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Provident Funding Associates

Provident Funding Associates

 1.4/5 (164 ratings)
  • 5 stars
    10
  • 4 stars
    2
  • 3 stars
    2
  • 2 stars
    11
  • 1 stars
    139
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About Provident Funding Associates

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Provident Funding is an online mortgage lender that operates in select states. It has a self-developed tech platform that helps you manage your home loan and track your application’s progress. It also offers various loan terms and a mortgage benefit program that provides discounts on refinancing.

Overall Satisfaction Rating

  • 5 stars
    10
  • 4 stars
    2
  • 3 stars
    2
  • 2 stars
    11
  • 1 stars
    139

Pros

  • Low interest rates
  • Interest rate discounts
  • Fast loan preapproval

Cons

  • Available only in certain states
  • Customer service can be unreliable

Bottom Line

Provident Funding’s convenient tech platform lets you manage and track your mortgage applications. Clients receive preapproval within 24 hours and are eligible for discounts on their interest rates.

Top Provident Funding Associates Reviews

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Rated with 5 stars
Verified

I have had multiple mortgages with Provident Funding and have never had a bad experience with them. I just refinanced my home and it was fast, professional, easy and cheap. They h...

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Rated with 5 stars
Verified

I am a mortgage broker and work with quite a few wholesale lenders. Provident Funding provided exceptional service to myself and my client, who was a self employed borrower. I was...

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Looking to refinance your mortgage?

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About Provident Funding

Provident Funding lends and services mortgages with fairly low interest rates. It developed its own tech servicing platform to help provide satisfactory online mortgage management for borrowers — this lets you efficiently manage your loan and track the status of your application.

The company provides conforming and super conforming loans in fixed terms with several long-term options. It offers a mortgage benefit program, which gives its borrowers discounts on home purchases and refinancing. It also has refinancing options.

How does Provident Funding work?

If you wish to apply for a loan with Provident Funding, you’ll have to fill out a short application on its website, then you can talk to a mortgage consultant over the phone. The consultant will guide you through the application and answer any questions you have about the process. After you’ve received a purchase offer acceptance letter, you can lock in an interest rate on Provident Funding’s website.

The next step is to submit an appraisal deposit. For conventional and super conforming loans, the deposit is $600; it’s $850 for a jumbo loan. The company will process your loan, then you’ll sign the required documents to receive the funds.

Conforming loans are $510,400 or less, with fixed terms of 30, 25, 20, 15 or 10 years. Super conforming loans are greater than $510,400 with terms of 30 or 15 years. Jumbo loans are over $510,400 (or more than the state’s limits on super conforming loans) and are available for 30- or 15-year fixed terms.

Provident Funding rates

Provident Funding uploads its mortgage rates to its website daily, so you can always see updated rates for its various loans online. Mortgage rates change regularly, so if you decide to work with Provident Funding, it’s important to lock in your rate. Its mortgage benefit program offers a 0.25% discount on the cost of a home purchase or refinance.

Provident Funding FAQ

Where is Provident Funding available?
It’s available in all states except Alaska, Alabama, Arkansas, Delaware, District of Columbia, Hawaii, Idaho, Iowa, Kansas, Louisiana, Maine, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, New York, North Dakota, Oklahoma, Rhode Island, South Dakota, Vermont, West Virginia, Wisconsin and Wyoming.
How long does it take to get approved with Provident Funding?
After you’ve submitted an online application, Provident Funding needs one business day to provide a preapproval decision.
Who owns Provident Funding?
Provident Funding Associates, LP is the legal entity, which has 24 companies in its corporate family.
Does Provident Funding have refinancing loans?
Yes. The company helps you consolidate debt, shorten loan terms, lower your payments or interest rates and take out cash.

Is Provident Funding a good company?

Yes. Provident Funding has its own tech platform that provides access to easy mortgage management and offers low rates through its mortgage benefit program. It provides refinancing and conforming, super conforming, jumbo and term loans. The company also offers detailed information on associated costs, and its mortgage consultants can help answer any questions. It doesn’t operate in all states, but it can provide preapprovals in about one business day.

