You can also select topics in the categories below.
A lock commitment is a written agreement between you and Provident Funding, entitled a Rate Lock Confirmation, which guarantees a specific interest rate at a particular price based on the loan characteristics selected if the loan closes within a set period of time.
On Refinance transactions, after the loan is approved by Provident Funding’s Automated Underwriting (AU) system, you may lock your rate online or over the phone with a Mortgage Consultant (MC).
On Purchase transactions, once your application has been submitted and approved by Provident Funding’s Automated Underwriting (AU) system and you have a fully-executed purchased agreement for the house you are buying, you have the option of using Provident Funding's online lock tool or contacting your Mortgage Consultant (MC) to lock your loan.
Once your loan is locked, you must close and fund within that lock period for your rate lock to be guaranteed. When you choose to lock in your rate, you will be provided with a Rate Lock Confirmation via email or fax from your Provident Funding Mortgage Consultant (MC). Your Rate Lock Confirmation will detail the loan terms you have selected.
If for some reason you want to select another rate on the same or a different loan program, Provident Funding will accommodate your request.
Provident Funding will use the rate sheet from the day you first locked to determine the price (points/credit) associated with your newly selected rate and/or loan program.
Such changes may result in the re-approval of your loan and/or a longer processing time.
As a result, if your loan does not fund by the lock expiration date, Provident Funding reserves the right to re-price your interest rate and/or lender origination points/credit.
Upon locking your interest rate, you will have agreed to specific tasks and due dates in order for us to approve and fund your loan within the rate lock period.
If your lock commitment expires prior to funding due to delays in our receiving the documentation and / or information necessary to approve and fund your loan, your loan will be subject to Worse Case Pricing. Worse Case Pricing is calculated by comparing pricing from the original lock date to current pricing and then selecting the higher of the two.
You can view daily interest rates online at www.provident.com or by calling Provident Funding where you will be put in contact with a licensed Mortgage Consultant at 1-888-547-4050.
After the loan is approved by Provident Funding’s Automated Underwriting (AU) system, you may lock your rate online or over the phone with a Mortgage Consultant (MC).
On Purchase transactions, once you submit your loan application, your loan is approved by Provident Funding’s Automated Underwriting (AU) system, and you have a fully executed purchase contract for the home you are buying, you have the option of using Provident Funding's online lock tool or contacting your Mortgage Consultant (MC) to lock your loan.
Provident Funding will not honor rate lock requests left in a voicemail or requested via email as rates are subject to change throughout the day. The rate and price you receive will be based upon the current rate at the time when you speak with your Mortgage Consultant (MC).
Refinance rate locks are valid for 21 days or 30 days.
Purchase rate locks are valid for 21, 30, 45 or 60 days, depending on the rate lock period selected at the time of locking.
For more details please consult your Mortgage Consultant.
Your rate lock period may be extended; however, you will be subject to Worse Case Pricing. Worse Case Pricing is calculated by comparing pricing from the original lock date to current pricing and then selecting the higher of the two.
Lenders and mortgage brokers who offer a "float down rate option" often do not offer the best possible price initially.
Mortgage brokers may also cancel their rate lock with the initial investor / lender and lock in with a new lender when rates fall. This practice increases rates for the entire industry because locked loans that do not fund cost lenders a lot of money.
Provident Funding's business model is designed to offer you the best possible price every day and that is why we do not offer a "float down rate option."
Third party fees are any fees associated with the loan that are charged by parties other than Provident Funding.
Generally, third party fees may include appraisal fees, title and closing fees, notary fees, recording fees, delivery/courier fees, or transfer taxes.
Closing Costs are expenses incurred by borrowers (and sellers in the case of purchase transactions) when obtaining a new mortgage loan and transferring property ownership.
Non-Recurring Closing Costs (NRCC’s) are costs that are only charged in connection with obtaining a new mortgage loan.
Examples of NRCC's would include:
Recurring Closing Costs include costs that not only may be charged in connection with obtaining a new mortgage loan, but are also charged on an ongoing basis.
Examples of Recurring Closing Costs would include:
Other fees may be included depending on the transaction or your property state.
Yes. Closing costs have to be paid on all loans. However, depending on your loan terms and the selected loan program, Provident Funding may pay for some or all of your closing costs in exchange for selecting a higher interest rate.
This is an account established with Provident Funding to pay your property taxes, homeowner’s insurance, flood insurance (if required) and mortgage insurance (if required) when they become due.
If you have an escrow / impound account, then your regular monthly mortgage payment will include principal, interest, and an escrow payment.
Your escrow payment is based on 1/12th of the annual estimated payments for your property taxes, homeowner’s insurance, flood insurance (if required), and mortgage insurance (if required).
If your property lies within Flood Zone "A" or "V", federal law (FEMA) requires you to maintain and provide proof of flood insurance coverage.
The Flood Disaster Protection Act of 1973 and the National Flood Insurance Reform Act of 1994 prohibit Federal agency lenders, such as Provident Funding, from originating home loans in Flood Zone "A" or "V" unless flood insurance has been purchased by the homeowner and is maintained during the term of the loan.
Provident Funding only requires an escrow / impound account when your loan-to-value ratio exceeds 80%.
If your property is in California, we will only require an escrow / impound account for your taxes and insurance when your loan-to-value exceeds 90%.
