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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.
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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.
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.
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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.
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!
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.
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.
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...
I had a mortgage from Amerisave that was acquired by Provident. When rates started to fall I applied to refinance. After application was submitted and Provident started the process I could NEVER EVER talk to my loan processor. Either never returned calls or sent me a email to answer my questions. When a problem arose the Title Company took care of the problem, I THINK. Although I got the loan, I still had questions at closing. They gave me 1 day notice of the time and date. The entire process had me worried from start to end. NO ONE WOULD RETURN CALLS, period.
RUN FAR AND FAST BEFORE DEALING WITH PROVIDENT FUNDING. While going through a divorce, I found out that the Provident Funding mortgage on my house was way more than I thought the balance should be. After some very thorough investigating and finding mortgage documents, with a balance of over $225,000 when the original loan was less than that in 1997, I was shocked.
Evidently, the refinanced loan in 2011 incorporated a forged mortgage from 2005. The 2005 mortgage, verified by a handwriting analyst that not only did I not sign the loan documents in 2005, but my ex did sign the documents. Far worse, I had unmitigated proof that I couldn't have attended because I not only was in the hospital, but I was under the influence of narcotic drugs administered IV, every three hours round the clock. Any signature from me, even if it was my signature would not have been allowed because I could not legally enter into any contract while under the influence of narcotics.
To make matters worse, during the divorce proceedings, the arbitrator, retired Judge Dilts, from Somerset County, ignored the proofs and handwriting analyst submission, that it was not my signature and stated I must have known about the loan. How can a retired Judge totally ignore the rules of court and know what I was going through or thinking in 2005.
During the divorce, even though my ex was not allowed to stop paying the mortgage, due to it being part of support order he did. House like everything else was in his name only, but all liens, mortgages etc had to be acknowledged and signed by marital partner(NJ Law). This forced the house into the foreclosure process. Again, the retired Judge Dilts of Somerset County, NJ ignored the law and ignored the fact that there even was a house as part of the marital assets. He stated, since it is probably going to be lost due to the bankruptcy and it is in the jurisdiction of the bankruptcy trustee, we will just ignore it exists. REALLY. Ignoring a marital assets, no matter what's it status even exists IS CRIMINAL.
IT KEEPS GETTING BETTER. When I finally, got my divorce in January 2019, the Judge kindly gave me 60 days to refinance my marital home and save it from foreclosure. He didn't know or care that mortgage companies took far longer than 90 days to mortgage a home at that time, especially when it is a first time home buyer. He also didn't know and either did I that the mortgage company needed 6 months of income as proof of ability to pay.
The Judge ordered my ex to assist in anyway necessary, to refinance the home and to provide any needed documents. Since, PROVIDENT FUNDING was the CURRENT MORTGAGE HOLDER, I DECIDED, I WOULD WORK WITH THEM. I actually felt bad that my ex screwed them over for the money he owed them, so I would try to right that wrong.
First PROVIDENT BROKER TOLD ME NOT TO DO A LOAN MODIFICATION, SINCE HIS BAD CREDIT WOULD BECOME MINE. I later found out this was not true. They can't report on your credit report someone else history. Then I entered into the process of applying for a mortgage. I was immediately approved based on my credit score.
THE FUN BEGINS. I was made to jump through hoop after hoop after hoop repeatedly. I provided all the documents requested. Provident knew my ex was required to sign over a quitclaim deed, they conversed with him and they continually got miss information from him, but went with that instead of court orders. Even though my ex was required to maintain the marital home again based on court orders, it was such a mess, that after my approval I dumped all sorts of money into the home to bring it up to its original condition.
While the bankruptcy trustee, was going to make it a non-asset case I had the house fixed than appraised out at $480K approximately. In the dead of winter, Provident wanted the pool filled to the top. That alone cost $2200 to have water trucked in. The balance owed on the loan at this point was only $225,000 but rapidly growing with the $18 a day in interest.
