ComplaintsforProvident Funding Associates, L.P.

• Initial Complaint

  10/16/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I originated my mortgage with ***************. I'm not sure the year the loan started but in 2023 the loan was purchased by Provident Funding and that is when my troubles began.I had been paying my mortgage every 2 weeks as that fit in my pay schedule. My payments were under $1,400 per month but i would pay $700 every 2 weeks. Eventually i was paid ahead, that is until Provident Funding stepped in and decided they could not properly service my loan and began returning my payments. Mind you, I was ahead on my loan. They would not even do me the courtesy of holding one $700 check and waiting for the next one to arrive. They just sent the checks back until my account was late and hade the gall to charge me late payments. They have since waived the late charges after I complained but will not hold or process my checks as I send them. They have no idea what customer service is or means. I advised that they sought out my loan and purchased it. They had every opportunity to review my payment record and refuse it before accepting it and beginning this campaign of harassment against me costing me time, energy and interest - which I would like to recoup if I could afford lawyer and force them to recast my loan from the time they purchased it.I don't know what the BBB can do but I would like to be a black spot on their reputation as I feel they are on mine. Thank you.

  Business response

  10/23/2024

  This letter serves as Provident Fundings formal response to the online case submitted through our website and the Better Business Bureau complaint you recently filed.
  
  We do not agree with your assertions that we have improperly serviced your mortgage loan or that we have provided a poor level of customer service. Conversely, we are confident your loan has been serviced in accordance with our standard policies and procedures, the loan documents you and Mrs. ****** executed as part of the loan closing, and all federal, state, and local regulations. As explained in detail below, Provident Funding does not accept bi-weekly or partial payments. We will only accept your monthly payment if it satisfies the full amount due, and payments less than the full amount may not be accepted and may be returned to you.
  
  Please review the enclosed copy of the First Payment Letter that was issued by the originating lender, ********************************, and was signed by both you and Mrs. ******* That document states:
  
  Your lender will not accept any partial payments
  If this loan is sold, your new lender may have a different policy.
  
  We also bring your attention to the enclosed copy of the Deed of Trust executed as part of the loan closing,Sections 20 and 1 state:
  
  The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower.
  There also might be one or more changes of the Loan Servicer unrelated to a sale of the Note.
  Lender may return any payment or partial payment is the payment or partial payments are insufficient to bring the loan current.
  
  As you know, the servicing of your mortgage loan was transferred from ***************** to Provident Funding effective July 4, 2023. As indicated in the above-referenced First Payment Letter, policies regarding partial payments can vary from Loan Servicer to Loan Servicer. While ***************** may have accepted partial payments for this loan, we will not. Enclosed is a copy of the Welcome Letter that Provident Funding mailed to you shortly after the most recent servicing transfer; page 2 outlines it is our policy to not accept bi-weekly payments:
  
  Do you accept bi-weekly payments?
  No,we do not accept bi-weekly payments.
  
  As has been consistently relayed to you,we will only accept your monthly payment if it satisfies the full amount due, and payments less than the full amount due may not be accepted and may be returned to you (in accordance with our standard policies and procedures, we will not hold partial payments). Be advised that we disagree with your assertion that you are owed additional compensation in relation to this issue. Furthermore, we are unable to accommodate your request to transfer your loan to another Loan Servicer.
  
  Regarding late charges, according to the Promissory Note executed for this loan, a late charge may be assessed to your account if an acceptable payment is not received by the 1st of the month due date or within the additional *********************************************************** issues. If you have a concern about a specific charge that has been posted to your account, please contact us so that we can address those concern in detail.
  
  As of the date of this letter, your loan is next due for the November 1, ******************* the amount of $1,335.06. Please note, the partial payments received on October 11, 2024 and October 21, 2024 were not accepted and the funds have been returned to you.
  
  I may be contacted by phone at ************* or via email at ********************************* if you have any further questions.
  
  Sincerely,
  

  
  ******* *****
  Consumer Compliance
  
  Enclosures

• Initial Complaint

  04/30/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I am writing to express my dissatisfaction with a transaction made by Provident Funding from my escrow account to my insurance carrier. On January 25, 2023, Provident Funding processed a payment during the policy year spanning from March 23, 2022, to March 23, 2023. This timing, occurring less than 60 days before renewal, deviates significantly from the expected billing cycle and warrants immediate attention.The charged amount of $5872.64 raises further concerns, as it exceeds the premium for the entire policy year, which stood at $4273.05. Although billed as an adjustment to the premium, such a substantial difference demands clarification and transparency.In previous instances, Provident Funding has reliably communicated upcoming payments through advance notifications. However, in this case, I did not receive any prior notice, depriving me of the opportunity to address the matter proactively.As a homeowner, I rely on accurate and timely information from my mortgage servicer to effectively manage my financial obligations. The lack of communication and transparency in this matter is deeply troubling and falls short of the standards I expect from a reputable mortgage servicing company.

  Business response

  05/08/2024

  Provident Funding is responding to the complaint you submitted to the Better Business Bureau.
  
  Our records reflect you have been enrolled in our insurance payment notification emails since May 13, 2012, which alert you of upcoming and/or recently made insurance payments. That said, there are circumstances when we must disburse an insurance payment prior to sending advance notice, especially when the subject property is at risk of being uninsured. Such a scenario occurred with your 3/23/2022 to 3/23/2023 homeowners insurance policy.This matter is explained in more detail below.
  