No. Provident Funding's pricing remains the same, whether or not you choose to establish an escrow / impound account when applying for a loan with Provident Funding's Retail division.
For a refinance loan, the process should take 30 days or less from the time you lock in your interest rate to the time your loan is funded. Upon locking your interest rate, you will have agreed to specific tasks and due dates in order for us to approve and fund your loan within a 30 day period.
For a purchase loan, the process usually takes 30 days to complete. However, the timeline may vary based on the previously agreed upon close of escrow date between you and the seller, the loan program you select and the state in which your property is located. Upon locking your interest rate, you will have agreed to specific tasks and due dates in order for us to approve and fund your loan within the rate lock period and on your previously scheduled signing date.
Below is a list of documents that are generally required during the loan qualification process. Not all documents will be required and we may ask for additional items. ;however having these items ready may make for a quicker loan process.
You'll need to provide pay stubs for the last 30 days as well as W-2 forms to help us determine income, employment status, and history.
If you are self-employed, we'll need to see your previous years' tax returns.
If you are purchasing a property or required to bring funds to close, you will need to provide Checking Savings, and / or CD account statements.
Homeowners Insurance Policy
This is required with every loan transaction to verify sufficient and current coverage.
Your Mortgage Consultant will advise on additional documentation needed for approval. Documentation requirements will vary depending on your particular loan scenario, but the more prepared you are the sooner we can close your loan!
No. Provident Funding does not allow customers to choose their own appraiser. We will order all required appraisal services from one of our national appraisal vendors to ensure a quality product is provided at a competitive price.
Yes. Once the appraisal is complete, a copy will be e-mailed to you directly.
No. Provident Funding will not be able to provide you with a copy of your credit report. However, you may request a copy of your credit report by contacting your credit reporting agency (CRA).
Yes. Provident Funding charges a $600 or $850 upfront deposit (depending on the loan program you are applying for) on all loans that require a new appraisal. The deposit will be refunded when the loan is closed.
Loan-to-value (LTV) is a ratio that is determined by comparing the loan amount against the value of the property or the sales price, whichever is less. The LTV is one consideration in qualifying you for a loan.
To calculate the LTV, divide the amount you are borrowing by the value of the subject property or the purchase price, whichever is less.
example: If you are purchasing a property that is selling and appraising for $200,000 and you would like to borrow $100,000, the LTV is 50%.
Private mortgage insurance (PMI) is a type of insurance that protects the lender in the event a borrower does not make their payments in a timely manner, resulting in loan default and potentially foreclosure.
For most loan programs, PMI is required if the loan-to-value ratio is greater than 80%.
No. Provident Funding does not offer this option.
All Borrowers must take title as individuals and are not permitted to take title in the name of a legal entity such as a trust, LLC, etc. If the property is currently vested in a trust, the Borrowers must Grant Deed from the trust to him/herself as an individual.
Points are additional costs paid to purchase a lower interest rate; credits will offset other fees associated with loan origination. Lender and 3rd party fees including, but not limited to, title insurance, settlement agent, administration, and appraisal will also apply.
We are required to disclose the full cost of the appraisal on all loan estimates even if you are eligible for an appraisal waiver. However, as long as an appraisal is not performed, this fee will be removed on the final loan documents that you sign at closing.
At this time, Provident Funding does not offer HELOC loans. However, you may benefit from a cash out refinance. Please contact Provident Funding at (888) 547-4050, and we will connect you to a licensed Mortgage Consultant to assess your current situation.
Phishing is the attempted impersonation of a legitimate business by criminals to trick victims into giving out their personal information.
Documents with the letterhead and logo of legitimate companies are often used to legitimize the fraudulent communication. You should approach unsolicited emails containing requests for personal information with great caution.
Always confirm the authenticity of email messages before responding.
The amount you will need to pay for closing costs is determined by many factors, including the loan purpose, loan type, and property state. Based on the interest rate you select, there may be loan points paid to Provident Funding or a credit paid to you to cover part of the non-recurring closing costs associated with the loan.
The following is a brief summary of some typical fees incurred when closing a loan with Provident Funding:
Fees charged by Provident Funding
Fees charged by third parties
The amount you can afford to borrow is dependent upon the loan’s interest rate and terms.
Yes. To get pre-approved for a purchase loan, please contact Provident Funding at 1-888-547-4050 and we will connect you to a licensed Mortgage Consultant.
Provident Funding recommends that you apply for a pre-approval while you are searching for a home. A pre-approval will consider your financial situation to determine if you are likely to qualify based on the estimated loan amount and purchase price. A pre-approval will also provide you with security, leverage, and flexibility while you are searching for a home.
Once you have submitted an application online or over the phone, Provident Funding can provide you with a pre-approval decision within 1 business day.
The minimum down payment Provident Funding allows on most conforming loan programs is 3% of the current property value or the purchase price, whichever is less.
To find out if you qualify, please contact us at 1-888-547-4050.
No. Rate locks are not transferable to a different property address. If the property address changes on a locked loan, the lock will be cancelled and a new lock will be required.
Provident Funding does not offer rate locks for longer than 60 days. With this in mind, you should lock in a rate when you feel certain that the house will be in a livable condition within 60 days.
If you decide to refinance your home, you can take advantage of any or all of the following benefits:
Provident Funding may require an appraisal report on some loans. We will choose one of our appraisal companies to complete the appraisal. It may be possible to obtain a loan product that does not require an appraisal report.
