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judgement
99 Posts |
Posted - 04/21/2009 : 05:19:17 AM
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If an apprisal comes in low to the point where a file does not meet guidelines and is unfundable it is not considered withdrawn. If it comes in low and you'd like to cry about adjustments to pricing due to a higher LTV, it is. You need to learn to adapt. Provident is absolutely thriving in this market, meaning that there are plenty of brokers funding deals with them.
Provident doesn't just want the best borrowers, they want the best BROKERS, too. It sounds like you all just can't cut it. |
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amir
1 Posts |
Posted - 04/27/2009 : 12:47:25 PM
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| Provident is completely A-Paper, have used them for a few years now. Don't bother sending anything that's less than perfect. It becomes a huge headache. |
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kylie73
26 Posts |
Posted - 04/29/2009 : 07:28:20 AM
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I hate to complain but ...
They are aweful no matter what anyone says.
I have an "A" paper deal in with them.
Everything SEEEEMed fine until, believe it or not,
AFTER I sent final conditions.
Since then I haven't heard anything and the conditions have not
been reviewed since I sent them (according to their
system).
Don't waste your time with them sell a higher rate.
I've had to move the loan and explain to the borrower
"no your documents are not being ordered in fact this
lender royaly"
Control - Alt - Delete Provident
Thank you
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judgement
99 Posts |
Posted - 04/29/2009 : 09:56:36 AM
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quote:
Originally posted by kylie73
I hate to complain but ...
They are aweful no matter what anyone says.
I have an "A" paper deal in with them.
Everything SEEEEMed fine until, believe it or not,
AFTER I sent final conditions.
Since then I haven't heard anything and the conditions have not
been reviewed since I sent them (according to their
system).
Don't waste your time with them sell a higher rate.
I've had to move the loan and explain to the borrower
"no your documents are not being ordered in fact this
lender royaly"
Control - Alt - Delete Provident
Thank you
If your files/stips look anything like what you just typed I can see why a lender wouldn't want to review them. |
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bungalowmo
86 Posts |
Posted - 04/29/2009 : 11:45:29 AM
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| Good grief! This is a tough tough crowd!! |
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assassin17
7833 Posts |
Posted - 05/05/2009 : 12:10:17 PM
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quote:
Originally posted by kylie73
I hate to complain but ...
They are aweful no matter what anyone says.
I have an "A" paper deal in with them.
Everything SEEEEMed fine until, believe it or not,
AFTER I sent final conditions.
Since then I haven't heard anything and the conditions have not
been reviewed since I sent them (according to their
system).
Don't waste your time with them sell a higher rate.
I've had to move the loan and explain to the borrower
"no your documents are not being ordered in fact this
lender royaly"
Control - Alt - Delete Provident
Thank you
Ever think of calling them?
Doesn't sound like the Provident I work with. They like GOOD loans and GOOD brokers. |
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mbaile1
35 Posts |
Posted - 05/15/2009 : 1:47:36 PM
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| Provident is a complete nightmare to deal with. 99% of our borrower's are A+ clients and we are not in a declining market. To work with a company where there are no AE's and that are looking on how not to do the loan instead of looking how to his horrible. I stopped using them months ago because of all the problems. Yeah they have great rates but if you can't get a loan through than who cares. |
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jfrederick
580 Posts |
Posted - 05/15/2009 : 2:12:01 PM
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Totally disagree !!!! Find the branch number and call them, or get an email. I have had no problems getting any ?s answered and they are very polite.
We have funded 86 loans w/ them in the past 4.5 months w/ 100% pull through. This along w/ the fact they are 3 doors down from us may help our cust. service, but you just can't throw something in there to see if it sticks.
Frankly, I'll take their turn times over anyone else (example: Metlife in our area is running 25+ days to U/W....not getting any of my biz.)
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Shavo88
108 Posts |
Posted - 05/15/2009 : 3:38:07 PM
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| I have been trying to reach the Irvine & corporate department for the last 3 days and nobody picks up the phone and the mailbox is full. I don't care how busy they are... this is Ridiculous. |
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financeone
2332 Posts |
Posted - 05/15/2009 : 5:20:38 PM
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You guys take Alliance's space?
quote:
Originally posted by jfrederick
Totally disagree !!!! Find the branch number and call them, or get an email. I have had no problems getting any ?s answered and they are very polite.
