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Provident Funding / Terrible company

1 United States Review updated:
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Provident Funding sucks! I have been with them for two years. I had trouble 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!

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  • Do
      1st of Apr, 2009
    -1 Votes

    I can't agree with you more on this!

    It treats its customer so poorly. They charged me $25 fee for the first unsuccessfuly auto-pay due to bank transaction failure, and wouldn't waive that fee. The call rep kept cutting off me without even let me finishing talk.

    Provident funding sucks!!!

  • La
      17th of Apr, 2009
    -1 Votes

    Dea Anna, where did you get the application for loan modification, from Provident? I called so many times, they wont give it to me...that company suck...

  • Di
      27th of Jun, 2009
    -1 Votes

    This company can't even fund my loan. I'm thinking that may be a blessing in disguise.

    Stay away from Provident!

  • Ti
      1st of Jul, 2009
    -1 Votes

    Yes, they are sucks. We have been with them for two years also. Now we have trouble with our bill, and we try to contact with them many many time. We send all of the file about our salaries, taxes and try to approve for get down the interst. But they denied and said we not enought qualify for that.They said just sit down and waiting they will find another way to help us.
    We are waiting for about 3 moths, and during that time we still try to call them ( everyweek), waiting for an hour but the transfer just the voice mail message only. Today we try to contact them and now we know our house actived forclosure. It' is terrible, and now they denied they didn't say about "Your guy just sitdown and waiting our help". Is it the BIG LIAR???. We don't know what we have to do now. But yes, stay away from Provident Funding.

  • Ha
      27th of Jul, 2009
    -1 Votes

    I hev been dealing with Provident funding since March 09 . I have explained my hardship of income reduction. I was told they could not help unti I was 32 days behind. I explained I did not want to default and damage my credit. They told me to call back in a week and check if there loan modifcation plan from the government has been activated. I called back and was told to call back again in 6-8 weeks. Still nothing. Now I have no choice but to miss a payment because I am out of options on getting money to pay it. I have owned three homes and this is the first company that doesn't give a crap about it's customers. I've live in this home for almost five years and would hate to lose it.If they keep this up they can have it.I can rent a house alot cheaper than my mortgage. Soor so long, I just had to vent.

  • Ti
      3rd of Aug, 2009
    -1 Votes

    If after reading this you still move forward in dealing with these incompetent, unprofessional, worthless, paper pushers, I'd say your a glutton for headaches and punishment.

    Here's a lof of our recent interactions with Provident:

    6/1/09 Application for Modification accepted at Provident

    6/8/09 I was told application had not been assigned; that it would take a couple of weeks

    6/15/09 I was told application had been assigned to someone (can’t find the name). Left him a message.

    6/29/09 I was told application had been re-assigned to Michael Proctor. Left message.

    7/3/09 Left message for Michael Proctor

    7/6/09 Left message for Michael Proctor

    7/7/09 Called and complained to the person that answered the phone that Michael Proctor had not responded to my messages. The person said it takes a while. Left message for Michael Proctor

    7/13/09 Emailed Michael Proctor requesting a response or a phone call

    7/31/09 Left message for Michael Proctor. Told him we needed to hear from him or we would have to make some tough decisions regarding the house.

    8/3/09 Asked to speak to a supervisor. Sean said all were in a meeting.

    8/3/09- 10:53am

    Called Provident spoke to "Shawn" who tranfered me to Scott Messinger's voicemail after asking him to please SPEAK to a Supervisor because we were not getting any calls back from anyone my husband has left messages for since before June.

    8/3/09- 10:56am

    Called Provident for a second time after being put thru to Scott Messinger's voicemail. I again spoke to "Shawn" and explained that I needed to speak with a "Live Person." Since he told me in our previous phone call that the Supervisors were out of their "meeting" I asked why I'd get someone's voicemail? I reiterated that I desperately needed to speak with a "Live person, now, " and that we have been trying since before June to get ome answers. He placed me on hold and when he came back he let me know that he spoke with a Supervisor who was with another client, but that he was told to send out an email to three other Supervisors so that one could get back with me. I let him know that was unacceptable and that I would hold until someone was available to speak with me. He told me once again that all he do was send that email. I reiterated that I was not getting off of the phone until he transferred me to a live person who could assist me with the matter of my loan. Shawn then said, "Mam, I can either send this email or I can hang up on you."

    I told him again that I'd hold for the next available supervisor at which point I was hung up on.

  • Jo
      4th of Aug, 2009
    -1 Votes

    We have been trying since May to start the process for a loan modification and have been pulled and tugged in every direction possible with all the excuses and NO ONE ever calls back.
    We are now going to file a complaint with the Banking Commision and send an email to our President Obama.