For specific requirements, please contact one of Provident Funding's Mortgage Consultants at 1-888-547-4050.
Provident Funding offers you the ability to lower your overall monthly housing payment by paying off an existing first and second mortgage.
To find out if your new loan will qualify as a rate and term refinance or a cash-out refinance please contact one of Provident Funding’s Mortgage Consultants at 1-888-547-4050.
It may be possible to refinance a property that was previously listed for sale. Please contact one of Provident Funding’s Mortgage Consultants at 1-888-547-4050.
While you may start the application process for a refinance, Provident Funding will not be able to close your loan until your remodeling project is complete.
It may be possible for you to remove a borrower from your current mortgage through a refinance.
For specific requirements, please contact one of Provident Funding's Mortgage Consultants at 1-888-547-4050.
Yes. You may apply for a refinance with additional borrowers, provided he or she qualifies according to our income and credit guidelines.
Any person applying for the refinance must also be added to the title of the home.
Provident Funding allows you to use the proceeds from a cash-out loan for any legal purpose. However, the creation of any new liability through the use of the cash-out proceeds must be qualified in the loan process.
For example, if you want to do a cash-out refinance on your current residence and use the proceeds toward a down payment on a second home or investment property, you must qualify for the cash-out refinance with the new property mortgage liability included.
Note: Provident Funding requires a cash-out purpose letter for any cash-out amount greater than $50,000.
The maximum cash-out allowable on a conforming loan is $548,250 less any amount owed on the subject property.
The maximum cash-out allowed on all Jumbo products is $250,000.
To find out more about cash-out refinances please contact one of Provident Funding's knowledgeable Mortgage Consultants at 1-888-547-4050.
You might need a new appraisal. We will choose one of our appraisal companies to complete the appraisal. It may be possible to obtain a loan product that does not require an appraisal report.
For specific requirements, please contact one of Provident Funding’s Mortgage Consultants at 1-888-547-4050.
No. Payment assistance is intended for individuals experiencing a COVID-19 related hardship causing job loss, unemployment, reduced hours or sickness. If you have the ability to continue making mortgage payments, you should do so.
A Forbearance Plan is a short-term relief plan that temporarily suspends or reduces your mortgage payment for the duration of the plan. It does not defer your payments and you will be required to repay any missed payments once the Forbearance Plan is over. If you are unable to make timely mortgage payments as a result of job loss, unemployment, reduced hours or sickness as a result of COVID-19, a Forbearance Plan can provide temporary relief. If you have the ability to continue making mortgage payments, you should do so.
The right time to apply for a Forbearance Plan is when you’re no longer able to make your mortgage payment. We recommend waiting until you are unable to keep up with your current mortgage payment. That way, your Forbearance Plan will help you in the months you need it most. If you can continue making payments, you should do so.
You will still be able to request a Forbearance Plan in the future if your job or income is impacted as a result of COVID-19.
No. If you are eligible for a Forbearance Plan and agree to enter into a Forbearance Plan, late fees will not be assessed during the plan.
No. There are no fees or charges associated with processing your Forbearance Plan, including any assistance options you may be eligible for once the Forbearance Plan ends.
Because your hardship is a result of COVID-19, we will not report the entry into a Forbearance Plan to credit reporting agencies during the term of the Forbearance Plan. Additionally, since the Forbearance Plan requires no monthly payment, we will continue to report your loan as current.
If you are approved for a repayment plan, payment deferral or loan modification after your Forbearance Plan ends, we will continue to report your loan as current as long as you are in compliance with any approved plan payment. Credit reporting will resume once your loan is brought current through a reinstatement, repayment plan, payment deferral or loan modification.
Yes.If you have the ability to make any payment, you should do so. Partial payments in any amount, including an amount equal to your interest payment or escrow payment, are acceptable.
The Forbearance Plan lasts for six months. For example, if you are approved for a Forbearance Plan on April 6th, your Forbearance Plan would begin on May 1st and extend through October 31st.
Yes. You can end the plan at any time. Simply visit the COVID-19 Assistance page through your online account and opt out of the approved plan, contact our Customer Service Department, or submit an online message with your request to end the plan. When you end your plan, you will be responsible for repaying any missed payments during your plan. If you are unable to pay them back, you may be eligible for additional assistance options. Please note that your loan must be due for the current month or a future month to opt out through the COVID-19 Assistance page and once the Forbearance Plan is ended, you will no longer be provided the late charge protection offered during the Forbearance Plan.
Depending on your specific loan, you may be eligible for an extension of the plan if your hardship is not resolved. If you think you will need an extension to your existing Forbearance Plan please visit the COVID-19 Assistance page through your online account and complete the form, or contact us in the final month of your existing Forbearance Plan.
If you have the ability to make a payment or a partial payment, you should do so. If you are unable to pay, the payment will be included in the amount you are required to pay back once the Forbearance Plan ends.
No.You do not need to sign or return the Forbearance Plan approval letter. Once the Forbearance Plan ends, we will contact you if you need to send documents at that time.