Provident Funding Associates Reviews

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How do I know I can trust these reviews about Provident Funding Associates?
How do I know I can trust these reviews about Provident Funding Associates?
  • 3,148,596 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 4 stars
Verified Reviewer
Original review: March 4, 2021

Got loan from them in 2009. Currently refinancing and my interest rate will go down over 2.5%. After three weeks of delay, I reached out to the customer service center and asked that they have the loan officer follow up. They have a pretty easy web interface where you upload your documentation. It's kind of inane that they are making me go through a full application, when they already have 11 years of payment history from me and my LTV is less than 25%.

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Rated with 1 star
Verified Reviewer
Original review: Feb. 16, 2021

Paid my mortgage on time but it was the new year so it had gone up $207. They rejected payment on Friday, I immediately paid the full correct amount but due to Pres. Day, it will be one day late. Will not waive late fee. I didn't NOT pay it, I just paid last years amt by accident and the banking holiday created a lost day. They do not care. 13 years with them and absolutely no help and did not care AT all. Still haven't gotten my rejected money back BTW. Their only solution was for me to pay a 3rd time (who has money to pay their mortgage 3 times in one week?) Horrific customer service.

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    Rated with 5 stars
    Verified Reviewer
    Original review: Jan. 30, 2021

    I am surprised to see the negative reviews about Provident. I refi'ed last year with them after I could see the various rates on-line to compare with other lenders; there are lots of choices with points or credits, depending on your individual needs. I found the process to be easy and smooth, and got a good rate with enough credits to nearly pay for the real costs of the refinance. And I set up autopay (I see people unhappy for late charges when they miss the date - use autopay and this won't happen) so I won't forget to send a payment, no need checks anymore. I also changed insurance companies, and that transition to escrow management was also smooth. All in all I find Provident a very easy company to deal with. I only wish they had a license in another state that I am looking to buy! But is a no-brainer for me to give them 5 stars!

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 5, 2021

    I have had my mortgage with Provident Funding for 3 years. I have never been late on a payment and in September I was 5 days late and incurred a late fee. The payment just slipped my mind and I honestly thought I had scheduled it in my online BillPay. However, my mistake. :( But in my defense my mom had died and I was struggling with grief - but still my error. I phoned customer service to ask if the fee could be removed or waived. I was told very rudely and bluntly that they never waive late fees for any reason, unless it is their error or mistake. I will be getting a new mortgage soon - and I will never recommend Provident to anyone.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 28, 2020

    Provident funding and associates Has to be one of the worst mortgage lenders available. Their customer service is nonexistent as they expected me to close my loan without ever speaking to anybody live. Whenever I needed to speak to somebody I would get no return emails or phone calls. I even went up the chain of command and still no response. I actually was supposed to close today and go figure, paperwork was not ready and my loan officer was nowhere to be found. Even tried calling his boss again with no response. So I decided these guys don’t deserve my refi and I have completely pulled the loan. Piss off Provident Funding as you have no right to be in business.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 22, 2020

    We've used many mortgage companies over the years, as we changed home a few times, and I can clearly say that we never encountered anyone like this aggressive, malicious lender. We have not actually signed with them - they bought out our mortgage from our original lender (without our consent or knowledge, of course), then they started off by charging late fees as our automated payments have continued to be made to the original lender. We haven't had a late payment/charge ever, by the way (in decades of history).

    As a further example of their practices, although making our automated payments on time, this lender would return the payments and slap (substantial) late fees for "missing" an incremental change that they would have made to the escrow. When such adjustments have occurred in the past, other lenders have naturally applied our timely, regular payment and allowed us the grace time to update our payments to the new amount and submit the small escrow difference. This lender acts maliciously and in bad faith systematically. They'll wait for you around every corner. I'd stay away.

    3 people found this review helpful
    Rated with 3 stars
    Verified Reviewer
    Original review: Dec. 5, 2020

    I have held a few mortgage loans with this company since about 2010 when I first refinanced. I recently refinanced, again, given the current low interest rates. As before, I found the lowest interest rates, points, and processing fees with this company having shopped around both times. (I have a high FICO score.) There are other great things to say about this company, such as its service and website. It is the only company I could find online that has a tool that allows prospective customers to see what rates are available for your specific loan, which I really like.