  • Ha
      24th of Aug, 2009
    0 Votes

    I received a making home affordable packet from Provident .I filled it out and faxed 40 pages to them. I called 48 hrs later to verify they received the fax, and they did. I just hope that they can modify the loan. My loan is with Freddie Mac and do not have pmi on the loan. All i can do now is wait.

  • Bl
      31st of Aug, 2009
    0 Votes

    I've had a loan with Provident since 03/08 and since my income was cut in half over the past couple of years, I tried getting a modification done. .

    When I called in April, I was told that I have to be late on my mortgage payments to qualify. I called again in early July and the didn't require that prerequisite, but rather asked me a few questions as to why I think I should be approved for a loan-mod. Then, they sent me the Harship packet, which I filled out entirely and faxed back with my income taxes, paystubs, statement of financial hardship and the income statement I compiled for all my expenses. A few days later, I called to verify that they received my docs and was told that they did get it, and my file is being assigned. Less than two weeks later I called to follow up and was told that I was denied, solely based on my housing ratio--to qualify for the loan mod, it must be 31% of the household income, or higher. So, despite the fact that my property depreciated and I'm making about 40% of what I made 2 years ago, I still don't qualify.

    I'm trying to come up with some counter-arguments and hopefully get that decision overturned, but I'm at a loss. Any suggestions?

    Thank you.

  • Ha
      2nd of Sep, 2009
    0 Votes

    I received a letter in the mail and was also turned down because my gross income is above 31% and they told me I was at 23%. I asked what about my take home pay, car payments, medical bills, utilities, insurance etc. They told me I did not qualify for the making home affordable program. I asked them what am I supposed to do since Iam making substantially less than I was a year ago. They said try making your payments as long as you can. Why should I pay if eventually I'm not going to be able to? Provident Funding could care less. I don't understand why they wanted copies of pay stubs and how much our bill are, if they're not going to include it in the review. I feel they just wasted my time faxing 40 pages for nothing.

  • La
      4th of Sep, 2009
    0 Votes

    Does anyone save up for emergencies anymore? Most of these complaints are because people wanted the lender to "modify" the original loans they had... you know, when you signed on the dotted line saying "I promise to pay XX for XX years until it is paid off or you can take my house from me" so many years ago?? Last time I checked, the note and mortgage don't have asterisks saying the lender is obligated to help you out if you lost your job, if you had income cut, or if you bought a house without an adequate emergency fund saved up. Anyone have a real complaint??

  • Ha
      10th of Sep, 2009
    0 Votes

    I had an emergency fund set up. Now it is gone. I have been employed at the same business for over 20 years making the same amount of money until a year ago. I never had a credit card with outstanding balance until now. Please don't tell me i'ts all my fault because the economy went down the toilet. I have owned three homes and never had a late fee, payed all my bills on time and had plenty of money left over after paying my bills. Who are you to judge someone because they are in need of assistance because of a huge drop in income ? It must be nice to still make your payments on time! My crystal ball was broke, so I could not tell that my income would go way down.

  • Si
      20th of Sep, 2009
    0 Votes

    Please don't blame any of this mess on someone who has worked very hard and has gotten caught up in the mess caused by unscrupulous people and unbelievable greed. Please. My pay was cut by 30% last November and I do not see that changing any time soon. I have tried for 11 months to get a modification with Provident and after all of this time they have just now declined. Of course, I am in foreclosure now because they told me I could not apply for a modification until I was 32 days late. Then after sending in my package, they added wrong (it took them over 30 days to add wrong). I had to point out the mistake to them and then it took Wells Fargo over 35 days to decline saying that it was not warranted for the life of the loan. I agree, so why not be proactive and modify it for 5 years????? duh? Does no one have any brains anymore or are we just still too greedy? Now the clock is ticking and I do believe they intend to just let the clock run out.

    Sick to Death

  • 8d
      10th of Oct, 2009
    -1 Votes

    I see a lot of these complaints are coming from people who know nothing about mortgages. The HAMP program signed by President Obama helps people out by reducing their mortgage payments to 31% of their gross income or more. So if your mortgage payments are already below the 31% then you do not qualify. It has nothing to do with the company; it's the program requirements.

    And some people here are acting as though they are entitled to a modification. I agree with Sportsync3 comment; a lot of people don't know what they are getting themselves into so they lose their homes. A lot of the restrictions that are placed are not the lender's policy but the investor's policy (Freddie, Fannie, RFC, ...) that the lender must adhere too. It's too bad that people lose their jobs and there are unexpected issues that come up, but it's not the company's obligation to bail you out because they did not cause your job loss or medical bills etc...

    And the end of the day Provident, like any other lender, is a business and businesses have to make money and mitigate their losses.

