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Permalink Reply by Sandy Mac on May 4, 2012 at 5:00am

Thanks for your feedback, you are right.  They use Freddie Mac............and they are so difficult.  I've been writing LOE's for every little thing!  I am holding my breath with them.  If I make it out of the woods, I'll at least have gotten one of the most competitive rates these days.

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Permalink Reply by Brent Innocenzi on May 4, 2012 at 5:59am

Provident Funding is by far the worst lender out there I have EVER dealt with. They are deal killers! I advise clients to not accept any offers from buyers going through them. Just recently I have a deal where Provident Funding allows "their" hired appraiser to put stipulations and requirements on the appraisal, on a 20% down conventional loan, in order to close. Example. The appraiser didn't feel the toilet was clean enough so until this was taken care there will be no closing...This again is on a 20% down Conventional loan. Also, when did appraisers become Licensed contractors and can dictate how structurally sound a property is and give estimates on costs and requirement on repairs? Provident Funding's appraiser apparently do. Excuse my rant but in 10 years I have never dealt with anyone like them. 

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Permalink Reply by Sandy Mac on May 4, 2012 at 6:05am

Wow, your experience is making me extremely  nervous!  I know I have an uphill battle, and I pray this will close.  The appraisal was just completed for me this week by them.  The appraised value was a bit lower than I had hoped for but it was fair and didn't have any stipulations.  Seems like the appraiser actually liked the house.  I guess it's a subjective job to some extent.  I'm just worried about any specific requirement Provident Funding has about contributions and what type of documentation would satify them.....

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Permalink Reply by Brent Innocenzi on May 4, 2012 at 6:32am

I agree Harry! For good measures we can throw Met life in the conversation too. I have never dealt with Provident where they were the short sale lender. I've only had the "pleasure" to work with them when they were the buyer's lender purchasing a short sale I worked.

Sandy, I am not a loan officer and do not do mortgages, but just based on my experiences with them I do not know if they will allow this contribution. I would make sure you get a clear, definitive answer immediately before moving forward. This should be a yes or no answer for them. Their appraisals are always low. I've had an issue every time.

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