Provident Funding Associates

Provident Funding Associates

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About Provident Funding Associates

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Provident Funding Associates (NMLS #3821) is a direct mortgage lender and servicer founded in 1992. The company publishes daily rates and discloses its fees on its website. You can apply for a purchase or refinance loan and manage your application, upload documents, track statuses, see statements and make payments online.

    Pros & Cons


    • Transparent rates and fees
    • Rate lock up to 60 days for purchase loan
    • Completely online loan management


    • No FHA, VA or USDA loans
    • Not available in half of states

    Bottom Line

    Provident Funding Associates offers conventional loans for purchasing and refinancing in 25 states. The company publishes its rates daily and shows its fees and charges online. The purchase or refinance process takes about 30 days to complete. You can start the process online or by calling to speak with a mortgage consultant.

    Featured Reviews

    Vienna, VA

    My loan process was not easy and smooth due to extensive requests from the underwriter about my home insurance. All the documents that the underwriter required were much work. How...

    Read full review
    Mesa, AZ

    Jonathan and Shane were super helpful during our loan refinance. I had a lot of questions and all were answered in a timely manner. We ended up having an issue with our appraiser ...

    Read full review


    Provident Funding publishes real-time rates online. Clicking “View Rates” on its website shows you today’s interest rates and annual percentage rates (APRs) on 15- and 30-year fixed-rate loans (with specified points).

    If you click on “Customize My Rate,” you can see a more precise rate for your situation. Choose purchase or refinance loan, and enter the requested information. For a purchase loan, you put in the purchase price, down payment, ZIP code, property type, loan program and your credit score. There are eight different loan program selections.

    Provident Funding has both fixed-rate and adjustable-rate mortgages (ARMs). Its ARMs have an initial rate for the first five or seven years that’s lower than the rate on a fixed-rate loan; the rate then adjusts every six months. An ARM could be a good choice if you plan on short-term homeownership.

    According to data provided under the Home Mortgage Disclosure Act, Provident Funding’s average home purchase rate from 2019 to 2021 has consistently been lower than the national average.

    Provident Funding Associates average home purchase rate vs. national average

    YearDifference from national average
    2021 -0.32%
    2020 -0.05%
    2019 -0.20%
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    Provident Funding Associates divides its loan process into seven steps. You can start by signing up for an account online or calling the company to speak with a representative.

    Whether you start online or call, Provident Funding assigns your application to a mortgage consultant, who reviews your application, answers your questions and sets your application in motion through an automated underwriting process.

    Once you are approved through underwriting (and have an accepted offer from a seller, if applicable), you can then lock in your interest rate. Provident Funding Associates' rate locks last from 21 to 60 days.

    Next, you pay a property appraisal deposit ($600 or $850, depending on loan type). Then Provident Funding starts processing the loan application. The mortgage consultant lets you know what financial documentation is needed for the application to go through underwriting.

    It takes about 30 days from your rate lock to the time your loan is funded with Provident Funding.

    A ConsumerAffairs reviewer from Glendale, Arizona, had this to say about their experience with Provident Funding Associates:

    "I refi'ed last year. ... 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."

    Provident Funding Associates application features

    Online application
    Mobile document upload
    Physical branches X
    Publishes minimum rate on website
    Rate lock 21 to 60 days
    Pre-qualification (no hard credit pull)
    Certified approval letter

    Loan types

    Provident Funding Associates offers conventional loans and jumbo loans for purchasing and refinancing. These include both fixed-rate loans with terms ranging from 10 to 30 years and ARMs with five- and seven-year initial fixed-rate periods. Provident Funding doesn’t offer FHA, VA or USDA loans.

    In 2021, there were 9,455 applications for home purchase loans from Provident Funding. The company closed on 4,167, or about 44%. It denied about 11% of home purchase loan applications.

    Loan applications for home purchases only by year

    Home purchase applications 9,455 9,708 15,477
    Home purchase loans closed 4,167 4,506 10,357
    Home purchase applications denied 1,021 1,060 643
    Home purchase preapprovals denied 0 0 0
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    Provident Funding refinances existing home loans so customers can change their rate or term, or get cash out of their equity.  In 2020 and 2021, a period when rates reached record lows, refinance loans made up over 85% of Provident Funding’s loans.

    Home purchase vs. refinance loans by year

    Home purchase loans 12.77% 9.92% 27.84%
    Refinance loans 67.17% 71.64% 49.26%
    Cash-out refinance 20.06% 18.44% 22.91%
    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.


    To apply for a loan from Provident Funding Associates, you need income documentation (pay stubs, W-2 forms, tax returns), asset documentation (bank statements) and a homeowners insurance policy. The mortgage consultant you’re working with will let you know what other items the lender needs.

