Mortgage Broker
Provident Funding Associates, L.P.Headquarters
This business is NOT BBB Accredited.
Find BBB Accredited Businesses in Mortgage Broker.
Complaints
Need to file a complaint?
BBB is here to help. We'll guide you through the process.
Complaint Details
Note that complaint text that is displayed might not represent all complaints filed with BBB. See details.
Initial Complaint
12/17/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Provident funding stopped sending return envelopes with the payment coupons. This is a much bigger issue than it reads/ sounds like. I have called them and this last time both managers i spoke with were very pompous and very rude to me about it on the phone. So now I'm making a complaint to the BBB, not that anyone cares or anything will be done, but at least there will be a complaint on file. Feel free to call me at ************ if you have any questions. thanksBusiness response
12/24/2024
Provident Funding is responding to the complaint you submitted to the Better Business Bureau.
We are pleased to offer you the option of receiving coupon books in lieu of receiving monthly mortgage statements in the mail each month. As a courtesy, three envelopes are included with each coupon book order; however, we are unable to provide additional envelopes beyond the three that are included. If you need additional envelopes, you will need to utilize your own supply.
We want to make sure you are aware that Provident Funding also offers several no-cost payment options, including but not limited to our *********************** and one-time online payments,which can be submitted through our website or mobile app. Please let us know if you have any questions regarding these payment options (or any of the other payment methods we accept) as we would be happy to provide further information.
It should be noted that we have no record of any of our representatives treating you in anything less than a professional manner. Conversely, we are confident the supervisors you spoke with were courteous and respectful when addressing your concerns.
As of the date of this letter, your loan is next due for the February 1, ******************* the amount of $1,583.76. I may be contacted via email at ********************************* or by telephone at ************** if you have any further questions.
Sincerely,
******* *****
Consumer ComplianceInitial Complaint
11/13/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
**************** failed to process autopay and failed to process payment. Payment portal was several times. Initially I have called and they said that they have no record of me setting up autopay which is incorrect. I tried to call another time and got no response. I have been having to make mobile payments for months. When I finally got a hold of someone my payment was already considered delinquent.Business response
11/22/2024
This letter serves as Provident Fundings formal response to the telephone conversation you had with the undersigned on November 13, 2024 and the complaints filed with the ************************************ and the Better Business Bureau.
Provident Funding recognizes its responsibility to research consumer credit disputes when they are presented to us. We have done a thorough review of your account and determined (1) your October 1, 2024 installment was not received within the same month it was due, (2)no errors occurred on our part in relation to your October 2024 payment, and (3) we are accurately reporting your October 1, 2024 installment to the credit agencies as 30-days late, and said reporting will not be changed. This matter is addressed in more detail below.
As you know, the servicing of your mortgage loan was transferred from **** Mortgage to Provident Funding effective August 1, 2024. Our records reflect you or Mrs. ******* registered for a ****************************** online account on Septmeber 21, 2024 and submitted a one-time online payment that same day (the following routing number was entered into our website as part of that submission: *********).
We attempted to process your Septmeber 21, 2024 one-time online payment using the banking information entered into our website; however, we were subsequently notified the payment attempt was rejected due to your financial institution not being able to locate an account,it appears the routing number was not correct. You called into our *************************** on September 26, 2024 to discuss this matter, which is the first time we have record of you contacting Provident Funding.
I personally listened to copies of the recorded telephone calls you had with our representatives on September 26, 2024 and September 27, 2024 and confirmed that you did not discuss and/or enroll in our *********************** during those calls. During that initial call, our representative attempted to submit a one-time telephone payment per your request, but she did not complete that submission as our system re-populated the routing number that was previously entered into our website (*********). This was an error on the part of our representative, but was rectified the next day when another one of our representatives removed the incorrect routing number from our system and successfully submitted a one-time telephone payment for your August 1, 2024 and Septmeber 1, 2024 installments using the updated routing number you provided (*********). This brought your loan current and next due for the October 1, 2024 installment.
The records included with the ************************************ complaint indicate you may have attempted to call us on October 14, 2024, Provident Funding was closed that day in observance of the federal holiday. Provident Funding resumed its normal business hours the next day, October 15th.
Except for the instance noted above, we have no record of you attempting to contact Provident Funding between Septmeber 17, 2024 and November 12, 2024. And we have no record of receiving a payment for your October 1, 2024 installment until you successfully submitted a one-time online payment after business hours on Friday, November 8, 2024. As reflected on the enclosed payment history, that payment processed and posted to your account the next business day, Tuesday, November 12, 2024.
We have investigated your claim that issues with our website prevented you from making timely loan payments and found no merit to those assertions. Furthermore, we have no record of you attempting to enroll in our *********************** until the loan was successfully enrolled in said service on November 12, 2024. Please review the enclosed letter and email you received on November 12, 2024 confirming Monthly AutoPay had been setup and would start on December 5, 2024.
