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Emerald
Cherry Bomb


Joined: 12 Aug 2009
Posts: 179
Location: California

Re: Try InterBank Wholesale Mortgage located in Northbrook,
PostPosted: Wed May 04, 2011 2:07 am Reply with quoteBack to top

NCAllied wrote:
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.


Will do. Interbank is new to CA and I was just checking to see opinions. Curious if they are as good as they sounds since rates are competitive with Provident.
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Mortgagepower
Flash in the pan


Joined: 27 Aug 2009
Posts: 87

Re: Provident Funding Sucks
PostPosted: Wed May 04, 2011 10:15 am Reply with quoteBack to top

I'm here, and to address your question we haven't used Interbank the past 8 months. We are using Provident and closing percentage is over 80% (8% borrower withdrawals / 12% are denials and don't count against our tier rating) considering we only send them 740 plus credit, 80ltv or lower with high asset reserve loans. The technology is outstanding as well, our loans are underwritten within 48 hours at Provident. Provident has streamlined their fulfillment process making it very effortless, compared to Interbank who is still more old school underwriting putting emotions into the decision. One nice thing about Interbank is that you can talk to live person who actually cares and will research your issues compared to Provident you have to email or open a case waiting for them to respond. Also, I believe at Interbank you are assigned an Account Manager versus Doug our online AE at Provident who doesn't do much to help (we actually watched all of Doug's training videos). Thats just my opinion, give Interbank a try and see for yourself. It's always good to have options, let us know how it works out.
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Emerald
Cherry Bomb


Joined: 12 Aug 2009
Posts: 179
Location: California

Re: Provident Funding Sucks
PostPosted: Wed May 04, 2011 1:28 pm Reply with quoteBack to top

Mortgagepower wrote:
I'm here, and to address your question we haven't used Interbank the past 8 months. We are using Provident and closing percentage is over 80% (8% borrower withdrawals / 12% are denials and don't count against our tier rating) considering we only send them 740 plus credit, 80ltv or lower with high asset reserve loans. The technology is outstanding as well, our loans are underwritten within 48 hours at Provident. Provident has streamlined their fulfillment process making it very effortless, compared to Interbank who is still more old school underwriting putting emotions into the decision. One nice thing about Interbank is that you can talk to live person who actually cares and will research your issues compared to Provident you have to email or open a case waiting for them to respond. Also, I believe at Interbank you are assigned an Account Manager versus Doug our online AE at Provident who doesn't do much to help (we actually watched all of Doug's training videos). Thats just my opinion, give Interbank a try and see for yourself. It's always good to have options, let us know how it works out.


Thank you. Always get nervous when someone comes in touting they can do what Provident does. Would be nice to get another large Wholesaler. Frustrating to try to learn a new Company.
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ChurnedandBurned
Dud?


Joined: 04 May 2011
Posts: 1

Re: Provident Funding Sucks
PostPosted: Wed May 04, 2011 2:17 pm Reply with quoteBack to top

I work in a small 3 man shop. We do a decent volume (for 3 of us), but we arent what you would call a huge company, so we have trouble getting serviced because we arent a big fish.

We started using a bank called TMS Funding a few months ago. We had never heard of them before but they have really good rates so we decided to give them a chance, and so far, so good.

Not the biggest bank, but they do have good pricing and I can get people who answer their phones and respond to emails quickly. They also pay up to 3 pts on lender paid comp which is what I liked about them, since Wells was capping me lower. Its nice to be able to get good service. My rep is great (which is a rarity in my opinion to have a rep who acually knows their products and guidelines, and doesnt dump you off to someone else or claim they will get back to you and then forget about you for 3 days), and he has a couple of sales assistants in the office that can also help me on loans I have in process.

