I read the blog on how Providetn Sucks..I have to admit that the last four deals I have done with them, three of the borrowers don't want anything to do with me..I will have conditions, then someone else picks up the package and they will add conditions also..I spoke to someone who was a former employee and got this information...First of all, they will not hire anyone with mortgage experience..They prefer to hire people out of college or loan processors, and teach them their philosophy of lending..This way when they ask for certain condtions from brokers, they don't know any better..If you ask why they are asking for certain conditions, they say it is Investor or Company guidelines..Usually it is BS..just a way to bump the rate or decline a loan..They condition you to death, and whenever there are issues with appraisals, they make the broker pay for a field review out of his pocket, then if the new value changes at least 10% they will pay for a new appraisal.. This is ludicrous, because in order to warrant a field review, they need to see some irregularity in the appraisal..So if they see issues with the appraisal, why not just do the field review.. Their rates are very good, and the people are generally..But even if you have a 840 Fico, Low ltv with xlnt ratios, be prepared to be conditionsed to death...
Snets Nitroglycerin
Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County
that's ok - I have a loan funding today (a refi conduit is not Provident). They are refusing to fund the loan because the co-borrower's signature goes over the word (seal) - they want 4 docs - re-signed. So there is plenty of lunacy out there - not just at Provident.
I used to think Provident sucked bad...Until I met Amtrust Gemstone. Those clowns have set a new bar for incompetence. Amtrust could screw up a wet dream.
Snets Nitroglycerin
Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County
AmTrust was my primary lender for over 10 years - I did a ton of business with them - as soon as they got taken over - it changed completely - I did one loan and resigned my agreement. Very Sad - I am dealing with all my old AE's though at different lenders - like them all.
Amtrust v Provident oh that one is a coin toss. They both have their bad and worse sides but I would say for general stupidity Provident and for just regular old silliness Amtrust.
AmTrust was my primary lender for over 10 years - I did a ton of business with them - as soon as they got taken over - it changed completely - I did one loan and resigned my agreement. Very Sad - I am dealing with all my old AE's though at different lenders - like them all.
Many of the old Amtrust people moved to FCB (Florida Capital Bank) and are doing a super job. Their attitude seems to be...How can we make this deal...rather than...how can we kill it in the womb.
mustbecrazy Cherry Bomb
Joined: 31 Jan 2008
Posts: 197
Location: Northern California
Provident will continue to suck because everyone continues to send them deals. What is it about the "Lowest rate + Can't close the deal = zero" for the loan officer that makes people continue to do that? I won't stand online at Walmart to save a 25 cents, why would I risk my reputation with a place only known for being the cheapest place in town?
_________________ From the Wisdom of Rat "People are idiot$ and I hate them"
I agree that Provident Funding sucks! They "fired" us over a year ago because of 1-2 fallouts even though I had closed and funded 8-10 loans within the first 4 months of the year. They are extremely picky about how the documents are signed. The title company I use can't stand them! PF is always trying to recall closings for little "errors", like the pen ran out of ink, so the borrower took a new pen and went over the faded ink and continued to sign.
I now use Sierra Pacific Mortgage they lend in IA, IL, IN, KS, KY, MI, MN, MO, ND, OH, PA, SD, TN, WI, WV. They are only about .125 higher than Provident Funding rate wise. It is so nice to have an account rep who is willing to help you when you need it, which PF does not have. The office staff is also great to work with!
Emerald Cherry Bomb
Joined: 12 Aug 2009
Posts: 179
Location: California
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.
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.
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