While we strive to provide the best possible service to all of our valued customers, ********************************************* is required by law to accurately report payment histories to the credit agencies. Furthermore,we do not waive credit reporting as a one-time courtesy.
Taking all the above into consideration, we are accurately reporting your October 1, 2024 installment to the credit agencies as 30-days late. As no errors occurred on our part in relation to your October 2024 payment, the information we are reporting to the credit agencies will not be changed.
You have a right to request certain documents that may have been relied upon in reaching the determinations outlined above. If you would like to obtain a copy of the information on which our determinations were based, please send a written notice to the address below.
As of the date of this letter, the loan is next due for the December 1, 2024 installment and a no-cost automatic payment, in the amount of $1,574.49, is scheduled to be drafted from your designated bank account on December 5, 2024.
I may be contacted by phone at ************* or via email at ********************************* if you have any further questions.
Sincerely,
******* *****
Consumer Compliance
EnclosuresCustomer response
11/26/2024
Complaint: 22553759
I am rejecting this response because: the company has not addressed any of our concerns or proof. We have provided call logs and a video of their online portal not working and still they say there is no "merit" to our concerns without justifying why other than that they cannot find call recordings for the call logs we provided except they refuse to let us hear the recordings or transcribe them. Additionally, on one day we called we left a voicemail because they were closed. They said that that phone line does not accept voicemails which is not true and evident now if that phone number is called.
Sincerely,
******** ********Business response
12/03/2024
Provident Funding is responding to the rebuttal you submitted to the Better Business Bureau.
We have reviewed your additional concerns and remain confident that (1) our website did not experience any issues that would have prevented you from making a timely payment for your October 1, 2024 installment - the video you provided does not support those assertions, and (2)your October 1, 2024 installment was not received until November 12, 2024. As required by law, we are accurately reporting your payment history to the credit agencies, including but not limited to reporting your October 1, 2024 installment as 30-days late. This matter is addressed below.
Regarding the call logs you provided:
You may have attempted to call our loan origination line on Sunday, September 29, 2024. That call was placed outside of our normal business hours and Provident Funding was closed.
You may have attempted to call our loan origination line on October 14, 2024, which was a federal holiday. Provident Funding was closed.
Calls made to Provident Funding outside of our normal business hours will not be reflected in your loans servicing record.Additionally, Provident Funding does not currently have a general voicemail setup for our loan origination telephone line. However, we determined the afterhours message did need to be updated to reflect the current options, which we have remedied. We apologize for any confusion our afterhours message caused.
As previously relayed, call recordings are considered confidential, proprietary and/or privileged information and we are unable to provide copies of those recordings to you. We are also unable to provide you with word-for-word transcripts, especially considering we do not maintain those kinds of records. We would, however, be happy to provide you copies of the notes that were entered into our servicing system for each of the calls you had with our **************************** which we have previously offered to you -please let us know if you would like copies of those records.
Returning to the crux of the matter, your October 1, 2024 installment was not received until November 12, 2024. We are,therefore, accurately reporting your October 1, 2024 installment to the credit agencies as 30-days late, and that reporting will not be changed.
As of the date of this letter, the loan is next due for the December 1, 2024 installment and a no-cost automatic payment, in the amount of $1,574.49, is scheduled to be drafted from your designated bank account on December 5, 2024.
I may be contacted by phone at ************* or via email at ********************************* if you have any further questions.
Sincerely,
******* *****
Consumer ComplianceCustomer response
12/07/2024
Complaint: 22553759
I am rejecting this response because: the lender did not address the phone calls that were made within business hours. The lender also admitted that even though their phone line prompts a voicemail, where the operator literally said "leave a message". This means that for the given timeframe, I did all I could to contact them and they are not providing a justifiable outcome.
Sincerely,
******** ********Initial Complaint
10/16/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I originated my mortgage with ***************. I'm not sure the year the loan started but in 2023 the loan was purchased by Provident Funding and that is when my troubles began.I had been paying my mortgage every 2 weeks as that fit in my pay schedule. My payments were under $1,400 per month but i would pay $700 every 2 weeks. Eventually i was paid ahead, that is until Provident Funding stepped in and decided they could not properly service my loan and began returning my payments. Mind you, I was ahead on my loan. They would not even do me the courtesy of holding one $700 check and waiting for the next one to arrive. They just sent the checks back until my account was late and hade the gall to charge me late payments. They have since waived the late charges after I complained but will not hold or process my checks as I send them. They have no idea what customer service is or means. I advised that they sought out my loan and purchased it. They had every opportunity to review my payment record and refuse it before accepting it and beginning this campaign of harassment against me costing me time, energy and interest - which I would like to recoup if I could afford lawyer and force them to recast my loan from the time they purchased it.I don't know what the BBB can do but I would like to be a black spot on their reputation as I feel they are on mine. Thank you.Business response
10/23/2024
This letter serves as Provident Fundings formal response to the online case submitted through our website and the Better Business Bureau complaint you recently filed.