In most instances, acceptance of the Forbearance Plan will automatically stop your Monthly AutoPay from drafting and you do not need to take any action. However, if you submit an online request for a Forbearance Plan one business day prior to the 5th of the month, your Monthly AutoPay will still draft for that month. This is because Monthly AutoPay changes must be made two business days prior to the draft date. Monthly AutoPay will not draft for the remaining months you are on the Forbearance Plan.
If you have a billpay set up with your own bank, or a separate third party, you will need to contact them if you want to stop a scheduled payment.
Yes. If you opt-in to the Forbearance Plan, any other plan you’re on will be cancelled. At the end of the Forbearance Plan, we will work with you to determine what additional options may be available. You may be required to reapply at that time.
You will be responsible for repaying any missed payments during your Forbearance Plan. Assistance options may be available if you’re unable to do so. An exact quote can be obtained at the end of your Forbearance Plan, or at any time you choose to end your Forbearance Plan.
At the conclusion of the Forbearance Plan, if you are unable to reinstate your loan in full, one of our representatives will work with you to determine what assistance options you may qualify for. You may be required to submit an application for assistance. Potential options include:
Repayment plan: Pay your regular monthly payment, plus an additional amount to pay back any payments missed during the forbearance period.
Payment Deferral or Partial Claim: Missed payments will be deferred until the end of the loan and will be due in a lump sum upon your loan’s maturity date or when the loan is paid off. You will not be charged interest on the deferred amount and you will resume your regular monthly payments.
Loan Modification: Permanently changes one or more of the terms of your loan to bring your loan current. You may be required to complete a trial period plan prior to the loan being modified. You will be required to sign documents to complete the Loan Modification.
Please Note: Final plan terms and eligibility are determined upon completion of the forbearance plan.
No. If you are unable to fully reinstate your loan, you may visit the COVID-19 Assistance page through your online account to learn more about which assistance options are available to you once the Forbearance Plan ends.
We know that some announcements in the news may have led you to believe that mortgage companies can waive your payments or offer forgiveness. The mortgages we service, like most in the U.S., are serviced on behalf of investors (such as Freddie Mac and Fannie Mae). We are required to service these mortgage loans in accordance with investor guidelines. Currently, these investors are offering Forbearance Plans to provide relief to homeowners in need of payment assistance. These Forbearance Plans comply with mandates contained in the recently enacted CARES Act.
Your regular monthly payments include an interest portion. You will only pay this interest back when you eventually make up your regular monthly payments. You will not be charged any additional interest beyond your loan terms. You will not be charged additional interest for participating in the Forbearance Plan.
If you have an escrow account and we normally pay your insurance and taxes, we will continue to do so as they become due. If you do not have an escrow account and pay your taxes and insurance directly, you are still responsible for making those payments.
If you previously did not have an escrow account, you should continue paying taxes and insurance directly.
If you previously had an escrow account and elect to reinstate your loan through a Repayment Plan, you will be paying back missed escrow payments in addition to principal and interest. Your escrow account will be analyzed according to the normal schedule once the Repayment Plan is over.
If you previously had an escrow account and elect to reinstate your loan through a Payment Deferral, any negative escrow balance will be included in the deferred amount. Your escrow account will be analyzed according to the normal schedule once the Payment Deferral is completed. If there is a shortage in your escrow account, you may pay the shortage in a lump sum or spread out over 12 months as part of your regular monthly payment.
If you previously had an escrow account and elect to reinstate your loan through a Loan Modification, we will analyze your escrow account prior to providing potential Loan Modification terms.
A Forbearance Plan and potential future assistance to cure any delinquency created through the Forbearance Plan may extend the number of months you must pay on time to cancel your Mortgage Insurance.
While your Forbearance Plan is active, unless you continue making regular monthly payments, you may be unable to qualify for a refinance on your home loan. Please speak with your broker or mortgage consultant to discuss your specific circumstances.
No. Beginning 3/18/2020, there is a moratorium on all foreclosure and eviction proceedings through 8/31/2020, regardless of whether you enter into a Forbearance Plan. If you enter into a Forbearance Plan, we will not proceed with any foreclosure actions during the forbearance period.
If you or a co-borrower on the loan is currently a Debtor in an active bankruptcy case, we may need to obtain Bankruptcy Court approval on your Forbearance Plan and for any additional assistance once the Forbearance Plan ends.
If your account was in good standing prior to entering into a Forbearance Plan, you will not lose good standing as a result of the Forbearance Plan.
If you elect not to make payments, your loan is technically delinquent. We are legally required to send you certain notices about your delinquent status. Do not be concerned – you are not being charged late fees, we are not reporting your delinquency to credit agencies during the forbearance period, and we are not taking steps in any foreclosure proceeding while the Forbearance Plan is in place.
Login to your online account and visit our COVID-19 Assistance page. The COVID-19 Assistance page can be found under the General Info tab once you have logged into your online account.
Login to your online account and visit our COVID-19 Assistance page. After reviewing the informational table which breaks down the available assistance options, you will need to answer a brief questionnaire to provide information on your current situation. Based on your answers, we will provide you with an assistance plan that best suits your situation. Further instructions will be provided to you on the COVID-19 Assistance page.
Though you may contact us using any of the three methods listed below, the fastest method for communicating with Provident Funding is by sending us an online case. We will quickly answer your questions and resolve issues or problems with your account in less than 48 business hours. This is an efficient way to communicate your message and receive ours, while maintaining a record of your conversation for easy reference.
