Posted by Linda_H/FL on 10/16/09 4:00pm
Msg #307642

My first Provident deal - unbelievable!!

Got a signing for tonight - Provident Funding - spoke with Mrs. Borrower - her ID is Jane M. Doe - she holds title as Jane L. Doe.....no problem in FL - with adequate proof of both names we have provisions for that in our manual...

But, knowing how picky Provident can be I brought it to the attention of my hiring party - she communicated with title who discussed with Provident...their answer? "Have brrower add the name on her ID to the One and the Same Name Affidavit and then notary can notarize"... umm...no....Name Affidavits are not acceptable ID to me....Provident further told them the name on the ID is NOT to appear in the notary block, and if I won't do it their way find another notary. Soooo...I'm staying home tonight...

If Provident is so picky, why do they condone us breaking the law to suit their needs??

Ugh

Reply by Lee/AR on 10/16/09 4:20pm
Msg #307645

Weird, isn't it? Let's see... they want you to have waaay more E&O than is reasonable... then want you to ignore the notary laws in your state? Is there a connection? Makes one wonder~~

Reply by Linda_H/FL on 10/16/09 4:39pm
Msg #307647

That reminds me - was told something very interesting

by my hiring party - Provident wants $500K E&O elsewhere, but $1M in FL....

Reply by parkerc/ME on 10/16/09 6:10pm
Msg #307659

I did my one and only Provident signing last year. Have had a couple calls since, but that one was just too much of a PITA for me to ever want to take another one. Might at twice my fee . . . but, no not even for that!

Reply by JanetK_CA on 10/16/09 7:44pm
Msg #307674

I guess the universe revolves around Provident?! Geez!! n/m

Reply by MW/VA on 10/16/09 7:51pm
Msg #307676

Re: I guess the universe revolves around Provident?! Geez!!

No, but they think so! The red flag about the ridiculous requirements starts with the 500K E & O requirement. It's not reasonable & not much else they ask for is either.

Reply by mwm143 on 10/17/09 2:43pm
Msg #307711

I've closed dozens of Provident Loans and have had no

problems whatsoever. No strike throughs and carry a $500k E&O. No problem. In fact I find that the title companies are paying closer attention to detail on these loans which has resulted in properly prepared packages.

Reply by Linda_H/FL on 10/17/09 3:32pm
Msg #307714

Oh...the package was correct - that wasn't the issue

The package was also very small which was a real treat - the problem was her ID wasn't sufficient and Provident wouldn't accept what I had to do - now my problem here is (1) did my explanation get transmitted correctly to Provident or did I lose a signing because there was a loss in the translation; and (2) if they DID get someone to do this signing the way Provident wanted it done the notary did it with deficient ID...Mrs. Borrower had NOTHING acceptable by FL law that stated her name as it was on the docs - I know because I went through the whole thing on the phone with her during my confirmation call. Did I have a workable solution? - yes...absolutely - but Provident would not allow it.

We shall see..

Reply by mwm143 on 10/17/09 3:45pm
Msg #307715

Well, don't let one bad apple....

That should have been discovered early on in processing or underwriting when the LO completed the loan application. Surely a copy of the borrower's ID's were requested at that time and sent on with the 1003 to processing. You would think that would be one of the first things verifyed when title is received.

However, that being said, I'm curious as to who made that call to suggest that you not follow notary protocol. I doubt it was lender. TC maybe? Trying to cover their you know whats?? Some lenders charge a hefty fee for redrawing docs. That fee would have had to come out of the LO's compensation otherwise the APR would have adjusted too much and redisclosure would have delayed the closing a week. LO gets mad, takes business away from TC...

Reply by Linda_H/FL on 10/17/09 3:49pm
Msg #307716

I was told it was Provident who made the call

and the possibility of a redraw could very well be what tipped the scales. I'm willing to give Provident a try again - so long as ID is okay I'll be fine - but I won't break my rules for them.

Should be interesting to see the recorded mortgage on this one...