  To begin with, please review the enclosed copy of the initial invoice we received for your 3/23/2022 to 3/23/2023 homeowners insurance policy which outlined the premium amount was $4,273.05. Also enclosed is a 24-month payment history reflecting a payment for said policy, in the amount of $4,273.05, was disbursed from your escrow account on March 11, 2022.
  
  We understood your 3/23/2022 to 3/23/2023 homeowners insurance policy to be paid in-full. However, on or around January 24, 2023, we received a cancellation notice from the insurance carrier outlining the policy had been canceled due to non-payment. In addition to the cancellation notice, we received policy documents reflecting the amount due was $5,872.64. Copies of the cancellation notice and policy documents that were received in relation to this matter are enclosed.
  
  Our representatives attempted to contact your insurance carrier to discuss the issue but we were not able to successfully reach someone. After reviewing your policy information via the insurance carriers website, Provident Funding issued an additional payment to *************************** LLC on January 25, 2023, which can be verified by reviewing the enclosed payment history. Our payment was done to prevent the policy from canceling and to ensure the subject property remained insured. Please note, an insurance payment notification email outlining the disbursement was sent to you on January 25, 2023; a copy of that email is enclosed.
  
  The history of the loan reflects you have since changed insurance carriers. Please note that *************************** LLC should have issued a refund to you for any unused insurance premiums and/or overpayment, please contact the insurance carrier directly if you have questions concerning a refund.
  
  I may be contacted by phone at ************* or via email at *********************************.
  
  Sincerely,

  
  
  *************************
  Consumer Compliance

  Enclosures

  Customer response

  05/09/2024

   
  Complaint: 21649230
  
  While I acknowledge the records outlined in your response, they unfortunately fails to address the core of my complaint. As indicated, the premium for the policy year spanning from 3/23/2022 to 3/23/2023 was indeed settled in full prior to its commencement, as correctly noted in your communication. However, what remains unresolved is the unilateral deduction Provident made from my escrow account to cover additional charges to the insurance company, sans any prior notification.
  

  This action is particularly concerning for several reasons. Firstly, it involves an unexpected payment withdrawal within the policy year, a departure from usual practice. Secondly, the timing of this deduction, occurring less than 60 days before the policy's expiration, raises further questions about transparency and fair practice. Lastly, the magnitude of the deduction, constituting 137% of the yearly premium, is alarming and underscores the necessity for proactive communication. 

  Had I been duly informed of this impending charge, I would have explored alternative insurance options, as I eventually did for the current policy year renewal, thereby mitigating the impact of such exorbitant charges. The insurance company was contacted for the additional charge after the fact. Since I changed my insurance carrier after the premium increase, they refused to refund the charge.
  
  
  Sincerely,
  
  *************

  Business response

  05/10/2024

  Provident Funding is responding to the rebuttal you submitted to the Better Business Bureau.
  
  As a Loan Servicer,Provident Funding pays escrow items based on the bills that we receive. And while we do try to provide borrowers with advance notice of escrow disbursements through our courtesy email notifications, there are circumstances when we must disburse a payment from a borrowers escrow account without prior notice. This is especially true in situations where the subject property is at risk of being uninsured those situations are often time sensitive and delay in issuing payment could result in loss of coverage.
  
  As previously outlined, we received documents from your insurance carrier on January 24, 2023 which outlined (1) your 3/23/2022 to 3/23/2023 homeowners insurance policy had been previously amended, (2) additional premium was due and *************************** LLC should have received a payment for that additional premium by Nov-26-2022,and (3) the policy had been cancelled due to non-payment. It should be noted that we have no record of receiving notification of the additional premiums owed until we received the January 24, 2023 documents.
  
  In order to ensure the subject property remained insured and considering the issue was time sensitive (the policy was already recorded as being cancelled), Provident Funding disbursed a payment to *************************** LLC on January 25, 2023 and notified you of our actions that same day.
  
  Please note that it is not uncommon for us to receive invoices from insurance carriers outlining additional amounts are owed due to policy changes, even when that policy has been in effect for some time. And while we certainty understand your need to be kept abreast of changes to your insurance policy, including but not limited to amendments that result in your premium increasing, it is the responsibility of the insurance carrier/agent to notify you of such changes.
  
  In response to the statements made in your most recent complaint, I personally called *************************** LLC today and was advised a refund check for overpayment/unused premiums was issued to you in April 2023, and that refund check has cleared. Please contact *************************** LLC directly if you did not receive this refund, or have questions or concerns related to the refund that company issued.
  
  As of the date of this letter, your loan is next due for the June 1, ******************* the amount of $5,371.66 and a no-cost automatic payment, in the amount of $5,371.66,is scheduled to be drafted from your designated bank account on June 5, 2024.
  
  I may be contacted by phone at ************** or via email at ********************************* if you have any further questions.
  
  Sincerely,
  
  
  *************************
  Consumer Compliance

  Customer response

  05/14/2024

   
  Complaint: 21649230
  

  I am taken aback by your assertion that it is not uncommon for us to receive invoices from insurance carriers outlining additional amounts... even when that policy has been in effect for some time. Such a statement prompts one to question how frequently individuals encounter additional premium charges after their homeowner's policy has been established for a significant part of the policy year. However, it's worth noting that premium increases mid-policy are explicitly prohibited in ********, with the exception of surplus line carriers, to which Orchid Underwriters belongs. This information has been corroborated with the regulatory body of the state (SCC: 1-877-310-65600). I encourage you to verify this information by contacting them directly.