  • Ne
      10th of Oct, 2009
    +1 Votes

    nobody is telling them to give us the house for free, we are just asking for a break, a little help until we are back on our feet. The loan modification is a request to reduce the interest rate, so the company is still making money. I have been turned down too. I lived in my house for fifteen years. Provident does not
    care. My house is in foreclosure the selling date is next week, I am about to have a nervous breakdown

  • Ha
      13th of Oct, 2009
    +1 Votes

    I called for assistance with HOPE .The lady was very helpful. I gave all the information I gave Provident and she told me that I should qualify for the making homes affordable program. We did a three way call with some one named Daniel. He said that Provident Funding figures the gross income by year to date and not by current montly income. Just because the beginning of the year may have been better than the later half, does not mean we can afford the payment now. We were transfered to Chad Coulson who I have left several messages and e-mails . Once again we received his answering machine. To this date I have not received an e-mail or a return phone call from him. No one else will assist because he was the one that did my paper work. I do not want my house for free, I just want a little help while thing are tough. I was told to either pay my mortgage or sell the house. My house is worth half of what I owe. If I were to short sale my home, Provident would get half of what is owed . The remainder would be forgiven with the debt forgiveness act of 2007 so they will be out $120, 000 how stupid is that. All I want is a mortgage I can afford .

  • Li
      14th of Oct, 2009
    +1 Votes

    We also have had a mortgage with Provident for about 3 years. In May 2009 I called them about possibly lowering our interest rate since we could not refinance due to property value loss. They kept telling me for 3 months that since we were current we would not qualify for any kind of help or modification. Then the first week of August they sent us an application for modification through the Making Home Affordable program. The following day before we even faxed the paperwork back, we received a letter from them denying our application because we were current. We went ahead and faxed the information they asked for and since then have been asked to fax pay stubs and our hardship letter again. When I call them they tell me that they are not required to help anyone and that it is a voluntary program to help homeowners. So where is the help that Fannie Mae and Freddie Mac backed mortgage holders are supposed to be able to receive. We didnot purchase a home we could not afford like so many others. We would just like a little help because our income has dropped and expenses have increased due to the current economic situation.

  • Je
      23rd of Oct, 2009
    0 Votes

    Harley9701 : I am in the same place as you. I was on the phone with Hope and I am doing this 3 way call next week. I know I will get the same answer as you. Freddie Mac HAMP C65 is the "Obama plan" It spells out all the rules. The people at HOPE tell me I qualify as my DTI housing ratio is 36%. I have been working 20 hours OT a week for years. Now after layoffs, my hours are cut to Zero OT. I have struggled the past 5 months and now I am heading to foreclosure. My loss of income happened in April. So, PROVIDENT is like no other > You have a major income loss> they don't care and don't follow HAMP. They look at your Year to Date numbers when they do the math. So the counselers at HOPE will tell you that you qualifiy. This is correct for just about every other lender. They don't realise your hosed until they call Provident and they tell you your Housing DIT is 28% and you don't qualify. Most other lenders will look at your hardship letter, look at your new income and use this to qualifiy you. I called Freddie, and asked them this: If a servicer does not follow your C. 65 plan, and forecloses on a borrower and the house looses 100K on the sale > who is out of pocket? She said Freddie is> Wow >You have no control over how someone inturpets your Plan, and You eat the 100K
    Classic Government. Freddie is owned by us tax payers> they take it in the shorts and Provident washes their hands. Got to love it.
    I was told to catch up on my payments, then in early 2010 when you have a new year to date that removes my 4 months of OT from early 09 > then apply again. Lovely

  • Mr
      28th of Oct, 2009
    0 Votes

    Jeff, using year-to-date earning from your paystub is a standard underwriting practice. It would be very subjective to look at current earnings and ignore year-to-date earnings. I am sure if you are able to somehow document your reduction in pay, your servicer would take that into consideration when calculating your income.

    My advice to anyone contacting their servicer is the following:

    1. Be prepared
    2. Be patient (you are not the only one calling)
    3. Be polite (you will get a lot farther being courteous than being rude and aggressive)
    4. Be honest
    5. Keep good record


  • Th
      29th of Oct, 2009
    0 Votes

    From a closing stand point, this company is the absolute worst company I have ever worked with. They do not review the documents required for funding before the closing and then do not inform the parties of any corrections that are needed until 4:30pm the day before the file funds. They then make impossible requirements for people to meet (not sure how we are suppose to get new documents signed from a borrower that is in another city when there is 3 feet of snow on the ground) and then charge a 're-draw' fee of $300 and a 'lock-extension' fee of $1500...sounds like fraud to me!! Their funding guidelines are ridiculous and the people who work for them are so burned out from working in their 'sweatshop' that they are rude and impossible to deal with. I will NEVER obtain financing through them!

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