Im not sure of all the states they are licensed but I think they are licensed in about 20 or so. They have worked out well for us so far. If you are looking for a bank with good pricing and service, they may be worth checking out for you.
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Mortgagepower
Flash in the pan


Joined: 27 Aug 2009
Posts: 87

Re: Provident Funding Sucks
PostPosted: Tue Jun 21, 2011 2:57 pm Reply with quoteBack to top

Any updates. Provident really seems to be dropping the ball the past six weeks. Takes them weeks to sign off on the same condition if you are lucky enough to even have them look at the file. Anyone else having issues?
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BigRed1
Flash in the pan


Joined: 31 Jul 2008
Posts: 27

Re: Provident Funding Sucks
PostPosted: Thu Jun 23, 2011 8:26 pm Reply with quoteBack to top

Turns times are a little longer, but still way faster than any other lender I work with. I still get 24 hour turn times on underwriting, same day conditions and same day docs. They can be a pain, but once you learn their quirks they are the easiest lender I have found to work with. I have tried Wells, Pinnacle and Plaza this year and everyone is asking for the same garbage. Every lender sucks right now anyway. It is just a sign of the times. Guess we just have to work harder and ask for more c**p from our borrowers to close loans. If I have to do the same amount of work on each deal regardless of lender and my borrowers have to provide the same documentation to each lender I may as well get paid the best premium and get my borrowers the best pricing.

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When someone asks you, A penny for your thoughts, and you put your two cents in, what happens to the other penny? - George Carlin
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Jinky
Dud?


Joined: 22 Aug 2011
Posts: 1

Re: Provident Funding Sucks
PostPosted: Mon Aug 22, 2011 9:29 am Reply with quoteBack to top

Provident Funding sucks! I have been with them for two years. I had trouble to JMK Design with my bill pay and that made my payment late and they would not waive the fee. Any other company would do that as a one time courtesy especially since I have never been late. Now I am having trouble with my mortgage. I am trying to do a loan modification. I turned in the paperwork and they never answer or call back! I hate this company so much. I have dealt with Wells Fargo and Chase and they treat their customers so much better with respect! Please do not go to Provident Funding even if it is your last choose!


Last edited by Jinky on Wed May 29, 2013 5:11 am; edited 2 times in total
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Cobrafixer
Flash in the pan


Joined: 23 Oct 2007
Posts: 55
Location: Folsom, CA

Re: Provident Funding Sucks
PostPosted: Tue Aug 23, 2011 6:16 pm Reply with quoteBack to top

I had a buddy that wanted to pay them 40,000 and re-cast his NOO loan and they said they don't do that. Then I looked it up, its owned by Freddie Mac, so I had him call and ask about a high LTV refi since he didnt have MI and he's at about 6.5% on the rate, well they don't do that either...have a nice day.
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MarxBrother
Cherry Bomb


Joined: 07 Feb 2008
Posts: 164

Re: Provident Funding Sucks
PostPosted: Thu Aug 25, 2011 4:08 pm Reply with quoteBack to top

Cobrafixer wrote:
I had a buddy that wanted to pay them 40,000 and re-cast his NOO loan and they said they don't do that. Then I looked it up, its owned by Freddie Mac, so I had him call and ask about a high LTV refi since he didnt have MI and he's at about 6.5% on the rate, well they don't do that either...have a nice day.


Send your friend to a mortgage broker and have them write the Freddie loan through another lender... if there's no MI and it qualifies for the Open Access product, he doesn't need to go back to Provident to take advantage of the current rate market.

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patricia34
Dud?


Joined: 20 Oct 2011
Posts: 1

Re: Provident Funding Sucks
PostPosted: Thu Oct 20, 2011 12:57 pm Reply with quoteBack to top

Decided to search around and see who offers Signing Agent E&O in FL -one company's website (a well-known company) indicates they do not offer it in FL...however they DO offer coverage Denim Pine in Delaware, SC, GA, West Virginia - all attorney-only states (I think Maine is attorney-only also, and that's listed) - and in MA, which is attorney restricted.. but NOT in FL...

NOW who doesn't know what they're doing???....Ugh


Last edited by patricia34 on Sun Jul 07, 2013 2:01 pm; edited 1 time in total
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