Send Online Case
Log on to your account and click the Contact Us link from the top main or left website menus.
Contacting Customer Service by Phone
Customer Service Representatives are available at (800) 696-8199 , from 5:00 AM to 5:00 PM PT Mon-Fri.
Contacting Customer Service by Mail
Contact us by mail at:
Provident Funding Associates,L.P. P.O. Box 5914 Santa Rosa,CA 95402-5914
Log in to your online account and select "My Profile". Here you will be able to update your phone number, mailing address, and email information.
If you have made a legal change to your name, we must be notified. Please provide the following documents:
These documents can be:
In most cases, names may not be removed from a loan except through a refinance. This is because your loan was approved based on the information of all borrowers. However, an assumption clause in your mortgage agreement or special circumstances may allow us to remove a name from the loan.
Please contact Customer Service for more information about this process.
When your loan closed, you received copies of your loan documents. Should any of your documents be misplaced or destroyed we can provide copies to you. To request a copy of a document at no charge, please send your request to us online by case or in writing to:
Provident Funding Associates, L.P. Attn: Customer Service P.O. Box 5914 Santa Rosa, CA 95402-5914
For expedited service, you may call Customer Service at (800) 696-8199. Fees may apply for expedited service.
The Servicemembers Civil Relief Act (SCRA) is a Federal law that provides benefits to eligible service members.
The SCRA offers an interest rate of no more than 6% on mortgages that were opened before active service.
Regardless of when a mortgage was opened, service members and their dependents may be eligible for foreclosure protection and relief.
Please contact us to learn more about our options for mortgage relief.
Some loans require that a prepayment fee be assessed if the loan is paid in full before a certain period of time. This is also referred to as a prepayment penalty.
If your Mortgage Note includes a Prepayment Penalty clause, the fee will be calculated according to the specific terms in your Mortgage Note.
Payments are due on the 1st of each month. Late fees are assessed after the 16th of the month or the following business day on any account still outstanding.
We will mail you a notice after the 16th notifying you if your account is still outstanding and you may receive a courtesy call to remind you of your missing payment.
Submit payment online
Pay online at www.provident.com.
Monthly AutoPay (ACH)
This is an automatic monthly withdrawal from your bank account and is available as a free service. This can be setup through your online account or by contacting Customer Service.
Checks, bank billpay services or money orders
These forms of payment can be sent by mail to:
Provident Funding Associates, L.P. Attn: Payment Processing P.O. Box 513738 Los Angeles, CA 90051-3738
Checks should be made payable to Provident Funding.
Certified or overnight mail should be sent to:
Provident Funding Associates, L.P. Attn: Payment Processing 3750 S. Robertson Blvd. Suite 102 Culver City, CA 90232
Payments via phone from your checking or savings account
Please note that Provident Funding cannot accept credit cards or biweekly payments at this time.
Online and phone payments will post to your Provident Funding account the same business day if the payment was entered before 5:00 PM PT. Payments submitted after 5:00 PM PT, on holidays, or weekends, will be processed the following business day.
All payments sent by mail will be posted and credited to your account by the end of business on the same day it is received by our office.
If you are paying by phone, or through our website, payments must be submitted by 5:00 PM PT to receive same-day credit. If you submit a payment after 5:00 PM PT, or on a weekend or Federal holiday, then we will not credit your account until the next business day.
Monthly statements can be viewed in your online account. Once logged in, go to the "Letters & Monthly Statements" section to view.
You will not receive a statement in the mail if you signed up to receive statements electronically or if you use our payment coupons.
Under Federal law, you may not opt out from receiving monthly statements.
You will receive a coupon book approximately two weeks after your loan funds.
This is because escrow accounts are typically analyzed on an annual basis and the month is determined by the state in which your property is located.
We will continue to send you a new coupon book when your escrow account is reanalyzed on an annual basis.
Coupon books are mailed automatically on an annual basis. It is not necessary for you to request a new book. However, if you misplace your coupon book and would like to request another, you may do so by contacting Customer Service.
Late fees are assessed after the 16th of the month or the following business day on any account still outstanding. Negative credit reporting may result if the full monthly payment due is not received by the last business day of the month.
If you pay by check or billpay, your payment is considered received on the day we receive it in our office, not the day it was delivered by your financial institution.
If you pay on our website or by phone, please refer to the same-day cutoff times under the FAQ question "What are the cutoff times to make a same-day payment and when will you process my payment?"
You may make a payment for those charges by:
Any accumulated late charges will be added to the amount due. This includes late charges for any payments that are past due at the time of payoff.
We do not currently offer a biweekly payment plan. We will only accept your payment if it satisfies the full amount due. Unless your loan includes a prepayment penalty, you can make extra principal payments to lower your loan balance and the amount of interest owed to us.
Please note that third party companies may offer to save you interest through a biweekly payment plan. These services usually include an enrollment fee and monthly service fees. Consider the risks before signing up, such as whether the service provider will send your payment on time.
You can make extra payments toward principal up to $50,000, free of charge, by submitting a payment through your online account.
If you pay using check, money order, or billpay, you may add extra principal with your regular monthly payments.
Any amount greater than $50,000 requires special handling and should be sent to:
Provident Funding Associates, L.P. Attn: Payment Processing P.O. Box 513738 Los Angeles, CA 90051-3738
If Provident Funding receives a payment from you within the first 60 days after your loan has been sold, your check will automatically be endorsed and forwarded to the new mortgage company.
