Provident Funding

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RCLOUD

26 Posts

Posted - 07/02/2009 : 2:56:56 PM

We were just cutoff for having a 69% pull thru ratio with provident. Does anyone know how long it takes to get signed back up with them?

Robert

AK__47

1629 Posts

Posted - 07/02/2009 : 3:00:52 PM

Good luck

Pat

924 Posts

Posted - 07/02/2009 : 5:18:37 PM

so 31% fallout? I've heard 1 year at least if they cut you off because you go tier 3.

BMill

380 Posts

Posted - 07/03/2009 : 12:06:47 PM

Robert,
How long were you guys Tier 3?

Pat

924 Posts

Posted - 07/03/2009 : 4:12:22 PM

Now why is Provident saying they have "same day underwriting" as a current news item on their website and I have a file that went into underwriting on 7/1 and it's still not out today (7/3 and they were working)

I opened a case and I have a new underwriter and the file needs to be reviewed by a more senior person... which they have no time frame for.

They should be doing these test cases on refi's, not purchases btw.

eddieinab

672 Posts

Posted - 07/06/2009 : 06:58:40 AM

Locked and submitted Monday last week and cleared to close on Tuesday, closed and funded Wendesday.

Must be a branch issue!

homebroker@sbcgl

7249 Posts

Posted - 07/06/2009 : 07:11:21 AM

They have such good rates, but they can be a real pain in the neck at times as well.

jon.bodan@theper

110 Posts

Posted - 07/06/2009 : 07:53:44 AM

I had this happen to me, I think I was signed back up in about 6 months, but it wasn't easy. My situation was that the branch I originally had did not educate me on their Tier statuses and long story short, I had about 5 loans there, 1 fell out because the deal blew up over the inspection, I called the branch to change the property address on the file (which was CTC) and the wouldn't allow it, they told me I had to resubmit the entire file to them with a new loan number, lock, etc. Then they counted the lock against me. Long story short, I got solicited months later by the other branch in Atlanta, they got me signed back up, found out that I had been told wrong by the other branch, and it's been butter since. You just have to know their rules, and what a good file for them is, and you have to manage the locks carefully too. For example....you get a stip you can't really clear - ask them to deny the loan over it so it doesn't hurt your pullthrough.

Pat

924 Posts

Posted - 07/06/2009 : 09:05:43 AM

+1 with Jon, if you demand a denial (which they hate to give) it won't count as locked fallout.

eddieinab

672 Posts

Posted - 07/06/2009 : 09:11:28 AM

good to know!

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