After the appraisal, the Broker wanted me to have my ex sign over the quitclaim deed directly to them. Thus, saving them having to go through a foreclosure process and stealing my home from me. I realized this and told them no, the Judge said he was to sign it over to me. Mind you now it is May and my 60 days has long passed. My ex is pushing to sell the home to a house flipper to get out of the mortgage and cut me out of any profits from a normal sale.
Because I refused to have my ex sign the deed over to them instead of me, they pulled my approval. That is right after dragging the process out, knowing the parameters of the court order, they pulled the approval because I would not have my ex quitclaim the deed to them. Through this whole process, I had continued to put money into the house thinking I was investing into my own home. Now, Provident funding decides to pull the loan approval after I dumped money into a house, they were now going after with over $200k of equity.
PROVIDENT FUNDING, way back in 2005 started these abuses in motion. Their notary or closing attorney should have never closed on a loan, which removed all the equity from my marital home, without me being there. That is what a notary is required to do when notarizing a signature, verify that the person is present and watch them sign the documents. That didn't happen.
When the mortgage was refinanced in 2011 and I was coerced into signing right in front of the mortgage companies representative/notary. The process should of stopped because she could see I was under duress. I also was never allowed to see the terms or the whole document package I was required to sign. I was only allowed to see the signature page. The mortgage incorporated a past mortgage I did not participate in acquiring and the current document, amounts and terms.
I was told to just sign and that the term of the mortgage was the only thing that changed. The mortgage would go from a 30 year term to a 10 year term. AGAIN LIED TO, IT WAS A 15 YEAR LOAN AND THE AMOUNT WAS INCLUDING THE AMOUNT FROM THE FORGED MORTGAGE FROM 2005 which I never became aware of until 2018
Now it is 2020, amidst a Pandemic and a moratorium on foreclosures, I get a letter from PROVIDENT FUNDING'S ATTORNEY, that my home was going up for Sheriff's sale. Ignoring the reason for the Governor's order, so not to stress people during these trying and unprecedented times. Not provident, they could care less that a disabled woman, suffering from cancer to name just one such major illness was served with notice of a sheriff's sale.
While this part isn't PROVIDENT FUNDING'S ISSUE, my ex in January, long before the PANDEMIC, fled the State of NJ, never informed the Probation department as required of his move and stopped paying support. So here I sit, waiting for a sheriff's sale with no money to go anywhere and nowhere to go with my 2 service dogs.
PROVIDENT FUNDING BROKE ALL SORTS OF LAWS BY ALLOWING A CLOSING WITHOUT BOTH PARTIES PRESENT AS FAR BACK AS 2005. When I brought this to their attention, they take no responsibility for not doing their due diligence. It was no one, but Provident funding's responsibility to make sure I was present for signing mortgage documents on a marital home in new jersey in 2005.
Provident funding has go to be the most unfeeling, unscrupulous mortgage company out there. If they would go this far to harm an innocent spouse in New Jersey, what else can they do to anyone applying for a mortgage. It doesn't cost anything to hunt for mortgage companies. Do your due diligence and find a mortgage company that won't take advantage of you. The only thing this retired Judge did for me in my divorce, was to allow me to take legal action against the mortgage companies, which when I find a great attorney I will do so. I CAN'T STRESS ENOUGH TO RUN FAR AND FAST FROM THIS MORTGAGE COMPANY.
If your loan gets assigned to Andy **, Pipe Analyst, from Texas... run!!!! He’s incompetent and will cost you money. He gave us false information during our refinance which cost us our approval. Then he denied every saying anything, even though I told him I had emails documenting him asking for said documents. All he could say was sorry. I’m thrilled to know that Andy ** will just get a slap on the wrist and Provident Funding will carry on making money while we pay for Andy’s mistakes with our hard earned cash. The best part was that Provident Funding asked us if we wanted to refinance our loan. They said they’ll help us and that we are capable of getting a smaller interest percent. I bet Provident’s staff gets bonuses for bringing in new work and benefits off our troubles.
Provident Funding Associates Company Information
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- Provident Funding Associates
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