We do not agree with your assertions that we have improperly serviced your mortgage loan or that we have provided a poor level of customer service. Conversely, we are confident your loan has been serviced in accordance with our standard policies and procedures, the loan documents you and Mrs. ****** executed as part of the loan closing, and all federal, state, and local regulations. As explained in detail below, Provident Funding does not accept bi-weekly or partial payments. We will only accept your monthly payment if it satisfies the full amount due, and payments less than the full amount may not be accepted and may be returned to you.
Please review the enclosed copy of the First Payment Letter that was issued by the originating lender, ********************************, and was signed by both you and Mrs. ******* That document states:
Your lender will not accept any partial payments
If this loan is sold, your new lender may have a different policy.
We also bring your attention to the enclosed copy of the Deed of Trust executed as part of the loan closing,Sections 20 and 1 state:
The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower.
There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note.
Lender may return any payment or partial payment is the payment or partial payments are insufficient to bring the loan current.
As you know, the servicing of your mortgage loan was transferred from ***************** to Provident Funding effective July 4, 2023. As indicated in the above-referenced First Payment Letter, policies regarding partial payments can vary from Loan Servicer to Loan Servicer. While ***************** may have accepted partial payments for this loan, we will not. Enclosed is a copy of the Welcome Letter that Provident Funding mailed to you shortly after the most recent servicing transfer; page 2 outlines it is our policy to not accept bi-weekly payments:
Do you accept bi-weekly payments?
No,we do not accept bi-weekly payments.
As has been consistently relayed to you,we will only accept your monthly payment if it satisfies the full amount due, and payments less than the full amount due may not be accepted and may be returned to you (in accordance with our standard policies and procedures, we will not hold partial payments). Be advised that we disagree with your assertion that you are owed additional compensation in relation to this issue. Furthermore, we are unable to accommodate your request to transfer your loan to another Loan Servicer.
Regarding late charges, according to the Promissory Note executed for this loan, a late charge may be assessed to your account if an acceptable payment is not received by the 1st of the month due date or within the additional *********************************************************** issues. If you have a concern about a specific charge that has been posted to your account, please contact us so that we can address those concern in detail.
As of the date of this letter, your loan is next due for the November 1, ******************* the amount of $1,335.06. Please note, the partial payments received on October 11, 2024 and October 21, 2024 were not accepted and the funds have been returned to you.
I may be contacted by phone at ************* or via email at ********************************* if you have any further questions.
Sincerely,
******* *****
Consumer Compliance
EnclosuresInitial Complaint
04/30/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
I am writing to express my dissatisfaction with a transaction made by Provident Funding from my escrow account to my insurance carrier. On January 25, 2023, Provident Funding processed a payment during the policy year spanning from March 23, 2022, to March 23, 2023. This timing, occurring less than 60 days before renewal, deviates significantly from the expected billing cycle and warrants immediate attention.The charged amount of $5872.64 raises further concerns, as it exceeds the premium for the entire policy year, which stood at $4273.05. Although billed as an adjustment to the premium, such a substantial difference demands clarification and transparency.In previous instances, Provident Funding has reliably communicated upcoming payments through advance notifications. However, in this case, I did not receive any prior notice, depriving me of the opportunity to address the matter proactively.As a homeowner, I rely on accurate and timely information from my mortgage servicer to effectively manage my financial obligations. The lack of communication and transparency in this matter is deeply troubling and falls short of the standards I expect from a reputable mortgage servicing company.Business response
05/08/2024
Provident Funding is responding to the complaint you submitted to the Better Business Bureau.
Our records reflect you have been enrolled in our insurance payment notification emails since May 13, 2012, which alert you of upcoming and/or recently made insurance payments. That said, there are circumstances when we must disburse an insurance payment prior to sending advance notice, especially when the subject property is at risk of being uninsured. Such a scenario occurred with your 3/23/2022 to 3/23/2023 homeowners insurance policy.This matter is explained in more detail below.
To begin with, please review the enclosed copy of the initial invoice we received for your 3/23/2022 to 3/23/2023 homeowners insurance policy which outlined the premium amount was $4,273.05. Also enclosed is a 24-month payment history reflecting a payment for said policy, in the amount of $4,273.05, was disbursed from your escrow account on March 11, 2022.
We understood your 3/23/2022 to 3/23/2023 homeowners insurance policy to be paid in-full. However, on or around January 24, 2023, we received a cancellation notice from the insurance carrier outlining the policy had been canceled due to non-payment. In addition to the cancellation notice, we received policy documents reflecting the amount due was $5,872.64. Copies of the cancellation notice and policy documents that were received in relation to this matter are enclosed.