  While I acknowledge your initiative in contacting Orchid Underwriters, I feel compelled to clarify the refund check mentioned in your response, as it pertains to a separate incident altogether. For the policy renewal spanning from 3/23/2023 to 3/23/2024, Provident Funding received invoices from two insurance providers: ************************** (the insurer for the preceding year, 3/23/2022 to 3/23/2023) for the sum of $13150.52, and KW *************************** (the insurer I transitioned to for the subsequent year, 3/23/2023 to 3/23/2024) for $4987.53. Provident Funding remitted payment to both entities. Notably, this occurred before the commencement of the policy year, affording me the opportunity to contact Orchid Underwriters and terminate their policy, resulting in a full refund for the unused period. The dual payment made by Provident Funding does not relate to the subject of this complaint. 

  To reiterate, the crux of my grievance pertains to an additional payment of $5872.64 tendered to Orchid Underwriters on 1/25/2023 for the policy term spanning from 3/23/2022 to 3/23/2023. Despite this payment, Orchid Underwriters declined to issue a refund upon receipt of payment from Provident Funding. I urge you to review your records and liaise with Orchid Underwriters to corroborate this account.
  
  
  Sincerely,
  
  *************

• Initial Complaint

  04/07/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  Date: 4-6-24 My *********** are homeowners in **. April 1, 2024, we received a notice from our mortgage holder Provident Funding, dated March 26, 2024, ** Box 5914, ********** ** ***** with a physical address of: ******************************************************************************************* according to my mortgage booklet. Provident Funding is claiming our home insurance is not paid. We paid our bill on March 11, 2024 for the coverage year of March 12, 2024 to March 12, 2025 with our **** card. April 1, 2024 I tried calling Provident @ ************ and never could connect with a human - so I had to give up. After all that, I was not confident I would actually get decent service after the runaround with the phone system. So I called my AARP/******** Insurance and asked why our mortgage holder was not notified of our recent coverage purchase and ******** at the ******** @ ************ stated Provident Funding WAS notified. ******** faxed a 2nd notification to Provident Funding @ fax # ************ at approx 3:15 pm CA time. Provident Funding is threatening my *********** by stating they will purchase 6 months worth of insurance on our behalf for the amount of $2,101.58 if they do not receive proof of our homeowners/hazard insurance within 60 days. That would be over $4000 of unnecessary chaos because they are not doing their job at Provident Funding. That better not happen. I mailed copies of our declaration pages to the ** Box on 4/2/24 but it is fruitless to try and follow up in other means because the phone system is not user friendly.

  Business response

  04/11/2024

  Provident Funding is responding to the complaint you submitted to the Better Business Bureau.
  
  Firstly, we are sorry to hear that you were unable to reach us by phone. Provident Funding is open 5:00 AM to 5:00 PM PT, Monday through Friday, and you may reach one of our **************** Representatives during those hours by dialing **************, option 7. Your concerns regarding our March 26, 2024 notice are addressed below.
  
  Our records reflect we have generally received your homeowners insurance documents directly from your chosen insurance carrier.However, we have no record of receiving documents for the most recent policy period until those items were received via facsimile on April 2, 2024. In response to your concerns, the head of our ******************** contacted ******** *************** to confirm Provident Fundings information is correctly listed on your policy.
  
  Rest assured that (1) your loan has been updated to reflect your March 12, 2024 to March 12, 2025 homeowners insurance policy with ******** *************** is active, and (2) *********************** will not be purchased in relation to this matter. You may disregard our March 26, 2024 notice, which was sent to ensure the subject property remains covered under a valid insurance policy.
  
  While we are hopeful that future renewals will be received directly from your insurance carrier, we must remind you that,in accordance with the documents you and your husband executed at the closing of this loan, it is the responsibility of the borrowers to ensure we receive updated insurance documents each year. Insurance documents may be faxed to ************* or mailed to the following address:
  
  Attn: ********************
  Provident Funding
  P.O. Box 5914
  **********, ** 95402-5914
  
  As of the date of this letter, your loan is next due for the May 1, ******************* the amount of $1,808.47. I may be contacted by phone at ************** or via email at ********************************* if you have any further questions.
  
  Sincerely,
  
  
  *************************
  Consumer Compliance

• Initial Complaint

  03/04/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I bought the house at **************************************************************** March 19, 2021 since I brought the house my mortgage have been sold four times within the first 90 days of me buying the house. My mortgage was sold six months later my mortgage was sold and three months after that my mortgage was sold, every time my mortgage is sold it goes up it started out being 1200 and something dollars and now its 1800 and something dollars when I ask why my mortgage is going up they will say because my homeowners insurance on my taxes went up, but I check it and those two things are not going up. My escrow is 800 and something dollars my taxes is 3000 something dollars a year my homeowners insurance is about $1100 a year. My escrow is 800 and something dollars a month. Every time I ask the mortgage company why my mortgage went up they would say either my taxes or, my homeowners insurance went up but when I check it didnt go up I have five children under the age of 12 and a wife to take care of at home. I cant afford to keep paying these prices because my mortgage is going up too fast and a short amount of time. They always give me the runaround when I asked him. Why am I paying so much? Please help me.

  Business response

  03/07/2024

  Provident Funding is responding to the complaint you submitted to the Better Business Bureau.
  
