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Old 08-26-2013, 07:32 PM
 
Location: Mammoth Lakes, CA
3,088 posts, read 6,627,609 times
Reputation: 7126

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I am purchasing a second home through Provident funding and it's been a nightmare. Never mind our credit scores are both 820+, we have $150,000 in the bank and are putting 25% down on the home. The underwriters are unbelievably picky. We were supposed to be funded last week but the underwriters constantly want endless documentation for checks or deposits made 6 months ago. They keep delaying again and again. Our mortgage broker said he's never seen anything like this in 30 years in the business.

I'm wondering if underwriters are extra anal when it comes to second homes? Or is every closing this way?
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Old 08-26-2013, 07:43 PM
 
Location: Boca Raton, FL
4,851 posts, read 8,319,922 times
Reputation: 5483
Smile Provident and second homes

I'm a mortgage broker who dealt with Provident. They can be very very very picky.

Your broker needs to give them exactly what they ask for, otherwise, there will be more conditions.

Their rates beat everyones and they want perfect files. I have done primary, second and investment properties with Provident.

How's your rate? They sometimes try to get out of those (I think) but how long are you locked for?

PS - In the last couple of days, rates have slightly improved so that may be a good sign.
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Old 08-26-2013, 08:20 PM
 
Location: Mammoth Lakes, CA
3,088 posts, read 6,627,609 times
Reputation: 7126
Provident is giving up 2.75 for a 7 year ARM. The rate expires on Thursday, escrow is supposed to be over by Friday or else an extension will be needed.

I accept underwriters being picky, but this whole process has been unreal. And they constantly demand stuff that's been provided to them over and over. Thank you for your response.
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Old 08-26-2013, 08:29 PM
 
Location: Boca Raton, FL
4,851 posts, read 8,319,922 times
Reputation: 5483
Smile Which office are you dealing with?

Usually, Provident clears conditions in 24 hours, however, since your rates expires on Thursday, they are most likely playing games.

I've had this myself and we, as brokers, are just sweating it out like you. You can have a file almost cleared and yes, the most annoying condition will come out of left field.

Honestly, Provident was my go-to lender for 5 years. I was Tier 1 with them (your current broker will know what that means). I spent over 300 hours with Provident in our busiest time (April/May) on one file. The conditions, time spent and endless conditions were just too much. The borrower elected to stay with Provident but I have quit sending them files for a while.

I'm in Florida and here they don't do condos, attached PUDS, jumbos and there are some others that don't fit them. I gave them good files for 5 years.

I now have the philosophy of going with lenders that actually want and appreciate my business.

Hang in there with your broker. I'm sure he/she is feeling the pain just like you are.

PS - If the file does not close, it's considered a "fall out" and your broker's relationship with Provident can be damaged.

PPS - That's a great rate.
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Old 08-28-2013, 09:45 PM
Status: "I can learn to admire w/o having to aquire." (set 4 days ago)
 
Location: Where the last of the "Big 3" has retired. Spurs country.
3,023 posts, read 3,610,684 times
Reputation: 7326
I NEEDED to see this post at this very moment! I am going through h e l l with my home purchase financing. The underwriters are making this process for me a nightmare! I admit I do have an unusual situation, but c'mon, use some common sense. I am the perfect borrower, but am being made to "jump through hoops" because of the idiotic mess from years ago. The good always pay for the deeds of the bad. I am reluctantly giving them what they demand, against my better judgement because I don't think they know what they need or want to approve me.

Thanks for this thread, which I found by accident. Like I said, I NEEDED to see this post right now.
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Old 08-30-2013, 10:46 AM
 
Location: Mammoth Lakes, CA
3,088 posts, read 6,627,609 times
Reputation: 7126
Now that the loan docs have finally been signed (after three months of nit picking and ridiculous "losing documents"), Provident now is charging $850 for a rate lock extension. We just have to suck it up and pay it because Provident does offer the lowest rates. They deliberately went slow so we'd go over the deadline. Oh well... there's worse things in life.

My mortgage broker says Provident won't deal with people who don't have stellar credit, a long employment history and good debt to income ratio.
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Old 08-30-2013, 04:33 PM
 
Location: Boca Raton, FL
4,851 posts, read 8,319,922 times
Reputation: 5483
Smile You just helped their branch...

By paying for your lock extension and yes, they do this, you helped their branch. I think the branches are more conscious of these things but congratulations, you're set anyway!!
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