We have funded 86 loans w/ them in the past 4.5 months w/ 100% pull through. This along w/ the fact they are 3 doors down from us may help our cust. service, but you just can't throw something in there to see if it sticks.
Frankly, I'll take their turn times over anyone else (example: Metlife in our area is running 25+ days to U/W....not getting any of my biz.)
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jfrederick
580 Posts |
Posted - 05/15/2009 : 10:25:45 PM
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No, but we are in the old Apple building down the street; should have been more exact! Let's just say a 3 minute walk.
Sorry to hear that the Irvine office is not responding; you might need to grease the wheels, bring donuts, I don't know, but we have emails and direct lines for a few people in our branch that seem pretty w/ it.
Again, this is no company to get creative or attempt compensating factors. Doing a deal right now that is .756CLTV, they do only .75 - we are coming in w/ a few grand cash, even though this is a 21%DTI deal w/ 36 months reserves, and 781 score. No getting around it. Guidelines be Guidelines; but I'll take their turntimes, rebate, and service over anyone else out there. I also threaten my clients w/ bodily harm if they pull the deal after we have locked......most are happy to have it done in 21 or so days. Some of these people are still waiting from word back from files they started at their retail branch in March. |
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adventcorp
65 Posts |
Posted - 06/08/2009 : 1:33:49 PM
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Always thought Provident was great as well until we busted a lock by ONE day. They forced me to relock for 12 days at worst case before they would draw docs. Cost an additional 1.5PTs on a $212,000 deal. The worst part is they were so NASTY about it. We send in really good files, borrower dragged his feet on conditions -- but of course in the borrower's eyes it is ALWAYS the broker's fault.
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Mgreenstein
95 Posts |
Posted - 07/03/2009 : 6:48:43 PM
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| If you are currently working with a client who qualifies for a refinance but their current loan is under collateralized I will negotiate their existing mortgage debt and fund a new loan up to 95% of the current appraised value. Borrower must have >550 Fico score. There is no additional fee for this service just the cost of the refinance. Feel free to give me a call to discuss referring me your business. We have seen drastic reductions of principle negotiated right from this office. There is no guarantee all negotiations will be successful but your client will appreciate all of my effort. |
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kmansouri
4 Posts |
Posted - 08/10/2009 : 10:39:23 PM
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| The worst part about Provident is their constant bragging about how good they are via email. I don't see how you can be a broker and not use them, with conventional lending as competitive as it is. Provident is the only choice for conforming. Yes you can do things perfect and they'll still F*&^ it up but that's life i guess. One thing to note: It totally depends on what branch of Provident you work with. Some are great and sum suck royally. |
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ind-mtg
5 Posts |
Posted - 08/18/2009 : 12:31:58 PM
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hi everyone,
i'm new to this site, and i'm having a huge issue with provident. i'd love for you guys to do me a favor. price this scenario thru provident's pricing matrix calculator for me:
Warrantable Condo
non-owner occupied
69% LTV
28% DTI
804 midscore
i look forward to your responses.
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BMill
391 Posts |
Posted - 08/18/2009 : 5:29:30 PM
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| Is it a purchase or a refinance? |
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ind-mtg
5 Posts |
Posted - 08/18/2009 : 9:25:42 PM
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| It's a purchase. |
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kdwall
559 Posts |
Posted - 08/19/2009 : 07:22:00 AM
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| provident is good for the clean deals. they are quick to underwrite good files and conditions. They are not flexible. Its black and white. Meet the rules meet the lock period. They will not make exceptions. No this going in and you know what to give them and do everything in to meet their conditions. |
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bisibob
11 Posts |
Posted - 08/19/2009 : 10:12:49 AM
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Provident is useless. They never reply to emails and never answer the phone. If you open a case number, you'll be lucky for them to even look at it. I heard the one branch in Seattle WA was great, but I don't really know.
Provident seems to run a pretty unethical operation. At the last rate jump, they told one of my borrowers that they didn't like the way he signed the DATE on the closing documents, so they demanded a re-close and oops that means his rate lock is void, so bring another $10K to the closing. The State of FL is looking into them for that infraction. We had another 10 deals that they blew out for other unjustified reasons. |
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ind-mtg
5 Posts |
Posted - 08/19/2009 : 12:15:19 PM
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I'm well aware of Provident's ways. I hate talking to those people. It's like they're all some sort of crazy anti-human robots incapable of normal relations. Those emails about how they're the "brokers' lender", and how it's all a big huge "partnership" is just crap!!
