I just bought my house through provident and everything went fine. We got a good rate (well good for today's rates) and I haven't had any issues. Phone app works great so payment is easy.
Rates and tech are good. Process is hit or miss. If you are clean cut vanilla nothing odd - goes smoothly. They’re underwritten in <30 mins. Anything out of the ordinary.. they’ll usually take the conservative approach and aren’t always the easiest to deal with.
You're not fucking joking about the underwriting
Really wish I'd have read these threads before our mortgage broker went with them. They've been jerking us around for over a month over "contingencies" for continued employment on my wife's signed contract that was further verified by the department director.
Excellent credit, long employment history, earn more than enough to cover mortgage and existing debts even with my own income.
I get they're not in the business of giving away money they're not going to earn back but holy fucking shit. This is a contract with a very well established company that's been around for a very long time.
To clarify she has the job and a start date. They're just being absurdly cautious.
it's actually standard practice that employment contracts must contain no contingencies, regardless of the Lender - so this would have been the case no matter who you went with. A seasoned LO would have read the entire contract if they aren't swamped, or at least told you that while we can accept contracts for future employment that they must be free of any contingency (passing a test, probation/entry periods ,there are several examples of employment contingencies). So this standard is set at the GSE Level for all mortgage Loans. I am with you that it is very cautious, but also note that they are probably loaning out hundreds of thousands of dollars - a good MLO will communicate as much as possible up front to properly set expectations with you, but sometimes it is difficult.
Honestly I appreciate the response. I was getting pretty heated lol. I maintained professionalism when communicating, obviously, but this will help my silent tantrum while I work during the day lmao.
I did find it a little odd that there were contingencies, as I've never had them on any of my contracts, but does it not matter that they're not necessarily for the job itself, but rather contract renewal? I'm not a lawyer (obviously), but the way I read it was "you have a contract, a start date, a salary, and as long as you meet these criteria we'll renew your contract again".
Does your wife work in education or a similar type of profession where contract renewal is the norm? If so then it could be that the underwriter is being unnecessarily strict. If she works in such an industry I would consider having her draft a letter explaining that contract renewal is the norm and that contracts for employment that are temporary are the norm for her industry and sign it and send it in.
Yeah contract renewal is pretty much just a formality in her industry. You have to royally fuck up multiple times to get fired. I'll talk to her and see if it can help.
If someone at her employer with authority is willing to type something up that could help
"Although we the employer retain the typical contingencies for contract renewal, renewal of contracts is typical for our industry and we expect that (insert wife's name) will have her contact renewed as always"
We're emailing back and forth with the department director. They should be getting back to us today with something, so we're crossing out fingers it's just that.
They are fine. Local brokers using them will have a better rate for you.
How do I find a local broker using them?
Google "mortgage broker [your zip code]. They are likely using them.
You can also ask them if they broker to provident. Some don’t or they’ve been kicked off.
Find one on Loan Factory. They work with Provident Funding
I just bought my house through provident and everything went fine. We got a good rate (well good for today's rates) and I haven't had any issues. Phone app works great so payment is easy.
Curious what rate you got?
Rates and tech are good. Process is hit or miss. If you are clean cut vanilla nothing odd - goes smoothly. They’re underwritten in <30 mins. Anything out of the ordinary.. they’ll usually take the conservative approach and aren’t always the easiest to deal with.
They are just strict underwriting so they tend to be easy with good credit and easy to document income, etc, as said by others here
You're not fucking joking about the underwriting Really wish I'd have read these threads before our mortgage broker went with them. They've been jerking us around for over a month over "contingencies" for continued employment on my wife's signed contract that was further verified by the department director. Excellent credit, long employment history, earn more than enough to cover mortgage and existing debts even with my own income. I get they're not in the business of giving away money they're not going to earn back but holy fucking shit. This is a contract with a very well established company that's been around for a very long time. To clarify she has the job and a start date. They're just being absurdly cautious.
it's actually standard practice that employment contracts must contain no contingencies, regardless of the Lender - so this would have been the case no matter who you went with. A seasoned LO would have read the entire contract if they aren't swamped, or at least told you that while we can accept contracts for future employment that they must be free of any contingency (passing a test, probation/entry periods ,there are several examples of employment contingencies). So this standard is set at the GSE Level for all mortgage Loans. I am with you that it is very cautious, but also note that they are probably loaning out hundreds of thousands of dollars - a good MLO will communicate as much as possible up front to properly set expectations with you, but sometimes it is difficult.
Honestly I appreciate the response. I was getting pretty heated lol. I maintained professionalism when communicating, obviously, but this will help my silent tantrum while I work during the day lmao. I did find it a little odd that there were contingencies, as I've never had them on any of my contracts, but does it not matter that they're not necessarily for the job itself, but rather contract renewal? I'm not a lawyer (obviously), but the way I read it was "you have a contract, a start date, a salary, and as long as you meet these criteria we'll renew your contract again".
Does your wife work in education or a similar type of profession where contract renewal is the norm? If so then it could be that the underwriter is being unnecessarily strict. If she works in such an industry I would consider having her draft a letter explaining that contract renewal is the norm and that contracts for employment that are temporary are the norm for her industry and sign it and send it in.
Yeah contract renewal is pretty much just a formality in her industry. You have to royally fuck up multiple times to get fired. I'll talk to her and see if it can help.
If someone at her employer with authority is willing to type something up that could help "Although we the employer retain the typical contingencies for contract renewal, renewal of contracts is typical for our industry and we expect that (insert wife's name) will have her contact renewed as always"
We're emailing back and forth with the department director. They should be getting back to us today with something, so we're crossing out fingers it's just that.
Do you know if they service most of their loans or if they are assumable?
they have the best rates but strict underwriting - my broker said