Our representatives attempted to contact your insurance carrier to discuss the issue but we were not able to successfully reach someone. After reviewing your policy information via the insurance carriers website, Provident Funding issued an additional payment to *************************** LLC on January 25, 2023, which can be verified by reviewing the enclosed payment history. Our payment was done to prevent the policy from canceling and to ensure the subject property remained insured. Please note, an insurance payment notification email outlining the disbursement was sent to you on January 25, 2023; a copy of that email is enclosed.
The history of the loan reflects you have since changed insurance carriers. Please note that *************************** LLC should have issued a refund to you for any unused insurance premiums and/or overpayment, please contact the insurance carrier directly if you have questions concerning a refund.
I may be contacted by phone at ************* or via email at *********************************.
Sincerely,
*************************
Consumer ComplianceEnclosures
Customer response
05/09/2024
Complaint: 21649230
While I acknowledge the records outlined in your response, they unfortunately fails to address the core of my complaint. As indicated, the premium for the policy year spanning from 3/23/2022 to 3/23/2023 was indeed settled in full prior to its commencement, as correctly noted in your communication. However, what remains unresolved is the unilateral deduction Provident made from my escrow account to cover additional charges to the insurance company, sans any prior notification.This action is particularly concerning for several reasons. Firstly, it involves an unexpected payment withdrawal within the policy year, a departure from usual practice. Secondly, the timing of this deduction, occurring less than 60 days before the policy's expiration, raises further questions about transparency and fair practice. Lastly, the magnitude of the deduction, constituting 137% of the yearly premium, is alarming and underscores the necessity for proactive communication.
Had I been duly informed of this impending charge, I would have explored alternative insurance options, as I eventually did for the current policy year renewal, thereby mitigating the impact of such exorbitant charges. The insurance company was contacted for the additional charge after the fact. Since I changed my insurance carrier after the premium increase, they refused to refund the charge.
Sincerely,
*************Business response
05/10/2024
Provident Funding is responding to the rebuttal you submitted to the Better Business Bureau.
As a Loan Servicer,Provident Funding pays escrow items based on the bills that we receive. And while we do try to provide borrowers with advance notice of escrow disbursements through our courtesy email notifications, there are circumstances when we must disburse a payment from a borrowers escrow account without prior notice. This is especially true in situations where the subject property is at risk of being uninsured those situations are often time sensitive and delay in issuing payment could result in loss of coverage.
As previously outlined, we received documents from your insurance carrier on January 24, 2023 which outlined (1) your 3/23/2022 to 3/23/2023 homeowners insurance policy had been previously amended, (2) additional premium was due and *************************** LLC should have received a payment for that additional premium by Nov-26-2022,and (3) the policy had been cancelled due to non-payment. It should be noted that we have no record of receiving notification of the additional premiums owed until we received the January 24, 2023 documents.
In order to ensure the subject property remained insured and considering the issue was time sensitive (the policy was already recorded as being cancelled), Provident Funding disbursed a payment to *************************** LLC on January 25, 2023 and notified you of our actions that same day.
Please note that it is not uncommon for us to receive invoices from insurance carriers outlining additional amounts are owed due to policy changes, even when that policy has been in effect for some time. And while we certainty understand your need to be kept abreast of changes to your insurance policy, including but not limited to amendments that result in your premium increasing, it is the responsibility of the insurance carrier/agent to notify you of such changes.
In response to the statements made in your most recent complaint, I personally called *************************** LLC today and was advised a refund check for overpayment/unused premiums was issued to you in April 2023, and that refund check has cleared. Please contact *************************** LLC directly if you did not receive this refund, or have questions or concerns related to the refund that company issued.
As of the date of this letter, your loan is next due for the June 1, ******************* the amount of $5,371.66 and a no-cost automatic payment, in the amount of $5,371.66,is scheduled to be drafted from your designated bank account on June 5, 2024.
I may be contacted by phone at ************** or via email at ********************************* if you have any further questions.
Sincerely,
*************************
Consumer ComplianceCustomer response
05/14/2024
Complaint: 21649230I am taken aback by your assertion that it is not uncommon for us to receive invoices from insurance carriers outlining additional amounts... even when that policy has been in effect for some time. Such a statement prompts one to question how frequently individuals encounter additional premium charges after their homeowner's policy has been established for a significant part of the policy year. However, it's worth noting that premium increases mid-policy are explicitly prohibited in ********, with the exception of surplus line carriers, to which Orchid Underwriters belongs. This information has been corroborated with the regulatory body of the state (SCC: 1-877-310-65600). I encourage you to verify this information by contacting them directly.
While I acknowledge your initiative in contacting Orchid Underwriters, I feel compelled to clarify the refund check mentioned in your response, as it pertains to a separate incident altogether. For the policy renewal spanning from 3/23/2023 to 3/23/2024, Provident Funding received invoices from two insurance providers: ************************** (the insurer for the preceding year, 3/23/2022 to 3/23/2023) for the sum of $13150.52, and KW *************************** (the insurer I transitioned to for the subsequent year, 3/23/2023 to 3/23/2024) for $4987.53. Provident Funding remitted payment to both entities. Notably, this occurred before the commencement of the policy year, affording me the opportunity to contact Orchid Underwriters and terminate their policy, resulting in a full refund for the unused period. The dual payment made by Provident Funding does not relate to the subject of this complaint.