In the event that your payment is applied at Provident Funding prior to the loan being sold, funds will be disbursed to the new mortgage company for any payments due to them. All payments are forwarded via overnight mail. Please contact your new servicer to confirm receipt.
If you pay additional principal, or have made a larger lump sum principal payment, you might be eligible to “recast” your mortgage if it is a fixed-rate loan. Recasting a mortgage will spread out your lower principal balance across your remaining loan term and may lower your fixed-rate payment. Please contact Customer Service to check your eligibility.
Keep in mind that by paying any additional principal, you are paying your loan down faster and you will save interest over time. Your monthly payment amount will not change by just paying additional principal.
If you want to lower your payment because you are experiencing a financial hardship, please contact Customer Service immediately so we can review all of your assistance options.
Before paying off your loan, you will first need to obtain a Payoff Statement which states the total amount due. This statement will also provide instructions on how to pay off your mortgage and can be downloaded from your online account under the Forms section.
This statement can also be obtained by contacting our Customer Service Department. Please note, Provident Funding will only accept certified funds for means of paying off your loan. Instructions on how to wire your payoff can be found on the Payoff Statement.
Some loans require that a prepayment fee be assessed if the loan is paid in full before a certain period of time. If your Mortgage Note includes a Prepayment Penalty clause, the fee will be calculated according to the specific terms in your Mortgage Note.
Interest shown on the payoff statement is calculated through the indicated expiration date. You must download a new payoff statement if you are attempting to pay off your loan after the statement's good through date.
If your loan is paid ahead, the payoff amount will be reduced by any interest not yet due. Upon receipt of the payoff amount, the actual interest charged includes interest up to but not including the date of receipt. Interest is collected in arrears.
For example, if the September 1st payment (which includes interest accrued from the month of August) has been made and your loan is paid in full on September 15th, interest will be due for the first fourteen days of September.
Yes. You must continue to make your monthly payments until the day we receive your payoff funds. Failure to make a monthly payment is a default under the terms of your Promissory Note. This may result in a late charge, a negative report being made to the credit reporting agencies, or both.
Any overpayment of principal or interest included with the payoff amount we receive is refunded to you within two weeks of loan payoff.
Payoff figures are always subject to change due to new fee assessment, payment activity, and escrow account activity. If payoff funds are received after the good through date of the payoff statement, the interest amount due will be different. You or your agent should request an updated payoff statement to confirm that no changes have occurred.
Once your loan is paid off, we send a release of lien document directly to your county recorder. Your county will then record our lien removal from your property. You will receive a copy of our release of lien document within 90 days of loan payoff. You will not receive your deed from the county.
The payoff statement may be based upon payments that were received, but have not yet cleared your bank. If a payment is returned NSF (non-sufficient funds) after your loan is paid off, Provident Funding reserves the right to adjust the payoff figures.
Interest will continue to accrue on the loan until Provident Funding has received all amounts due.
If your loan was impounded / escrowed and had a positive balance at the time your loan was paid off, we will mail you a refund check for the balance automatically. Generally, this will occur within 3 business days from the payoff date. We cannot send these funds to you electronically.
A summary of your final escrow account information will be mailed to you 45 days from the payoff date.
Any escrow funds advanced by Provident Funding to pay your bills as a result of insufficient funds in your impound / escrow account will be collected at the time of payoff.
If you choose to provide your name, social security number and loan number to a third party, they can go to our website and order a Payoff Statement on your behalf.
Though there is a fee of $10 for a Payoff Statement requested by a third party, there is no fee if the statement is downloaded from your online account directly.
Your monthly escrow payment is equal to 1/12th of the total bills Provident Funding anticipates paying on your behalf throughout the year, including any shortage amount as permitted by federal and/or state law and your mortgage contract. This amount ensures Provident Funding has enough funds to pay all of your escrow bill obligations.
We will review your impound, or escrow, account annually. The month that we review your account is determined by the state your property is located in.
During your scheduled month, we will re-calculate your monthly escrow payment and check if your account has a shortage or surplus. We will then mail you an Escrow Account Disclosure Statement summarizing this information.
If you would like to know the month your escrow account will be reviewed, please contact Customer Service.
Escrow accounts can be re-analyzed outside of the annual schedule per written or verbal request, but we may deny a request to re-analyze your escrow account if your request is made within 60 days of your regularly scheduled annual review.
An increase in your escrow payment is caused by an increase in property taxes, homeowners or flood insurance premium, and/or an escrow account shortage.
We do not have control over property taxes or insurance premiums. Please contact your tax office or insurance company for more information.
A shortage can be caused by numerous reasons. Keep reading our FAQs to learn more.
If you have a fixed rate mortgage and an escrow account, your total monthly payment may still change each year. The principal and interest parts of your monthly payment will stay the same. However, changes in your property tax or insurance premiums will affect your escrow payment.
We must adjust the amount collected for escrow to ensure we have enough funds to pay all of your escrowed bills.
An escrow cushion is the required reserve amount that must be included in your escrow account.
The escrow cushion is the lowest balance your escrow account should reach each year to ensure there will always be sufficient funds in your account to pay all of your escrowed expenses.