My experience has always been extremely antagonistic and snarky, like they're all TRYING to kill your deal instead of fascilitating. I'm very good at what I do. I have excellent relations with all my other lenders. This attitude I've experienced has been expressed by many other brokers I know that have tried to work with them. I read something that opened my eyes about them. I'll find it, and post it.
I do have a point to make in regards to the scenario I posted. If possible, please go price it. NOO, purchase, warrantable condo, 804 midscore, 28% DTI, 69% LTV. Go price it, and let me know what the ysp is on 5.875%.
Thanks! |
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ind-mtg
5 Posts |
Posted - 08/19/2009 : 12:28:39 PM
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http://forum.ml-implode.com/viewtopic.php?t=77983&postdays=0&postorder=asc&start=165
read heirloom's post:
I'm a former PF underwriter. I'm not sure if this has been mentioned elsewhere, but let me give you a little rundown from an employee perspective.
First of all, it is PF's practice to only hire college grads with ZERO previous job experience. I had previous experience (in a different industry), so I had to interview with the regional manager who flew in from across the country to make sure I hadn't picked up any nasty habits such as thinking for myself or performing my job duties ethically. They also do this because they then try to force you to deal with horrible (and illegal, in some cases) working conditions. I was the only person in my branch to threaten legal action when I found they *refuse* to pay us for overtime that they required upon threat of dismissal. I was the only one that had enough job experience to know it was against the law to not pay OT to non-salaried employees. In our branch, our office furniture came from Goodwill, yes, Goodwill, and they were too cheap to give us a coffeemaker, let alone a water cooler, so we had to use the outdoor water fountain in the parking lot which eventually produced bacterial infections in our mouths. I used to have to bring my own pens and legal pads from home, because our branch lead kept all the supplies under lock and key and required a written request for any new supplies. This meant I had to email him (he sat 3 feet away from me) if my pen ran out of ink, and then wait for him to write me back, after he had checked the log to find out the last time I had received a pen. Think I’m joking? I challenge you to find an underwriter or closer in your nearest branch that is over the age of 30 or has been there longer than say, 5 years. It doesn't happen because everyone quits once they've found something better or has thrown themselves off a cliff.
So not only are you now working with UW's that are average age: 23 with no previous experience, who are being forced to work in hellish conditions, and might I add? You only get 8 weeks of online training before you become an underwriter. Here is the best part: All the initial underwriting? That gets outsourced to Bulgaria. The "UW's" you're speaking to on the phone only clear conditions. This was put into practice around the time I left in 2007, but I am told this is still in effect. We were told not under any circumstances were we to tell brokers that the underwriting was being done in Bulgaria (by college students no less, not even grads).
So, you come to work, you sit at your Goodwill desk, you drink bacteria water, you have an american idol 22 year old boss breathing down your neck, and you get a call from a broker about a condition on a file you didn’t UW but have to pretend that you did (because the Bulgarians put your name on the file so the broker won’t know). Upon review, you see that they did in fact screw up, which is why you have no choice but to add new conditions to the file a week later. Meanwhile, you, as an underwriter, have to go down the phonebook and cold call every single broker listed to try and get them to sign up with PF, because we have to continually replenish the brokers we lose from the horrible service we give out, and there will always be 50 more brokers attracted by our low rates for every one we lose.
Bitter, 2 years later? You bet. I was screamed at every single day by brokers, and I felt for them because there really was nothing I could do short of quit, which luckily I did and quickly. |
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BMill
391 Posts |
Posted - 08/19/2009 : 2:58:08 PM
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5.875% and 5.750% pays the same - 1.375%
Non - owner
I used $150K for the loan amount since I had no clue
804 score
69% LTV
21 day lock
Texas as the state - just a guess
I'm in FL so they don't do condos here anymore(: |
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ind-mtg
5 Posts |
Posted - 08/19/2009 : 3:17:10 PM
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you guessed right, i'm in tx.
did you notice that this deal is ineligible? NOO condo with more than 5 units are ineligible. as you can see, it's not clear.
i locked it, and now they're telling me the only way for it to not count against my fallout ratio is to order the appraisal, submit the full file so it can be declined. basically waste $500 on a useless appraisal that can't even be transferred to another lender thanks to HVCC.
have you ever seen a condo project with less than 5 units?
all my other lenders say you have to get an exception if a condo has 10 units or less.
if pf wants to make crazy guidelines, fine...... my point it BE CLEAR!!! this is not clear.
i'm so disgusted. and i can't even find someone there with an actual working brain to recognize how wrong this is, and do something about it. if it happened to me, it's going to happen to other brokers too.