To reiterate, the crux of my grievance pertains to an additional payment of $5872.64 tendered to Orchid Underwriters on 1/25/2023 for the policy term spanning from 3/23/2022 to 3/23/2023. Despite this payment, Orchid Underwriters declined to issue a refund upon receipt of payment from Provident Funding. I urge you to review your records and liaise with Orchid Underwriters to corroborate this account.
Sincerely,
*************Initial Complaint
04/07/2024
- Complaint Type:
- Order Issues
- Status:
- Answered
Date: 4-6-24 My *********** are homeowners in **. April 1, 2024, we received a notice from our mortgage holder Provident Funding, dated March 26, 2024, ** Box 5914, ********** ** ***** with a physical address of: ******************************************************************************************* according to my mortgage booklet. Provident Funding is claiming our home insurance is not paid. We paid our bill on March 11, 2024 for the coverage year of March 12, 2024 to March 12, 2025 with our **** card. April 1, 2024 I tried calling Provident @ ************ and never could connect with a human - so I had to give up. After all that, I was not confident I would actually get decent service after the runaround with the phone system. So I called my AARP/******** Insurance and asked why our mortgage holder was not notified of our recent coverage purchase and ******** at the ******** @ ************ stated Provident Funding WAS notified. ******** faxed a 2nd notification to Provident Funding @ fax # ************ at approx 3:15 pm CA time. Provident Funding is threatening my *********** by stating they will purchase 6 months worth of insurance on our behalf for the amount of $2,101.58 if they do not receive proof of our homeowners/hazard insurance within 60 days. That would be over $4000 of unnecessary chaos because they are not doing their job at Provident Funding. That better not happen. I mailed copies of our declaration pages to the ** Box on 4/2/24 but it is fruitless to try and follow up in other means because the phone system is not user friendly.Business response
04/11/2024
Provident Funding is responding to the complaint you submitted to the Better Business Bureau.
Firstly, we are sorry to hear that you were unable to reach us by phone. Provident Funding is open 5:00 AM to 5:00 PM PT, Monday through Friday, and you may reach one of our **************** Representatives during those hours by dialing **************, option 7. Your concerns regarding our March 26, 2024 notice are addressed below.
Our records reflect we have generally received your homeowners insurance documents directly from your chosen insurance carrier.However, we have no record of receiving documents for the most recent policy period until those items were received via facsimile on April 2, 2024. In response to your concerns, the head of our ******************** contacted ******** *************** to confirm Provident Fundings information is correctly listed on your policy.
Rest assured that (1) your loan has been updated to reflect your March 12, 2024 to March 12, 2025 homeowners insurance policy with ******** *************** is active, and (2) *********************** will not be purchased in relation to this matter. You may disregard our March 26, 2024 notice, which was sent to ensure the subject property remains covered under a valid insurance policy.
While we are hopeful that future renewals will be received directly from your insurance carrier, we must remind you that,in accordance with the documents you and your husband executed at the closing of this loan, it is the responsibility of the borrowers to ensure we receive updated insurance documents each year. Insurance documents may be faxed to ************* or mailed to the following address:
Attn: ********************
Provident Funding
P.O. Box 5914
**********, ** 95402-5914
As of the date of this letter, your loan is next due for the May 1, ******************* the amount of $1,808.47. I may be contacted by phone at ************** or via email at ********************************* if you have any further questions.
Sincerely,
*************************
Consumer ComplianceInitial Complaint
03/04/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
I bought the house at **************************************************************** March 19, 2021 since I brought the house my mortgage have been sold four times within the first 90 days of me buying the house. My mortgage was sold six months later my mortgage was sold and three months after that my mortgage was sold, every time my mortgage is sold it goes up it started out being 1200 and something dollars and now its 1800 and something dollars when I ask why my mortgage is going up they will say because my homeowners insurance on my taxes went up, but I check it and those two things are not going up. My escrow is 800 and something dollars my taxes is 3000 something dollars a year my homeowners insurance is about $1100 a year. My escrow is 800 and something dollars a month. Every time I ask the mortgage company why my mortgage went up they would say either my taxes or, my homeowners insurance went up but when I check it didnt go up I have five children under the age of 12 and a wife to take care of at home. I cant afford to keep paying these prices because my mortgage is going up too fast and a short amount of time. They always give me the runaround when I asked him. Why am I paying so much? Please help me.Business response
03/07/2024
Provident Funding is responding to the complaint you submitted to the Better Business Bureau.