The escrow cushion is set by the Real Estate Settlement and Procedures Act (RESPA) and is equal to 1/6th of your total annual escrow expenses, excluding mortgage insurance premiums if applicable, unless State law dictates a lower amount.
If your impound / escrow account balance is greater than the balance required at the time of your escrow account analysis, your impound / escrow account has a surplus of funds.
If your loan account is not delinquent, Provident Funding will automatically send you a refund check in the amount of the surplus to you, unless it is less than $50.00. If your surplus is less than $50.00, the funds will remain in your impound / escrow account according to Federal law and we will reduce the required monthly payment by crediting this amount over the year following your escrow account analysis.
All of this information will be clearly explained in your Escrow Account Disclosure Statement.
You have a shortage if your escrow account balance is less than the minimum escrow balance required. This can be caused by one or more of the following:
Your property taxes or insurance premiums were more than anticipated.
Your required minimum balance has increased.
Your property taxes or insurance premiums were paid in a different month than anticipated.
There was a shortage of less than one month's escrow payment rolled over from a previous Escrow Account Disclosure Statement and your total shortage is now greater than one month's escrow payment. We do not request repayment of escrow shortages less than one month's escrow payment. Any shortage less than one month's escrow payment will roll over until the total shortage is greater than one month's escrow payment.
If your total shortage is greater than one month's escrow payment, you must repay the shortage.
Option 1: Pay Now
You can pay your shortage in full by the due date on your Escrow Account Disclosure Statement. If you pay it in full by the due date, we will automatically adjust your payment.
Use your online account to make a free escrow-only payment.
You can also mail a check to:
Option 2: Pay Over 12 months
We select this payment option automatically. If you do not pay your shortage in full now, we will automatically divide your total shortage equally over 12 months and add this to your monthly payment. This option is interest free. Continue paying your new monthly payment amount on your Escrow Account Disclosure Statement.
Your loan must meet certain eligibility requirements to remove the escrow account. You can request removal at any time and we will let you know if you are eligible. There is no fee for removing an escrow account.
To make a request, log in to your online account and send us a message through the Contact Us page.
Specify if you want to remove your entire escrow account, or if you want to only remove property taxes or insurance.
We will then notify you of the decision to remove your escrow account. Federal law requires a 6 business day waiting period from the day your request is approved before your escrow account is removed. After the waiting period, we will adjust your monthly payment and refund your escrow balance by sending you a check.
While Provident Funding makes every effort to obtain your policy renewal on an annual basis, sometimes we do not automatically receive your policy renewal from your insurance carrier or agent.
Please be sure to provide Provident Funding a copy of your policy renewal at least 2 weeks prior to your policy's expiration date.
There are multiple reasons why your insurance information may have failed to reach us. The most common reason is due to an incorrect mortgagee clause listed on the policy.
Verify with your agent the mortgagee clause matches this:
Mortgagee Clause: Provident Funding Associates, L.P. Its successors and / or Assigns (ISAOA) P.O. Box 5914 Santa Rosa, CA 95402-5914 Loan Number: (your loan number here)
If your insurance is escrowed, confirm with your agent they have your policy setup to bill the mortgagee, not the homeowner, using your full 10 digit loan number.
Yes, you still need to ensure Provident Funding receives updated evidence of insurance on an annual basis. If you change your insurance carrier, it is critical you send us updated evidence of insurance as soon as possible.
Please send your insurance information by fax, mail or upload through your online account. You can fax a copy of the policy to 707-547-4081 or request that your agent or insurance company fax a copy of the policy to this number. A copy may be mailed to:
Provident Funding Associates, L.P. Its Successors and / or Assigns (ISAOA) P.O. Box 5914 Santa Rosa, CA 95402-5914 Loan Number: (your loan number here)
For the fastest processing, you may upload your insurance policy information through your online account at www.provident.com.
If you have changed your insurance carrier during the term of your previous policy, it is your responsibility to pay your new policy for a full year. If you are unable to do this, please contact the Customer Service Department.
Please send us your new insurance policy's declarations page as soon as possible so we can update our records.
If you have changed your insurance carrier during the term of your previous policy, we ask that you pay for your new policy yourself even if you have an impound / escrow account. Payment for the new policy using escrow funds can cause a shortage of funds because it was not an anticipated expense. If you are unable to do this, please contact Customer Service.
Mortgage insurance protects a lender in the event monthly payments are not made on a mortgage. Mortgage insurance is generally required when your down payment is less than 20% of the purchase price. Mortgage insurance premiums are paid by us from your escrow account. Premiums are most commonly paid from your escrow account monthly.
Some companies may advertise products with names such as “Mortgage Life Insurance”. Please note that these products are different than mortgage insurance, as defined above, and are not offered by us.
The loan documents you signed at closing will state if you have mortgage insurance. Any required mortgage insurance policy will also appear in the “Insurance & Taxes” section of your online account.
The Homeowners Protection Act (HPA) provides the right to cancel mortgage insurance for certain situations. This includes automatic cancellation when your loan balance reaches 78% of your original property value (based on the amortization schedule you received during loan closing). We will automatically cancel your mortgage insurance when this occurs on your behalf. You may also be eligible to request earlier cancellation when your loan balance reaches 80% of your original property value (based on actual payments) if it meets the requirements determined by your loan investor (such as Freddie Mac or Fannie Mae).
