Emailed loan docs to a qualified mobile notary (with E&O insurance per Provident's requirements). Borrower is in Florida, property is in Arizona. It's customary in Florida for the notary to also sign a mortgage document as a witness. So she did. And Provident's underwriter/funder (I've never heard of the same person being both) says that her witness signature constitutes a change to the document. And changes aren't allowed, although the pre-printed acknowledgement section shows "State of Arizona" and they want the notary to correct that in their doc, which somehow doesn't constitute a "change" in the same way as having a witness signature.
Here's the capper.....not only does the mortgage doc need to be re-signed, Provident wants the entire loan package re-signed. The Uniform Notarial Act says if a notarization is valid in the state where is was performed, it's automatically valid in Arizona. But Provident evidently has their own set of irrational rules which seem to exist for the sole purpose of driving customers away and preventing a closing from taking place.
Naturally, the sellers in this transaction were twitchy to begin with, and now this!
I've already directed the mortgage broker to a MUCH better wholesale lender.
Yep--Provident Funding has thier own set of rules and they change them as they see fit. Funded eight loans with them last year and since I had only one funding and drop out in the last six months they deleted my account. I like using them and I know they are difficult to work with but the rates were very good. They keep saying the brokers are their back bone but we all know they don't really care about us. I hope they go out of business sometime soon. If they keep treating the brokers like dirt they won't be around to long.
Emailed loan docs to a qualified mobile notary (with E&O insurance per Provident's requirements). Borrower is in Florida, property is in Arizona. It's customary in Florida for the notary to also sign a mortgage document as a witness. So she did. And Provident's underwriter/funder (I've never heard of the same person being both) says that her witness signature constitutes a change to the document. And changes aren't allowed, although the pre-printed acknowledgement section shows "State of Arizona" and they want the notary to correct that in their doc, which somehow doesn't constitute a "change" in the same way as having a witness signature.
Here's the capper.....not only does the mortgage doc need to be re-signed, Provident wants the entire loan package re-signed. The Uniform Notarial Act says if a notarization is valid in the state where is was performed, it's automatically valid in Arizona. But Provident evidently has their own set of irrational rules which seem to exist for the sole purpose of driving customers away and preventing a closing from taking place.
Naturally, the sellers in this transaction were twitchy to begin with, and now this!
I've already directed the mortgage broker to a MUCH better wholesale lender.
Curious since I listen to my Escrow Agent. Who was the Wholesale Lender you suggested?
if you like your customers, they won't like you after you lock with Provident Funding.
M. G. in Texas is the worst manager of people and situations that I've ever come across, 16 years in the business.
I send him a perfect file, he screws it up and blames others. I ask an easy favor, he ignores me. I ask why he ignores me, he threatens to cut me off.
Well I cut myself off because I care about my people.
Anybody locking with them because they pay more yield is mistaken,
Provident COSTS MORE because they string you out until your lock expires and then they worst case you.
their staff doesn't know what a paystub looks like, their manager is a toothless jerk who hides behind his bad company "policy of the day", and they obviously don't hold their branch managers accountable.
Provident is the quickest way to look like an ass in front of your realtors and borrowers.
GABanker Flash in the pan
Joined: 26 Dec 2007
Posts: 43
Location: Alpharetta, Georgia
We send all our Texas deals to InterBank Wholesale, they are friendly and usually get loans underwritten within 3 days and look at conditions within 2 days. YSP is higher then Provident by .375 and they seem like a rising star in the wholesale market. Vlad the manager in the closing department gets the job done...never, ever had any issues with closings. Rates are the best out there...check out the Website link below.
I concur with all the posts here. Yes, the same thing here in CA. The u/w was also the funder, and they so messed up at funding. They didn't double check their figures and the borrowers had to bring more money to the transaction. The person in charge was trying to help, and called corporate, but it was like, "I know we messed up, but we still aren't taking responsibility." That loan ended costing me out of pocket, but it was for a friend. Oh, and then there was the promised U/W turn time or 24 hours for files that were floating, and three days later when I called, they said I'd have to lock it for priority because they were behind because they let so many people take off for the holidays. My broker got dropped too, and we had a lot of loans in the pipeline. Provident Funding sucks.
Titan Wholesale is excellent. They have great rates and my AE is IN HOUSE so they either pick up the phone or immediately e-mail me back.
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