As you are aware, the servicing of your mortgage loan was transferred from Lower, LLC to Provident Funding effective October 1, 2023. Please review the enclosed copy of the Escrow Account Disclosure Statement that Lower, LLC sent to you sometime before the servicing transfer, said document outlined your monthly mortgage payment amount had been adjusted to $1,498.27, effective with your June 1, 2023 installment. We can confirm that is the same monthly mortgage payment that boarded our system; a copy of the Welcome Letter that Provident Funding sent in response to the servicing transfer, and which confirmed your monthly mortgage payment at the time of the transfer was $1,498.27, is enclosed.
While questions about how your prior Loan Servicer(s) calculated your monthly payments will need to address directly with those entities, we hope the following information proves useful:
-Enclosed with this letter is a copy of the Real Property Bill issued by the ***************** evidencing the amount paid for your 2021/2022 property taxes was $2,978.32.
-Enclosed with this letter is a copy of the Real Property Bill issued by the ***************** evidencing the amount paid for your 2023/2024 property taxes was $4,434.46, an increase of $1,456.14 compared to the 2021/2022 tax year.
-Enclosed with this letter is a copy of your March 11, 2021 to March 11, 2022 homeowners insurance policy evidencing the premium amount for that period was $783.00.
-At the time of the servicing transfer, the annual premium for your homeowners insurance policy was reported to be $1,119.00, a $336.00 increase compared to the 2021/2022 policy term.
-Enclosed with this letter is a copy of the Commitment & Certificate of Insurance issued as part of the origination of the loan which evidences your current monthly ************************** (PMI) premium is $74.81 (or ****** per year).
As you know, Provident Funding completed an escrow analysis shortly after the loan transfer which updated your monthly mortgage payments from $1,498.27 to $1,813.32. The calculations used to determine your current monthly mortgage payments are outlined in detail below.
Regular Escrow Payment Calculation
$1,119.00 annual homeowners insurance premium* + $4,434.46 annual property tax payment + $****** annual PMI premiums = $6,451.18
$6,451.18 / 12 months = $537.60 Regular Monthly Escrow Payment
Escrow Shortage Payment Calculation
In accordance with Federal Law, Provident Funding requires you to maintain a 2-month escrow cushion (excluding PMI). Your escrow cushion was calculated to be $925.58,meaning your escrow account balance cannot go below that amount.
($1,119.00 annual homeowners insurance premium* + $4,434.46 annual property tax payment) / 12 months = $462.79
$462.79 x 2 months = $925.58 required escrow cushion
Based on the starting escrow balance of -$1,081.33 and the projected activity over the next **************************************************************** July 2024, at which time the anticipated escrow balance was expected to be -$3,395.26. Therefore, your account has an escrow shortage of $4,320.84.
|-$3,395.26 lowest anticipated escrow balance - $925.58 escrow cushion| = $4,320.84 escrow shortage
$4,320.84 / 12 months = $360.07 monthly escrow shortage payment
Total Monthly Mortgage Payment Calculation
Enclosed with this letter is a copy of the Promissory Note executed as part of the loan origination which outlines the monthly principal and interest payment is $915.65. As such, the current monthly mortgage payment was calculated to be $1,813.32.
$915.65 principal and interest payment
$537.60 regular escrow payment
$360.07 escrow shortage payment .
$1,813.32 total monthly mortgage payment
*It should be noted that we recently received the bill for your March 11, 2024 to March 11, 2025 homeowners incurrence policy, a copy of which is enclosed. The annual premium for the upcoming policy term is $1,643.00, a $524.00 increase when compared to the last term. While a payment for the upcoming policy term was issued on March 5, 2024,the updated premium amount has not yet been factored into your escrow payment.
Your current monthly mortgage payment has been properly calculated by Provident Funding. The cost for your escrow items have increased, so your monthly escrow payments have had to increase as well - your annual homeowners insurance premiums have more than doubled since the loan was originated ($783.00 policy premium in 2021/2022, compared to $1,643.00 for the 2023/2024 term), and your annual property taxes have increased as well ($2,978.32 in 2021/2022, compared to $4,434.46 in 2023/2024).
We encourage you to submit an assistance package for our review if you are experiencing a financial hardship and would like to purse loss mitigation assistance. Our ************************** *** be reached by phone at **************, option 4, if you would like an assistance package sent to you, or if you want to discuss the options that *** be available to you.
As of the date of this letter, your loan is currently due for the March 1, ******************* the amount of $1,813.32. I *** be contacted by phone at ************* or via email at ********************************* if you have any further questions.