    Provident Funding Associates evaluates your income, assets, debts, debt-to-income (DTI) ratio, credit history and other factors to determine what loans you qualify for, your rate and how much you can borrow. It doesn’t specify a minimum credit score, but most lenders set a minimum score of 620 for conventional loans.

    Provident Funding does offer The Home Possible mortgage, which is designed to help low-income borrowers. This loan permits a down payment as low as 3%.

    For other loan types, read our guides on FHA, VA and USDA loans.

    Cost and fees

    Provident Funding Associates charges a $1,425 administration fee. Third-party fees listed by the lender include an appraisal fee, title insurance, recording fee and taxes. These fees vary based on the loan purpose, loan amount, property state and county and purchase price.

    These aren’t necessarily the only closing costs. Provident Funding shows a breakdown of all costs and fees in the Loan Estimate it sends within three days after you submit your loan application. You’ll see a more accurate listing of closing costs when you receive the Closing Disclosure form.

    Depending on your terms and loan type, Provident Funding may pay for some or all closing costs if you choose a higher interest rate.


    What is Provident Funding Associates?

    Provident Funding Associates is a direct mortgage lender and servicer. It offers purchase and refinance loans in 25 states at the time of publishing.

    Is Provident Funding Associates legit?

    Provident Funding has been part of the mortgage lending industry since 1992. In 2021, it originated over 32,000 purchase and refinance loans, according to HMDA data.

    Where is Provident Funding Associates available?

    Provident Funding originates loans in Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Missouri, New Jersey, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia and Washington.

    Provident Funding Associates Reviews

    ConsumerAffairs has collected 192 reviews and 273 ratings.

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    Page 1 Reviews 0 - 10

    Reviewed July 20, 2023

    Refinance costs were almost $10k and not disclosed until the final signing. I recently sold my house and paid off the loan and then still took $3,650 from my escrow account for lender forced hazard insurance. This was not disclosed to me until after the fact and was conveniently the exact amount I had in escrow. I have paid the loan of and still receive phone calls and emails about purchasing other products or referring friends and family. BEWARE! Worked with another lender for my new mortgage and it was a completely different experience. Also, the mortgage reps on their customer service line are clueless and unable to answer basic questions about your loan or refinancing. YOU HAVE BEEN WARNED!!

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    Reviewed May 23, 2022

    We didn't pick Provident Funding when we financed our apartment over 10 years ago, they brought our loan. Since 2014, we have paid on time even during the difficult COVID economy period. May 2022, we mailed the payment as usual, only this time Provident Funding did not receive on time, 1 day late. I cannot tell if it's Post Office delay or their internal staff shortage issue. However, when I called their Customer Service staff and supervisor, talked with Evelyn, Ty and Steve, all did not care about a loyal customer. They stuck with policies without understanding of the situation, of course, no waiver granted.

    I was also told that as a customer of Provident Funding, we cannot talk to their President. Really? Because they made millions of dollars a year so they don't dare to be involved in their real daily business operation or even talk to customers? I totally did not see any of their mission statement that Provident Funding put in their website which could be their intent in 1992 but definitely not in 2022. They only interest in finding new customers not to maintain a good one. My advice to everyone is: "DO NOT USE PROVIDENT FUNDING!" They won't let you go when you make a minor mistake or under any situation out of your control! Keep read the comments from the other customers. I won't even give 1 star but can't put in any comments if not.

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      Reviewed March 16, 2022

      Worst company I have dealt with, they will screw you. Terrible customer service that could care less. Terrible computer system. Mistakes can be made and they will not call you. Worst experience with a company I have ever had.

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      Reviewed Nov. 9, 2021

      Wanted to refinance to a lower market interest rate. Refused to offer a refinance until I initiated a loan buyout…then they wouldn’t stop pestering me about refinancing. Wouldn’t recommend Provident to anyone.

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      Reviewed July 29, 2021

      Jonathan and Shane were super helpful during our loan refinance. I had a lot of questions and all were answered in a timely manner. We ended up having an issue with our appraiser and Jonathan was able to rectify the situation. His professionalism and concern during the situation was exactly what I needed when I called to advise of the situation. Thank you Jonathan. I don’t know if anyone else would have handled the situation as quickly as you did. I can’t say enough nice things about both Shane and Jonathan. Thank you again for an “easy” process and the low rate on our loan!