  As you are aware, the servicing of your mortgage loan was transferred from Lower, LLC to Provident Funding effective October 1, 2023. Please review the enclosed copy of the Escrow Account Disclosure Statement that Lower, LLC sent to you sometime before the servicing transfer, said document outlined your monthly mortgage payment amount had been adjusted to $1,498.27, effective with your June 1, 2023 installment. We can confirm that is the same monthly mortgage payment that boarded our system; a copy of the Welcome Letter that Provident Funding sent in response to the servicing transfer, and which confirmed your monthly mortgage payment at the time of the transfer was $1,498.27, is enclosed.
  
  While questions about how your prior Loan Servicer(s) calculated your monthly payments will need to address directly with those entities, we hope the following information proves useful:
  
  -Enclosed with this letter is a copy of the Real Property Bill issued by the ***************** evidencing the amount paid for your 2021/2022 property taxes was $2,978.32.
  -Enclosed with this letter is a copy of the Real Property Bill issued by the ***************** evidencing the amount paid for your 2023/2024 property taxes was $4,434.46, an increase of $1,456.14 compared to the 2021/2022 tax year.
  -Enclosed with this letter is a copy of your March 11, 2021 to March 11, 2022 homeowners insurance policy evidencing the premium amount for that period was $783.00.
  -At the time of the servicing transfer, the annual premium for your homeowners insurance policy was reported to be $1,119.00, a $336.00 increase compared to the 2021/2022 policy term.
  -Enclosed with this letter is a copy of the Commitment & Certificate of Insurance issued as part of the origination of the loan which evidences your current monthly ************************** (PMI) premium is $74.81 (or ****** per year).
  
  As you know, Provident Funding completed an escrow analysis shortly after the loan transfer which updated your monthly mortgage payments from $1,498.27 to $1,813.32. The calculations used to determine your current monthly mortgage payments are outlined in detail below.
  
  Regular Escrow Payment Calculation
  $1,119.00 annual homeowners insurance premium* + $4,434.46 annual property tax payment + $****** annual PMI premiums = $6,451.18
  
  $6,451.18 / 12 months = $537.60 Regular Monthly Escrow Payment
  
  Escrow Shortage Payment Calculation
  In accordance with Federal Law, Provident Funding requires you to maintain a 2-month escrow cushion (excluding PMI). Your escrow cushion was calculated to be $925.58,meaning your escrow account balance cannot go below that amount.
  
  ($1,119.00 annual homeowners insurance premium* + $4,434.46 annual property tax payment) / 12 months = $462.79
  
  $462.79 x 2 months = $925.58 required escrow cushion
  
  Based on the starting escrow balance of -$1,081.33 and the projected activity over the next **************************************************************** July 2024, at which time the anticipated escrow balance was expected to be -$3,395.26. Therefore, your account has an escrow shortage of $4,320.84.
  
  |-$3,395.26 lowest anticipated escrow balance - $925.58 escrow cushion| = $4,320.84 escrow shortage
  
  $4,320.84 / 12 months = $360.07 monthly escrow shortage payment
  
  Total Monthly Mortgage Payment Calculation
  Enclosed with this letter is a copy of the Promissory Note executed as part of the loan origination which outlines the monthly principal and interest payment is $915.65. As such, the current monthly mortgage payment was calculated to be $1,813.32.
  
  $915.65 principal and interest payment
  $537.60 regular escrow payment
  $360.07 escrow shortage payment             .
  $1,813.32 total monthly mortgage payment
  
  *It should be noted that we recently received the bill for your March 11, 2024 to March 11, 2025 homeowners incurrence policy, a copy of which is enclosed. The annual premium for the upcoming policy term is $1,643.00, a $524.00 increase when compared to the last term. While a payment for the upcoming policy term was issued on March 5, 2024,the updated premium amount has not yet been factored into your escrow payment.
  
  Your current monthly mortgage payment has been properly calculated by Provident Funding. The cost for your escrow items have increased, so your monthly escrow payments have had to increase as well - your annual homeowners insurance premiums have more than doubled since the loan was originated ($783.00 policy premium in 2021/2022, compared to $1,643.00 for the 2023/2024 term), and your annual property taxes have increased as well ($2,978.32 in 2021/2022, compared to $4,434.46 in 2023/2024).
  
  We encourage you to submit an assistance package for our review if you are experiencing a financial hardship and would like to purse loss mitigation assistance. Our ************************** *** be reached by phone at **************, option 4, if you would like an assistance package sent to you, or if you want to discuss the options that *** be available to you.
  
  As of the date of this letter, your loan is currently due for the March 1, ******************* the amount of $1,813.32. I *** be contacted by phone at ************* or via email at ********************************* if you have any further questions.
  
  Sincerely,
  
  
  *************************
  Consumer Compliance

  
  Enclosures

• Initial Complaint

  01/13/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  Provident Funding is incorrectly asking me to pay escrow balance when there should not be any balance from previous service provider (Lower). I have had repeated phone conversations with Provident reps and each time they appear to be in agreement that I don't have escrow balance and say they will make the correction but they are not doing it. In my online account it showing I have to pay $147.70 in escrow balance. The escrow balance should be zero. Attached closing disclosure, home insurance policy covering the period in question. The people I am talking to over the phone with Provident seem to be very incompetent and unwilling to work with the previous provider. On the phone they keep saying they have all the information to take back to Lower but appear to be not doing it. They are also deceptive in not calling back to settle while keeping the incorrect payment amount in my account. Because of the incorrect payment amount I am unable to make the monthly payment in time and it will affect my credit score. This is an unacceptable situation.