Sincerely,
*************************
Consumer Compliance
EnclosuresInitial Complaint
01/13/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Resolved
Provident Funding is incorrectly asking me to pay escrow balance when there should not be any balance from previous service provider (Lower). I have had repeated phone conversations with Provident reps and each time they appear to be in agreement that I don't have escrow balance and say they will make the correction but they are not doing it. In my online account it showing I have to pay $147.70 in escrow balance. The escrow balance should be zero. Attached closing disclosure, home insurance policy covering the period in question. The people I am talking to over the phone with Provident seem to be very incompetent and unwilling to work with the previous provider. On the phone they keep saying they have all the information to take back to Lower but appear to be not doing it. They are also deceptive in not calling back to settle while keeping the incorrect payment amount in my account. Because of the incorrect payment amount I am unable to make the monthly payment in time and it will affect my credit score. This is an unacceptable situation.Business response
01/19/2024
Provident Funding is responding to the complaint you submitted to the Better Business Bureau. While it is our understanding this matter has been resolved, your concerns are addressed below.
As you are aware, the servicing of your mortgage loan was transferred from Lower, LLC to Provident Funding effective October 1, 2023. As part of that servicing transfer, Lower, LLC informed us that *********************** had been purchased for the subject property, that they had advanced funds to pay that policy premium, and that your loan had an advance balance of $2,029.38, which was your responsibility to repay. Based on that information,and in accordance with the terms of your loan documents, an escrow account was established for your loan.
Our records reflect you contacted us shortly after being notified of the newly created escrow account and subsequently provided us with evidence of continuous homeowners insurance coverage. Our representatives contacted Lower, LLC in an effort to have them cancel the *********************** policy they had purchased and provide us with a refund so that we could clear the advance balance. We appreciate your patience as we worked to address this matter with Lower, LLC.
As you know, the advance balance has now been resolved and the escrow account that was established for your loan has been removed. We are pleased a payment for your January 1, **** installment was received yesterday, January 18, ****. Allow me to reassure you that no late charge has been, or will be, assessed in relation to the January 1, **** installment and, since a payment for that installment was received within the same month it was due, this matter will not negatively impact your credit score.
As of the date of this letter, your loan is next due for the February 1, ******************* the amount of $1,106.30. I may be contacted by phone at ************** or via email at ********************************* if you have any further questions.
Sincerely,
*************************
Consumer ComplianceCustomer response
01/21/2024
Better Business Bureau:
I have reviewed the response made by the business in reference tocomplaint ID ********, and find that this resolution is satisfactory to me.For future reference I encourage Provident Funding to conduct additional due diligence in following up with previous service provider when you already had the evidence of hazard insurance premium policy plus the closing disclosure. The burden to resolve falls on Provident Funding and Lower, and not force the customer to pay escrow balance when that is not applicable. Also encourage Provident Funding to train their staff better on conducting in depth analysis, due diligence and provide far better customer service.
Sincerely,
*******************Initial Complaint
11/30/2023
- Complaint Type:
- Billing Issues
- Status:
- Resolved
Problem Description: In early November 2023 my mortgage payment was declined. I received a $25 fee from Provident Funding. This occurred due to the ***************'s clearing house issue with their payment processing network. My accounts were affected. A paycheck from my company sent on Thursday did not appear on Friday as planned for the first time in over 5 years. It took weeks to get re-paid and then money had to be sent to a different account as the usual account did not work. This was not a bank issue, but a *************** issue.I contacted Provident to remove the $25 fee as this was certainly out of my control and a nationwide issue. They declined and said I had to get a letter from my bank saying that it was the bank's fault. The bank will not do that as it is not their fault. That was a ridiculous response from Provident. My $25 fee should be refunded. This should be public knowledge so people understand this company is charging fees for nationwide federal reserve issues.Business response
12/05/2023
Provident Funding is responding to the complaint you submitted to the Better Business Bureau.
As a gesture of good faith and considering it appears you were affected by the recent processing issue experienced at an Automated Clearing House (ACH) operator, the $25.00 returned payment fee that was assessed in relation to this matter has been waived. A 12-month payment history reflecting said waiver is enclosed for your records.
As of the date of this letter, your loan is next due for the January 1, ******************* the amount of $1,208.97.I may be contacted by telephone at ************** or via email at ********************************* if you have any further questions.
Sincerely,
*************************
Consumer Compliance
EnclosureCustomer response
12/06/2023
Better Business Bureau:
I have reviewed the response made by the business in reference tocomplaint ID ********, and find that this resolution is satisfactory to me.
Sincerely,
*******************************Initial Complaint
10/25/2023
- Complaint Type:
- Order Issues
- Status:
- Answered
10/13/2023 ********** sold my Mortgage to Provident Funding Associates LP. PLEASE STOP THIS!I do not want this company to have my mortgage. They have a reputation of a "late fee" scam. It's all over the internet and I've had friends and customers complained about this company. It's not news they can't process payments like the mainstream banks. This is a funding company. NOT A BANK! It's all over the internet the people are paying their mortgages on time then all of a sudden get wacked with late fees. Then they come in and start the foreclosure process. Please if anyone can help stop this please do so.Business response
10/25/2023
This letter serves as Provident Fundings response to the complaint you submitted to the Better Business Bureau.