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      Reviewed July 26, 2021

      I had a mortgage w/ Provident, overpaid it monthly rounding up to the next 100. Paid on time for over 12 years. I had fraud on my pay account, so they froze my account. In a panic I made an additional payment before the due date from a different account. The payment on the frozen account went through as well because I could not stop it, but was returned NSF because of the fraud freeze. Provident charged me a $25.00 NSF fee on the one that was returned. I called and asked to speak with a supervisor, they could not be bothered to come to the phone but relayed the message that it was not their problem and they will not refund it. I offered to show proof along with a police report & bank letter etc... They still refused to refund the NSF amount. Provident is horrible, I do not recommend them.

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      Reviewed July 18, 2021

      About ten months ago, I decided to refinance with Quick Loan/ Rocket Mortgage because of their popularity. Oh boy, was I wrong?! I will not write the details about the horrible experience I had with them here. The bottom line is I withdrew my application. Through a friend of mine, I decided to give a refinance a try. This time I was careful. I am glad that I found Provident Funding through our Commonwealth of Virginia DHRM website. Kurt **, Licensed Mortgage Consultant NMLS#**, made the entire refinance process incredibly easy and smooth. It only took 15 days to close my loan from the day I submitted my application. He is honest, knowledgeable, friendly, and responsive.

      What I appreciated the most was Kurt was on my side and supported me through the process. My loan process was not easy and smooth due to extensive requests from the underwriter about my home insurance. All the documents that the underwriter required were much work. However, He would go through the extra mile and effort to help me work together with my HOA and Home Insurance to resolve the problem. I cannot be more grateful for what he had done. THANK YOU, Kurt! I am gratified with the services I received from him and so happy I have Kurt as my mortgage consultant, and I definitely will come back to him for future mortgage needs. If you are looking for a mortgage consultant, I would highly recommend Kurt **, Licensed Mortgage Consultant NMLS#**.

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      Reviewed June 14, 2021

      We got our loan through Provident and were about to close with the house in our trust and they wouldn't process to a trust. Never told us that, just waited until the last minute to reject! Other last minute problems happened too many to name. The customer service reps were great. The Company ties their hands without understanding the different technical aspects of the person trying to get the loan.

      Then 6 months later, I tried to pay extra on principal and the website rejected the payment multiple times. Showing me it didn't go through. Come to find out, it did get processed and I got charged a rejection fee. I even called in 7 minutes after the rejection and got help in person. Honestly, this company must be so big that they don't care to have any help or forgiveness on a rejected payment or help with closing in a trust. I suggest getting your loan with a company that you can talk "in person" or is more personable and responsible in helping clients. Super stressful loan and now nickel and dimed. So disappointed.

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      Reviewed May 29, 2021

      We have had a home mortgage through Provident for several years and have always made our monthly payments on time until last month when we were away on vacation. They tacked on a $215 late fee. I called their customer service to ask to have the fee reversed given our previously spotless payment history. They refused saying that their policy was firm. So remember if you get a mortgage from them, they will be heartless about late fees. Also their mortgage refi packages are not competitive with independent mortgage brokers. Their estimated closing costs for a $280,000 refi loan were over $3,400. Be warned.

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      Reviewed May 20, 2021

      I have a rental property with the mortgage provided by Provident Funding. Back in Feb 2021, I switched the hazardous insurance from Company A to Company B. Within a day of the switch, Company B sent the bill to Provident Funding by fax asking for payment. Apparently, Provident Funding didn't pay. Company B sent another reminder bill in early May asking for the payment again. My local insurance agent also faxed the bill and called Provident Funding (and left a voice message with return tel #). Nothing happened and no payment sent to Company B. I, as the customer, called Provident Funding today about this no-payment issue. The customer rep told me that it is because the switch is mid-year change and they don't handle it. He also mentioned that Provident Funding sent an email in Feb to me. I never got that email (it may have gone to the Spam folder or whatever; it is yet to be confirmed).

      Provident Funding never bother to send a letter or make a phone call to me about this, like many other company do. Now, when I called Provident Funding to request them to pay for the insurance bill, they said I need to pay for the overnight mailing fees for this payment. It is ridiculous for the charge. They waited until the last min and generate the situation, but asked the customer to pay for it.

      More importantly, Provident Funding doesn't care customers at all. With all these alerts, phone calls, and faxes, Provident Funding should realize that the insurance bill needs to be paid soon. They don't even make any attempt to contact customer or insurance company, nor responded to the local agent's call. I even talked to a supervisor about this situation. He said "sorry to hear your situation and concern, and we can't do anything." I am going to move to another mortgage company soon with a re-financing. This is apparently a company that doesn't care about its customers at all. I wouldn't recommend any people to work with this company, Period! The company deserves a 0 star rating. But, the lowest I can give is 1 star, I guess.

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        ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
        1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Sept. 9, 2022.

        Provident Funding Associates Company Information

        Company Name:
        Provident Funding Associates