  Business response

  01/19/2024

  Provident Funding is responding to the complaint you submitted to the Better Business Bureau. While it is our understanding this matter has been resolved, your concerns are addressed below.
  
  As you are aware, the servicing of your mortgage loan was transferred from Lower, LLC to Provident Funding effective October 1, 2023. As part of that servicing transfer, Lower, LLC informed us that *********************** had been purchased for the subject property, that they had advanced funds to pay that policy premium, and that your loan had an advance balance of $2,029.38, which was your responsibility to repay. Based on that information,and in accordance with the terms of your loan documents, an escrow account was established for your loan.
  
  Our records reflect you contacted us shortly after being notified of the newly created escrow account and subsequently provided us with evidence of continuous homeowners insurance coverage. Our representatives contacted Lower, LLC in an effort to have them cancel the *********************** policy they had purchased and provide us with a refund so that we could clear the advance balance. We appreciate your patience as we worked to address this matter with Lower, LLC.
  
  As you know, the advance balance has now been resolved and the escrow account that was established for your loan has been removed. We are pleased a payment for your January 1, **** installment was received yesterday, January 18, ****. Allow me to reassure you that no late charge has been, or will be, assessed in relation to the January 1, **** installment and, since a payment for that installment was received within the same month it was due, this matter will not negatively impact your credit score.
  
  As of the date of this letter, your loan is next due for the February 1, ******************* the amount of $1,106.30. I may be contacted by phone at ************** or via email at ********************************* if you have any further questions.
  
  Sincerely,
  
  
  
  *************************
  Consumer Compliance

  Customer response

  01/21/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.

  For future reference I encourage Provident Funding to conduct additional due diligence in following up with previous service provider when you already had the evidence of hazard insurance premium policy plus the closing disclosure. The burden to resolve falls on Provident Funding and Lower, and not force the customer to pay escrow balance when that is not applicable. Also encourage Provident Funding to train their staff better on conducting in depth analysis, due diligence and provide far better customer service.

  
  
  Sincerely,
  
  *******************

• Initial Complaint

  11/30/2023

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  Problem Description: In early November 2023 my mortgage payment was declined. I received a $25 fee from Provident Funding. This occurred due to the ***************'s clearing house issue with their payment processing network. My accounts were affected. A paycheck from my company sent on Thursday did not appear on Friday as planned for the first time in over 5 years. It took weeks to get re-paid and then money had to be sent to a different account as the usual account did not work. This was not a bank issue, but a *************** issue.I contacted Provident to remove the $25 fee as this was certainly out of my control and a nationwide issue. They declined and said I had to get a letter from my bank saying that it was the bank's fault. The bank will not do that as it is not their fault. That was a ridiculous response from Provident. My $25 fee should be refunded. This should be public knowledge so people understand this company is charging fees for nationwide federal reserve issues.

  Business response

  12/05/2023

  Provident Funding is responding to the complaint you submitted to the Better Business Bureau.
  
  As a gesture of good faith and considering it appears you were affected by the recent processing issue experienced at an Automated Clearing House (ACH) operator, the $25.00 returned payment fee that was assessed in relation to this matter has been waived. A 12-month payment history reflecting said waiver is enclosed for your records.
  
  As of the date of this letter, your loan is next due for the January 1, ******************* the amount of $1,208.97.I may be contacted by telephone at ************** or via email at ********************************* if you have any further questions.
  
  Sincerely,
  
  
  
  *************************
  Consumer Compliance
  
  
  Enclosure

  Customer response

  12/06/2023

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *******************************

• Initial Complaint

  10/25/2023

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  10/13/2023 ********** sold my Mortgage to Provident Funding Associates LP. PLEASE STOP THIS!I do not want this company to have my mortgage. They have a reputation of a "late fee" scam. It's all over the internet and I've had friends and customers complained about this company. It's not news they can't process payments like the mainstream banks. This is a funding company. NOT A BANK! It's all over the internet the people are paying their mortgages on time then all of a sudden get wacked with late fees. Then they come in and start the foreclosure process. Please if anyone can help stop this please do so.

  Business response

  10/25/2023

  This letter serves as Provident Fundings response to the complaint you submitted to the Better Business Bureau.
  
  We cannot agree with your assertions that we improperly service mortgage loans. Conversely,Provident Funding takes pride in providing a superior servicing experience for our valued customers and we are proud of our good name and reputation, including but not limited to our A+ BBB rating. We must also point out that Provident Funding is not a funding company, we are a mortgage lender and servicer and are licensed in the **************** under the Mortgage Bankers Statute.
  
  We bring your attention to the enclosed copy of the Deed of Trust executed as part of the origination of the loan, and,specifically, Section 20 which states:
  
  The Note or a partial interest in the Note (together with this Security Instrument) can be sold one or more times without prior notice to Borrower. A sale might result in a change in the entity (known as the Loan Servicer) that collects Periodic Payments due under the Note and this Security Instrument and performs other mortgage loan servicing obligations under the Note, this Security Instrument, and Applicable Law.
  There also might be one or more changes to the Loan Servicer unrelated to the sale of the Note.
  
  As you are aware, the servicing of your loan is scheduled to be transferred from Zions to Provident Funding effective November 1, 2023. We are unable to accommodate your request to stop or reverse the scheduled servicing transfer.
  