We cannot agree with your assertions that we improperly service mortgage loans. Conversely,Provident Funding takes pride in providing a superior servicing experience for our valued customers and we are proud of our good name and reputation, including but not limited to our A+ BBB rating. We must also point out that Provident Funding is not a funding company, we are a mortgage lender and servicer and are licensed in the **************** under the Mortgage Bankers Statute.
We bring your attention to the enclosed copy of the Deed of Trust executed as part of the origination of the loan, and,specifically, Section 20 which states:
The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the Loan Servicer) that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law.
There also might be one or more changes to the Loan Servicer unrelated to the sale of the Note.
As you are aware, the servicing of your loan is scheduled to be transferred from Zions to Provident Funding effective November 1, 2023. We are unable to accommodate your request to stop or reverse the scheduled servicing transfer.
Provident Funding is excited to welcome you as a customer! Rest assured that we offer numerous payment options,including but not limited to our *********************** and one-time payments which can be made through our website, mobile app, or by telephone. Other accepted payment methods include but are not limited to checks, money orders, and payments made through a bank billpay service. Provident Funding also offers tools to help customers monitor their loan,including but not limited to payment notification emails and the ability to review account information 24/7 via our website or automated telephone system.
A welcome letter outlining the above payment options, and other important information,will be mailed to you shortly after your loan boards our system, which we expect will be completed on or around November 3, 2023. In the meantime, feel free to contact me if you have questions about the services we offer. I may be reached via email at ********************************* or by telephone at *************.
Sincerely,
*************************
Consumer Compliance
EnclosureInitial Complaint
10/16/2023
- Complaint Type:
- Billing Issues
- Status:
- Answered
Today, October 16th I attempted to make a mortgage payment with Provident Funding Associates, L.P. and they refused to accept. As of today, August and September are past due. I was attempting to pay August. The would only accept a payment if I were to pay both August and September OR if I would enter into one of their repayment/assistance plans, which would increase the amount of the monthly payments until that plan is satisfied. It would also force me into paying specifically that amount in the repayment plan vs. my normal mortgage payment. Additionally, by refusing to accept the August payment, they are forcing my loan into a even further delinquent status. They are advising they can reject my payment under the guise of some investor payment rules with ****** ***, which to me doesn't sound right if your loan is not in default. My loan would not be 90 days past due until the end of this month so I'm not in default today even though their system says I am. By rejecting the payment, they are forcing the loan to reach default should I not make an additional payment by October 31st. This is abusive and coercive. They said they sent a demand notice on October 5th, yet somehow that demand notice was not available in their online portal. They advised the demand notice said I had to pay August and September which would be $6600.04, by October 31st. I asked for them to email me the notice. The notice I received says I have to make THREE payments which would amount to $9900.06 by November 4th. So what happens on November 4th if I make the $6600.04 payment? Are they still going to claim my loan is in default and demand no less than an additional 2 payments be made, 4 days later to avoid?My loan was recently sold to this entity. I never had this issue with my previous loan servicer SWBC ******************** How can they change the terms of repayment?Business response
10/20/2023
Provident Funding is responding to the complaint you submitted to the Better Business Bureau.
Allow me to first clarify that your loan is in default under the terms of the loan documents and is in danger of being referred to foreclosure. Specifically, the loan is due for the August 1, 2023 to October 1, ********************* $9,900.06 (said total does not include late charges or other amounts you may owe).
Please review the enclosed copy of the Security Deed executed as part of the origination of the mortgage, and, specifically,Section 1 which states:
Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current.
The minimum payment we can currently accept for your loan is two monthly installments (or $6,600.04), which would cure the default and leave the loan due for the current month. Pursuant to our standard procedures and in accordance with your loan documents, payments that are insufficient to cure the default will not be accepted.
We encourage you to complete an assistance package for our review if you are experiencing a financial hardship and are having difficulty making the mortgage payments. Loss Mitigation programs that we are to review you for include but are not limited to a repayment plan, temporary forbearance,or loan modification assistance. Our ************************** may be reached at ************, option 4, if you would like to discuss the available options.
As mentioned above, your loan is currently due for the August 1, 2023 installment and all subsequent installments and the minimum payment we can currently accept is $6,600.04. If we do not receive a payment of at least $6,600.04 by 5:00 PM PT on October 31, 2023, the minimum acceptable payment will become three monthly installments, or $9,900.06.
I may be contacted via email at ********************************* or by telephone at ************** if you have any further questions.
Sincerely,
*************************
Consumer Compliance
Enclosure
*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩
Customer Reviews are not used in the calculation of BBB Rating
Customer Complaints Summary
15 total complaints in the last 3 years.
7 complaints closed in the last 12 months.
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation. BBB charges a fee for BBB Accreditation. This fee supports BBB's efforts to fulfill its mission of advancing marketplace trust.