• Report: #425386

Complaint Review: Provident Funding

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  • Submitted: Tue, February 17, 2009
  • Updated: Tue, February 17, 2009

  • Reported By:Wilmington Delaware
Provident Funding
1235 North Dutton Avenue, Suite E Santa Rosa, California U.S.A.

Provident Funding Bogus Mortgage Company Bogus Mortgage Rate offered and then not funded for no apparent reason Santa Rosa California

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I was in the process of refinancing my home and was using a local mortgage broker. As of today, I have been told that I was not declined however my property is not eligible for funding with Provident. Their reason for not funding the loan, they say, is because there are not enough comps. They were concerned that one of the comps in my neighborhood that is the same style house, is priced significantly less than our house.

The house in question has been on the market for over a year and is listed in inferior condition. Provident Funding had our appraisal for 3 weeks before bringing these issues up. I offered to have the house reappraised however that did not change their mind.

Instead, they ignored multiple requests from the mortgage broker for an update and did not tell me until 3 weeks after the initial rate lock expired that they were unable to fund my loan. Now I am out $300 for the appraisal and have wasted 2 months on a bogus mortgage they were unable to fund for whatever reason.

For more info, check out both posts on my blog:
(((link redacted)))

(((link redacted)))

Kevin
Wilmington, Delaware
U.S.A.

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This report was posted on Ripoff Report on 02/17/2009 09:19 PM and is a permanent record located here: http://www.ripoffreport.com/r/Provident-Funding/Santa-Rosa-California-95401/Provident-Funding-Bogus-Mortgage-Company-Bogus-Mortgage-Rate-offered-and-then-not-funded-f-425386. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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