  Provident Funding is excited to welcome you as a customer! Rest assured that we offer numerous payment options,including but not limited to our *********************** and one-time payments which can be made through our website, mobile app, or by telephone. Other accepted payment methods include but are not limited to checks, money orders, and payments made through a bank billpay service. Provident Funding also offers tools to help customers monitor their loan,including but not limited to payment notification emails and the ability to review account information 24/7 via our website or automated telephone system.
  
  A welcome letter outlining the above payment options, and other important information,will be mailed to you shortly after your loan boards our system, which we expect will be completed on or around November 3, 2023. In the meantime, feel free to contact me if you have questions about the services we offer. I may be reached via email at ********************************* or by telephone at *************.

  
  Sincerely,
  
  
  *************************
  Consumer Compliance
  
  Enclosure 

• Initial Complaint

  10/16/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Today, October 16th I attempted to make a mortgage payment with Provident Funding Associates, L.P. and they refused to accept. As of today, August and September are past due. I was attempting to pay August. The would only accept a payment if I were to pay both August and September OR if I would enter into one of their repayment/assistance plans, which would increase the amount of the monthly payments until that plan is satisfied. It would also force me into paying specifically that amount in the repayment plan vs. my normal mortgage payment. Additionally, by refusing to accept the August payment, they are forcing my loan into a even further delinquent status. They are advising they can reject my payment under the guise of some investor payment rules with ****** ***, which to me doesn't sound right if your loan is not in default. My loan would not be 90 days past due until the end of this month so I'm not in default today even though their system says I am. By rejecting the payment, they are forcing the loan to reach default should I not make an additional payment by October 31st. This is abusive and coercive. They said they sent a demand notice on October 5th, yet somehow that demand notice was not available in their online portal. They advised the demand notice said I had to pay August and September which would be $6600.04, by October 31st. I asked for them to email me the notice. The notice I received says I have to make THREE payments which would amount to $9900.06 by November 4th. So what happens on November 4th if I make the $6600.04 payment? Are they still going to claim my loan is in default and demand no less than an additional 2 payments be made, 4 days later to avoid?My loan was recently sold to this entity. I never had this issue with my previous loan servicer SWBC ******************** How can they change the terms of repayment?

  Business response

  10/20/2023

  Provident Funding is responding to the complaint you submitted to the Better Business Bureau.
  
  Allow me to first clarify that your loan is in default under the terms of the loan documents and is in danger of being referred to foreclosure. Specifically, the loan is due for the August 1, 2023 to October 1, ********************* $9,900.06 (said total does not include late charges or other amounts you may owe).
  
  Please review the enclosed copy of the Security Deed executed as part of the origination of the mortgage, and, specifically,Section 1 which states:
  
  Lender may return any payment or partial payment if the payment or partial payments are insufficient to bring the Loan current.
  
  The minimum payment we can currently accept for your loan is two monthly installments (or $6,600.04), which would cure the default and leave the loan due for the current month. Pursuant to our standard procedures and in accordance with your loan documents, payments that are insufficient to cure the default will not be accepted.
  
  We encourage you to complete an assistance package for our review if you are experiencing a financial hardship and are having difficulty making the mortgage payments. Loss Mitigation programs that we are to review you for include but are not limited to a repayment plan, temporary forbearance,or loan modification assistance. Our ************************** may be reached at ************, option 4, if you would like to discuss the available options.
  
  As mentioned above, your loan is currently due for the August 1, 2023 installment and all subsequent installments and the minimum payment we can currently accept is $6,600.04. If we do not receive a payment of at least $6,600.04 by 5:00 PM PT on October 31, 2023, the minimum acceptable payment will become three monthly installments, or $9,900.06.
  
  I may be contacted via email at ********************************* or by telephone at ************** if you have any further questions.
  
  Sincerely,
  
  
  *************************
  Consumer Compliance

  
  Enclosure 

• Initial Complaint

  08/28/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Dear ***/*****,I hope this email finds you well. I am writing to address an unfortunate incident regarding my recent mortgage payment. While I was on an international trip, I encountered unexpected challenges that left me without internet access, resulting in the inadvertent oversight of my monthly mortgage payment. I would like to express my sincere regret for this oversight, as it is the first time such an occurrence has happened in my life.I'd like to emphasize that I have always been diligent in meeting my financial obligations, and this incident stands as an anomaly in my otherwise flawless track record. It came to my attention that I did not receive any email or text reminders from Provident Funding regarding the missed payment. Immediately upon realizing the situation, I took corrective action by setting up autopay in my account to ensure that such an incident will not recur. This experience has certainly taught me a valuable ****** about ensuring the reliability of future payments.Given the circumstances surrounding this isolated incident, I kindly request your consideration in waiving the associated late fee of $85. As a responsible borrower, I believe that my track record speaks for itself, and the absence of prior reminders underscores the unusual nature of this situation.I have already engaged with Provident Funding to address this matter. However, I must admit that the responses received thus far have left me unsatisfied. Consequently, I have sought the assistance of the Better Business Bureau (BBB) to help facilitate a fair and equitable resolution to this issue.I kindly ask for a thorough investigation into this situation and would be more than willing to provide any additional information that could aid in reaching a resolution. Your prompt attention to this matter is greatly appreciated.

  Business response

  08/30/2023

  This letter serves as Provident Fundings formal response to the complaint you submitted to the Better Business Bureau concerning August 2023 late charge.
  
  We have carefully reviewed this matter and determined a late charge was properly assessed to your account after we did not receive payment for your August 1, ******************* a timely manner, and no errors occurred on our part in relation to said payment. Therefore, the August 2023 late charge will not be waived. Our determinations are explained in more detail below.
  
