FAQ  |  Search  |  Memberlist  |  Usergroups   |  Register  |  Profile  |  Log in to check your private messages  |  Log in 

 Provident Funding Sucks View next topic
View previous topic



Post new topicReply to topic
Author Message
maddogg0673
Dud?


Joined: 02 Aug 2010
Posts: 1
Location: socal

provident funding sucks
PostPosted: Mon Aug 02, 2010 5:41 pm Reply with quoteBack to top

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...
View user's profileSend private messageSend e-mail
Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Re: Provident Funding Sucks
PostPosted: Mon Aug 02, 2010 6:12 pm Reply with quoteBack to top

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.
View user's profileSend private messageSend e-mailVisit poster's website
OldSchoolBroker
Flash in the pan


Joined: 05 Feb 2010
Posts: 94

Re: Provident Funding Sucks
PostPosted: Mon Aug 02, 2010 6:40 pm Reply with quoteBack to top

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.
View user's profileSend private message
Snets
Nitroglycerin


Joined: 12 Nov 2008
Posts: 875
Location: Palm Beach County

Re: Provident Funding Sucks
PostPosted: Mon Aug 02, 2010 6:42 pm Reply with quoteBack to top

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.
View user's profileSend private messageSend e-mailVisit poster's website
HelpWanted
C-4


Joined: 10 Jan 2008
Posts: 1139

Re: Provident Funding Sucks
PostPosted: Mon Aug 02, 2010 6:44 pm Reply with quoteBack to top

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.
View user's profileSend private message
OldSchoolBroker
Flash in the pan


Joined: 05 Feb 2010
Posts: 94

Re: Provident Funding Sucks
PostPosted: Mon Aug 02, 2010 7:38 pm Reply with quoteBack to top

Snets wrote:
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.
View user's profileSend private message
mustbecrazy
Cherry Bomb


Joined: 31 Jan 2008
Posts: 197
Location: Northern California

Re: Provident Funding Sucks
PostPosted: Tue Aug 03, 2010 12:33 am Reply with quoteBack to top

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"
View user's profileSend private message
IndyMtgBroker
Dud?


Joined: 22 Apr 2010
Posts: 4

Re: Provident Funding Sucks
PostPosted: Fri Aug 27, 2010 4:48 am Reply with quoteBack to top

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!
View user's profileSend private message
Emerald
Cherry Bomb


Joined: 12 Aug 2009
Posts: 179
Location: California

Re: Try InterBank Wholesale Mortgage located in Northbrook,
PostPosted: Tue May 03, 2011 1:55 am Reply with quoteBack to top

Mortgagepower wrote:
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.

www.interbankwholesale.com


We now have Interbank entering California. Are you still having good success with them? Great rates but how's the underwriting? Still good?
View user's profileSend private message
NCAllied
Flash in the pan


Joined: 27 Dec 2007
Posts: 65

Re: Try InterBank Wholesale Mortgage located in Northbrook,
PostPosted: Tue May 03, 2011 7:44 pm Reply with quoteBack to top

Emerald wrote:
Mortgagepower wrote:
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.

www.interbankwholesale.com


We now have Interbank entering California. Are you still having good success with them? Great rates but how's the underwriting? Still good?

This thread is a year old. You might have a better chance sending a pm to mortgagepower.
View user's profileSend private message
Display posts from previous:      
Post new topicReply to topic


 Jump to:   


Merge topics 

View next topic
View previous topic
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum




Powered by phpBB 2.0.22-2 (Debian) © 2001, 2002 phpBB Group :: FI Theme :: All times are GMT