    All other companies force you to give them your phone # and email address for them to contact you before giving you this info, which I really dislike. As an actual customer, the website is really good, too, with helpful tools and account info and easy to navigate. Overall, I have found the service to be very good, too, while going through the refinancing process and as an active customer, although there is an important exception I explain below.

    The reason I give 3 instead of 5 stars is because there were "issues" during the loan process both times to which people should be forewarned. In 2010, some of the figures on the contract that the company sent to my local title company (which I chose) for the signing were different than they had been on all the disclosures leading up to the signing. This created a lot of anxiety for me since we were on deadline, and I thought it might derail the whole deal. It didn't, but were I not extremely detail oriented, I would have ended up signing a contract with higher expenses than what I was supposed to pay.

    The most recent issue was more troubling. When I locked in the interest rate online, the confirmation showed the cost of the rate jumped up .25% more than what had been published on their website just a minute before. In spite of multiple emails and phone calls with the rep asking for clarification over the following month during the application process, I did not receive a clear explanation (by email) until the day before the signing. It is a long story, but it has to do with their appraisal fee, which they say they will "waive" under certain circumstances, but what they actually did was reduce the quoted fee (from $500 or $700 to $300) while not conducting the appraisal. In other words, I paid an additional $300 fee for nothing. This is never explained in writing on the website or the contract or even the disclosure form as the fee is folded into the points (the jump in points when I first locked the rate).

    By the time the signing was scheduled, I had decided to go ahead with the deal even though this additional amount had still not been clearly explained because it was still a good deal and to have backed out would have cost me more. However, after the signing, I let the rep know my dissatisfaction, that the specifics of the "appraisal waiver" were poorly communicated and confusing, at best, and deceptive, at worst. I also asked him to share my concerns with his management/supervisors so they might, at the least, require better transparency and communication about this fee. Even better is to remove a fee for a service (an appraisal) that is never provided.

    A last drawback of this company, for some, is that it is entirely online and almost all communication is by email, although the rep and I did speak by phone on a few occasions. Once I submitted the application, I had to digitize and upload the many, many documents that were requested, check my email daily, and respond to requests for additional documentation or information.

    In my experience, the mortgage loan process is always onerous, and doing it entirely online is even more so. However, since I have the resources to do it online and it likely reduces the cost of the loan, it works for me. But for those who don't like conducting doing this kind of transaction entirely online, you might be better off selecting a local mortgage company, although the rates will likely be somewhat higher. As I said, there are many good things to say about this company. But this experience left a bad taste in my mouth. Would I go with Provident again? Maybe, but given the current historically low rates, I'm hoping to never to have to purchase or refinance another mortgage loan in my life!

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 30, 2020

    After a month long application process, Provident said they could not find an appraiser to appraise our property (it turns out, Provident owns the company from whom they choose appraisers and will not use any one else). We actually found them local appraisers willing to do the appraisal and they refused to use them. Meanwhile, they were holding our $600 for the appraisal fee for over a month. Imagine if they got a $600 interest free loan from a million or more people!

    If you do make the mistake of applying with them, be wary of Eric **, one of their so called customer agents. He would never return emails or phone calls during the application process, and never called us until a month later when he said they had to deny our application because of the appraiser problem. This despite fact that our combined income exceeded the amount of the loan, top notch credit ratings, and no debt other than the existing mortgage. We are contemplating reporting Provident and Eric to the Attorney General for the State of Colorado for investigation.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 15, 2020

    My experience attempting to refinance my loan with Provident was awful. Despite being a loyal Provident customer for 15 years +, and a credit score of over 800, they made it impossible. My loan consultant Fungai could not have cared less if the loan closed and was of no help. Completely ghosted me the last week of the loan lock. They couldn't have cared less if they got my business.

    13 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: July 28, 2020

    I paid my Mortgage on time for more than 6 years... When I moved and refinanced in 2016 the escrow company paid off my balance of over $300.000 and it was posted a week after my due date... So now this is affecting my FICO score and Provident associate said there is nothing they can do... So much for being a valued customer...

    8 people found this review helpful
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    Provident Funding Associates Company Information

    Company Name:
    Provident Funding Associates
    Website:
    www.provident.com