  Rest assured that we appreciate your business and your ongoing efforts to submit timely payments for this loan. That being said, Provident Funding has made the business decision to adhere very strictly to a policy of waiving late charges only when we have made an error.We do not offer one-time courtesy late charge waivers or waivers based on a customers previous payment history.
  
  Our records reflect you have enrolled in our paperless option. We bring your attention to the enclosed copy of the email that was sent to you on July 17, 2023 notifying you that a Monthly Statement was available and encouraged you to log-in to our website to view that document.A copy of that Monthly Statement is also enclosed, said statement reminded you that (1) the loan was next due for the August 1, ******************* the amount of $2,682.36, and (2) Payments received after August 16, 2023 will be assessed a late charge of $85.73.
  
  To further clarify, according to the terms of the enclosed copy of the Promissory Note executed at the closing of the loan, payments are due on the 1st of the month. If a payment is not received by the 1st of the month due date, or within the additional *********************************************************** issues,a late charge will be assessed. It is the borrowers responsibility to ensure payments are received in a timely manner to avoid the assessment of a late charge, even when traveling.
  
  We have no record of receiving a payment for your August 1, 2023 installment until a one-time online payment was made through your www.provident.com online account on August 22, 2023; a copy of the confirmation email that was sent to you in relation to that payment is enclosed for your records. We have also enclosed a 12-month payment history evidencing said payment was applied to the outstanding August 1, 2023 installment on August 22,2023.
  
  Taking all of the above into consideration, a late charge was properly assessed to your account as we did not successfully receive a payment for your August 1, 2023 installment prior to close of business on August 16, 2023 (the end of the August 2023 grace ********** remain confident that no errors occurred on our part in relation to this matter. Therefore, the August 2023 late charge, in the amount of $85.73, will not be waived we must apply our polices equally to all of our customers and waiving the late charge would provide you with a benefit that we do not extend to other customers.
  
  For your records, since the referenced installment was successfully received within the same month it was due, no derogatory information has been or will be reported to the credit bureaus and this matter will not negatively affect your credit score.
  
  As of the date of this letter, the loan is next due for the September 1, ******************* the amount of $2,682.36 and a no-cost automatic payment, in the amount of $2,682.36, is scheduled to be drafted from your designated bank account on September 5, 2023.
  
  I may be contacted via email at ********************************* or by telephone at ************** if you have any further questions.
  
  Sincerely,
  
  
  
  *************************
  Consumer Compliance
  
  
  Enclosures

  Customer response

  08/31/2023

   
  Complaint: 20530475
  
  I am rejecting this response because: Provident Funding stands out as the most disappointing company I've ever come across. It takes advantages of loyal customers, utilizing any available official justification to accumulate profits without regard for the customer's well-being.
  Ao

  Business response

  09/05/2023

  Provident Funding is responding to the rebuttal you submitted to the Better Business Bureau.
  
  We cannot agree with your assertions that we provide a poor level of service or that we do not value our customers.Conversely, Provident Funding takes pride in providing a ****************** experience for our valued customers and we are proud of our good name and reputation.
  
  As previously outlined, we have no record of receiving a payment for your August 1, ********************** before the 1st of the month due date or within the 15-day ***** period.Therefore, a late charge in the amount of $85.73 was properly assessed to your account.
  
  In accordance with standard policies and procedures, the August 2023 late charge will not be waived. That said,allow me to confirm the referenced late charge was paid in-full on August 31,2023.
  
  I may be contacted via email at ********************************* or by telephone at ************** if you have any further questions.
  
  Sincerely,
  
  
  *************************
  Consumer Compliance

• Initial Complaint

  03/21/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I have been a customer in good standing with no late mortgage payments since 2012. I mailed my mortgage check on March 3, 2023. Seventeen days later, I received a late payment notice and was assessed an $82.29 late fee. Their late payment letter to me was mailed on March 17, 2023 and received three days later on March 20, 2023. I called to dispute the late fee and to inquire about how it could possibly take seventeen days to receive my letter and/or process my payment. I was blatantly told that they process checks the day they are received and that even though I have never had a late payment before, the late fee will not be waived. They, of course could not provide me with any documentation proving to me when they received my letter so I have to take their word that it was lost in the **** mail and not lost in their system. Provident Funding Associations L. P. is a small family owned company who has recently experienced financial downgrades and lower mortgage funding due to rising interest rates and lower home sales. I find it difficult to believe that a letter can get lost in the system for seventeen days and then miraculously make it to the intended destination at all. Based on previous BBB complaints that I read, Provident seems to have a history of not getting timely mail delivery and then charging late fees. I didn't have any difficulty receiving their late payment letter in a timely manner, and I believe they received my mortgage payment letter in an equally timely manner. Unless they can prove to me otherwise, then this feels like a little tricky bank business to charge good customers more when their company is making less in a poor mortgage market. Since I am not the only customer experiencing this issue, I would greatly appreciate it if you would do some further investigation into this matter. Unwarranted late fee charges is just another way to make a buck. On a fixed income, that is painful.

  Business response

  03/24/2023

  This letter serves as Provident Fundings formal response to the complaint you submitted to the Better Business Bureau.
  
  We have investigated this matter and determined a late charge was properly assessed to your account after we did not receive payment for your March 1, 2023 installment in a timely manner, and no errors occurred on our part in relation to this matter.Therefore, the March 2023 late charge will not be waived. Our determinations are explained in more detail below.
  
