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Provident Funding / Failure to pay insurance premiums

1 United States Review updated:

Provident Funding has turned out to be the most incompetent, deceitful and arrogant mortgage lender that I have ever dealt with.

For the past two years Provident Funding has missed paying my flood insurance premiums on time even though they took the money from my escrow account and notified me that they had paid each time. This year they went a step further. They took the money ($545) from escrow in December, 2008, notified me that they paid the bill but they never sent the check. They finally sent it in February, 2009 and after finally sending it, took out a "forced" flood insurance policy and are charging me an unconscionable $4, 380 for the "forced" policy. I have written to them, faxed them, phoned them and emailed them, but they refuse to acknowledge that it's their problem and I should not be charged. They could care less.

Do yourself a favor and don't get involved with this company. The effort and frustration in dealing with them is not worth it.

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Comments

  • Di
      27th of Jun, 2009
    -1 Votes

    Provident Funding is doing everything but funding my loan. With the escrow dateline closing in, they are asking me to sign error-filled "corrected" forms. Absolutely appalling! If your mortgage broker is using Provident, get a new mortgage broker!!!

  • La
      4th of Sep, 2009
    0 Votes

    This happens to almost everyone. I've had several mortgages and it happened to me at Wells Fargo and AmTrust on my hazard insurance. Lenders are HUGE now, it's almost impossible for them to get everything straight. As soon as you get a forced policy in the mail you should be on the phone 24/7 until it gets resolved. If your LTV is under 80% cancel your escrow account, then you can pay the premiums yourself and not worry about it.

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