Provident Funding

Basic information

QM program

• Conventional
• Home Ready
• Home Possible

Loss payee

PROVIDENT FUNDING ASSOCIATES, L.P. ITS SUCCESSORS AND/OR ASSIGNS P.O. BOX 5914 Santa Rosa, CA 95402

CPL or subordinate clause

PROVIDENT FUNDING ASSOCIATES, L.P. ITS SUCCESSORS AND/OR ASSIGNS, P.O. BOX 5914, Santa Rosa, CA, 95402.

Lock policies & fees

Lock policies

Lock extension

Unlike all other lenders, Provident Funding does not offer extensions (for examples: 1-day, 5-day, or 15-day extension). Please see the below as it's more of a relock policy than an extension.

Relock

If the loan has outstanding conditions or suspended, it cannot be extended. Broker has to upload all conditions and created a case to ask the lender to relock as worse case pricing. Worse case pricing means If the market rate is better than the locked rate, A loan can be extended for 21 days (1/8th), or 30 days (1/4th) + Worst Case Pricing.

Lock & Shop

No

Lender's niche & overlays

Lender's niche

Conventional/ conforming financing w/ aggressive rates.

Lender's overlays

Condos (attached and detached) are INELIGIBLE with Provident

CASH OUT: MUST HAVE 740 SCORE, MAX DTI: 45%

Only allow business purpose in MA. 

Please note that we are prioritizing locked loans and as capacity permits will underwrite floating Cash-out and purchase transactions. Float Rate & Term refinances do not have a turn-around time for review and may not be reviewed until locked. Please consider locking in your loan to ensure the quickest turn-around time.

Purchase and locked: will be approved within 24 hours

Do not underwrite TBD files.

Provident Funding Overlays

Provident Restrictions

Provident will restrict an LO’s access (probationary period) or in more severe cases terminate their account if their fall out ratio gets too high (% of locked or submitted loans that are canceled).

Lender turn time

Initial underwrite (days)

1

CTC conditions review (days)

1

Initial CD (days)

1

Reviews