  We have investigated your claim that Provident Funding received a payment for your March 1, 2023 on or before March 16, 2023 (the end of the March 2023 ***** ******* and found no evidence to support those assertions. The history of the loan reflects a payment for your February 1, 2023 installment was received on January 30,2023, and we did not receive a subsequent payment for your loan until check #**** was received on March 20, 2023. A 12-month payment history reflecting the receipt of said payments is enclosed.
  
  Rest assured that Provident Funding maintains accurate tracking to be certain that all payments received on a given day are posted as of the date they are received.We bring your attention to the enclosed a copy of the date-stamped payment processing record for check #****, the date and payment date fields on the top of the document evidence the check was received at our ************************* on March 20, 2023. Additionally, I contacted the head of Provident Fundings ***************************** in response to your concerns and obtained confirmation there were no unprocessed check payments at our payment processing facility as of the close of business on March 16, 2023 - this serves as further evidence that check #**** was not received by the 1st of the month due date or within the allotted ***** period.
  
  According to the terms of the enclosed copy of the Promissory Note executed at the closing of the loan, payments are due on the 1st of the month. If a payment is not received by the 1st of the month due date, or within the additional 15 calendar days that are provided for unexpected delays or issues,a late charge will be assessed. It is the responsibility of the borrowers to ensure payments are received in accordance with the terms of the Note to avoid the assessment of a late charge, even when choosing to mail payments. Provident Funding is not responsible for any shipping delays or issues incurred by the USPS.
  
  While we certainly appreciate your efforts to submit timely payments for this loan, in accordance with our standard policies and procedures, Provident Funding does adhere very strictly to a policy of waiving late charges only when we have made an error. We are required to apply our policies fairly and equally to all of our customers,and we do not offer one-time courtesy waivers or waivers based on a customers previous mortgage history.
  
  Taking all of the above into consideration, a late charge was properly assessed to your account as we did not receive a payment for your March 1, 2023 installment on or before March 16, 2023. As no errors occurred on our part in relation to this matter, the March 2023 late charge, in the amount of $82.29, will not be waived.
  
  For your records, since your March 1, 2023 installment was successfully received within the same month it was due, no derogatory information has been or will be reported to the credit bureaus and this matter will not negatively affect your credit score.
  
  To avoid similar payment issues in the future, we would like to recommend our *********************** which is available at no-cost. This option, which would automatically draft your payments from a designated bank account on the fifth day of each month, is explained in more detail on our website,www.provident.com, where you can also enroll if you choose. Enrollment in this service will ensure that your payment is received each month in a timely manner, providing the draft is accepted by the financial institution.
  
  As of the date of this letter, your loan is next due for the April 1, 2023 installment in the amount of $2,851.20. I may be contacted via email at ********************************* or by telephone at ************** if you have any further questions.
  
  Sincerely,
  
  
  
  *************************
  Consumer Compliance
  
  
  Enclosures

  Customer response

  03/25/2023

   
  Complaint: 19630894
  
  I am rejecting this response because:

  
  

  **************, thank you for Provident Fundings boilerplate response. Unfortunately, Provident did not, and can not prove what day Provident actually received my payment. Provident can only prove what day they processed it.
  

  
  

  We mailed our car payment and mortgage payment on the same day. Our car payment was processed, in **********, 5 days. 

  
  

  Last week we mailed out 130 wedding invitations, 10 of which were mailed out of the country. All 10, out of country, recipients notified us within 5 days that they received their invitations. 

  
  

  In addition, "S&P Global Ratings lowered its long-term issuer credit and issue ratings on Provident Funding Associates LP to CCC+ from B-, with a negative outlook."

  ***************************************************************************************************************************************************************************

  
  

  I'm pretty sure CCC+ is not a good rating unless having more C's is a good thing. No, Provident Funding is motivated to delay processing payments in order to charge late fees.

  
  

  Buyer beware!

  
  

  
  
  Sincerely,
  
  *****************************

  Business response

  03/29/2023

  This letter serves as Provident Fundings formal response to the rebuttal you submitted to the Better Business Bureau.
  
  We are sorry to see you found our previous correspondence to insufficient. That said, your most recent correspondence does not provide us with any new and materially different information for our review.
  
  Provident Funding takes pride in providing a superior servicing experience for our valued customers and we are proud of our good name and reputation. While you have continued to assert an error occurred on the part of Provident Funding in relation to the processing of your March 1, 2023 installment, you have not supported those assertions with any documentation to support your position.
  
  We carefully reviewed the facts in your complaint and, as evidenced by the date-stamped payment processing record and the payment history that was provided with our previous letter, we have no record of receiving a payment for your March 1, 2023 installment until check #**** was received at our ************************* on March 20, 2023. Please bear in mind that Provident Funding is not responsible for any shipping delays or issues incurred by the ***** and it remains the borrowers responsibility to ensure payments are received in a timely manner to avoid the assessment of a late charge.
  
  The late charge that was assessed in relation to this matter was properly assessed as we did not receive a payment for your March 1, 2023 installment by the first of the month due date or within the additional 15 calendar days that are provided for unexpected delays or issues.Therefore, the March 2023 late charge will not be waived.
  
  Be advised that items not directly relevant to the servicing of your mortgage loan will not be addressed due to those items being considered irrelevant information. I may be contacted via email at ********************************* or by telephone at ************** if you have any further questions.
  
  Sincerely,
  
  
  
  *************************
  Consumer Compliance

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