I hate Provident.
I got into a fight with the branch mgr when he told me it's my responsibility to know their guidelines. I told him he's an imbecile if he thinks I can keep up with all my lenders' every changing guidelines, and that we as brokers, depend heavily on their pricing tools to be accurate and clear. All I got was his rude little attitude. I told him I was sick and tired of his stupid higher than thou attitude. He was shocked. I really told him off. It felt good to tell him. He threatened to cut us off, and I threatened to sue him if he tried to cut us off because ONE loan fell thru after we've close $8m with them this year.
I hate them. I'd love to know if anyone knows someone with an actual brain and some authority that I can talk to at Provident. This is unacceptable to me. I'm so disgusted.
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et4646
16 Posts |
Posted - 08/19/2009 : 3:51:03 PM
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| I just had a value come in low and I withdrew the loan because of it, and they did not penalize me. I am not sure why they did that to you? |
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actmort
73 Posts |
Posted - 08/20/2009 : 08:56:47 AM
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| anybody have a number for an ae or office? |
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mcaconsult
29 Posts |
Posted - 08/20/2009 : 10:02:17 AM
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IND LOL that **** if funny but pathetic. I hate companys like that, what a sack.
I work in Seattle , WA area and the brach/branches around here are not bad to com with however, dont send them a loan unless is SUPER clean + Low LTV, dont YSP chase....its not worth the trouble. |
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BMill
391 Posts |
Posted - 08/20/2009 : 2:36:38 PM
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Wow, that was horrible. The branch I deal with is in Jacksonville and I entered the tier 3 stage but they had made some errors and I fought them one by one and then got back to tier 2.
I totally understand your frustration. |
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andyols
152 Posts |
Posted - 09/03/2009 : 8:40:24 PM
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| We always have "fun" with PF underwriters. |
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bobshallenberger
25 Posts |
Posted - 09/11/2009 : 5:38:58 PM
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| ind-mtg: that's some story...what are you doing now? |
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financeone
2332 Posts |
Posted - 09/16/2009 : 8:37:58 PM
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| Love PF. If you don't know what you're doing, use Sun Trust. |
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jfrederick
580 Posts |
Posted - 09/22/2009 : 7:07:47 PM
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| Love PF too! you do have to know what you are doing; you're not going to get anything outside the box from them. We just brought them lunch to thank them for awesome service over the last month. closed a ton, go free extensions and rushed files and some redraws w/out the $300 hit. Sorry, they kick aSS. |
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chicoleochito
19 Posts |
Posted - 09/30/2009 : 9:42:31 PM
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| Any one in the east coast looking for a great outlet ?? |
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BMill
391 Posts |
Posted - 09/30/2009 : 10:06:31 PM
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| Are you set up with Provident? Are you wholesale or just primarily loan mods? How many short pay refis have been successful? |
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Truett Neathery
34 Posts |
Posted - 10/03/2009 : 12:21:41 PM
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| I refuse to do an appraisal if I know it's going to P. They appear to only be interested in tract homes, anything else won't fly - endless requests for additional comps - no one understads "There aren't any", especially in country area. I know why loan brokers use them, it's all about commissions, not about doing a good job for your borrower. Live by the rate, die by the rate. |
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andyols
152 Posts |
Posted - 10/16/2009 : 09:49:39 AM
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| Craig Pica is the president and you can try emailing him at rpica@providentfunding.com |
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jon.bodan@theper
118 Posts |
Posted - 11/05/2009 : 10:32:43 AM
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| I have worked with PF for a couple of years, had a bad experience at the first branch, but went to another one (had the account moved) and after that it's been butter. Sure, there are issues, but if you know their rules & system, and adhere to it rather than expecting them to change the way they do business, it goes great. Not to say that deals haven't had issues here & there, but I've had a couple that they worked with me on some sketchy issues just fine. Had a self-employed borrower that did his tax returns by hand and made a mistake. i caught it and asked the UW to negate an expense the guy took on his Schedule C. They wouldn't do that, because he screwed it up, but they suspended the file and let me have a CPA amend and refile the returns. Did the deal. 2 other brokers had turned this guy's loan away, I saw the issue and got them to help me work through it. Provident were totally cool about it. |
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