Please refer to the mortgage insurance disclosure you received during your loan closing for the specific cancellation criteria which apply to your loan. Additionally, there is information on mortgage insurance cancellation included with your IRS Form 1098 Annual Tax and Interest Statement each year.
If your loan meets the requirements for mortgage Insurance cancellation, you may request cancellation of your policy by going to “Contact Us” and sending us a secure email. You can also call us at (800) 696-8199.
Insurance companies are required to include your mortgage company on most claim checks. Once you receive a claim check from your insurance company, send it to us with the required information listed below. You must fully endorse the check(s) prior to mailing them unless the total of your check(s) is $40,000 or less and you were current on loan payments at the time of the loss event.
1. Your itemized repair list (adjuster’s report)
You can obtain the itemized list of repairs (also called an "adjuster's report") from your insurance company after they have approved your claim. If for some reason you did not receive this from the insurance company, you will need to contact them to obtain a copy.
2. Your contractor’s information
Please include the name, address, phone number, and license number (if your state/jurisdication requires a licensed contractor to complete your repairs) for each of the contractors you are using to complete your property repairs. Additionally, please include the written contract, between yourself and the contractor, that details the scope of repairs the contractor will be completing.
3. Mailing address for returning your claim checks back to you
If you would like to have your claim funds returned to you at an alternate mailing address, please provide the mailing address where you would like to have the funds sent.
Mail claim checks to:
Provident Funding Associates, L.P. Attn: Loss Draft Department 1235 N. Dutton Ave, Suite E Santa Rosa, CA 95401
Claims Equal to or Less Than $40,000 (must be current on your loan payments):
If your claim check(s) total $40,000 or less, we will provide our endorsement upon receipt of the check(s) and mail the check(s) back to you. Claim checks are typically processed and mailed back to you within 3 business days from receipt if all required information has been provided.
Claims Greater Than $40,000 (must be current on your loan payments):
If your claim check(s) total greater than $40,000, we will deposit the funds upon receipt. We will issue you an initial check for the greater of $40,000 or 33% of your claim proceeds. To receive additional claim funds, you must contact us to order an inspection of your property repairs.
Click here to learn about ordering a property inspection.
Checks are typically processed and deposited within 3 business days from receipt if all required information has been provided. After a 5 business day waiting period (to ensure the claim check has cleared with the bank), we will issue you a new check for your claim funds.
If you are behind on loan payments:
If you are behind on loan payments, we will deposit the funds upon receipt regardless of the amount of your claim check(s). We will issue you an initial check up to $10,000. To receive additional claim funds, you must contact us to order an inspection of your property repairs.
Click here to learn about ordering a property inspection.
All claim checks will be sent back via regular mail to the mailing address for your loan unless you specifically request that the check(s) be mailed to an alternate address. If you would like the check(s) to be sent certified or overnight, please provide us a pre-paid label or envelope with your initial claim submission.
If you need the funds to be overnighted back to you but you did not provide a pre-paid label or envelope with your initial claim submission you may contact us and request that the check(s) be mailed back to you overnight for a $10.00 fee.
Your insurance claim funds are released in increments on larger claims due to loan investor requirements, both for your protection and the investor's. Releasing funds in increments helps ensure funds are used for the intended purpose of repairing the home. It also protects you from contractors who would attempt to require full payment up-front and then not fully complete the repairs.
You can order an inspection by logging in to your online account and sending us a message through the Contact Us section, or by calling Customer Service at (800) 696-8199. You must provide your best contact phone numbers for scheduling the inspection.
Property inspections may be required by your loan investor in order to ensure that repairs have been completed in a manner which restores the property to its original value or higher.
Due to the complicated nature of total loss claims, we will assign you a designated point-of-contact to help walk you through this process. Please call Customer Service at (800) 696-8199 and request to speak with a Loss Draft Specialist or send us a secure message through the Contact Us section of your online account.
Depending on the unique circumstances of your claim, you may have the option to rebuild the property or payoff your loan using the claim proceeds.
If you have an escrow account for property taxes, you do not need to send us your tax bill for payment as we will obtain this for you.
We do not pay supplemental, unsecured, or added assessment tax bills. You are responsible for sending these payments directly to your tax collector, even if you have a property tax escrow account.
If your property taxes are not escrowed, then you are responsible for paying the amount due to your tax collector.
If you have an impound / escrow account for property taxes, we will pay your property taxes on your behalf. If you receive a bill, this is most likely a supplemental tax bill.
Some tax collectors will send this type of bill because an additional amount is due that was not assessed at the beginning of the current tax cycle. You may wish to contact your tax collector for clarification.
Payment of supplemental property tax bills remains the responsibility of the homeowner(s). Under State law, supplemental property tax bills are only sent directly to the homeowner, not the mortgagee. The monthly payment collected as part of an escrow / impound account is for the scheduled property tax payment(s) when they become due.
A supplemental property tax bill is not a regularly scheduled tax payment. If you cannot pay your supplemental tax bill out of pocket, please contact Customer Service.
For states / counties that offer a discounted property tax amount, we will pay before the expiration of the discounted period. For all other states, Provident Funding will make payment on or before the due date.
Your IRS form 1098 / 1099 will be mailed no later than January 31st of the new year. Please allow 2 weeks for mail delivery. A copy of your IRS form 1098/1099 will be made available by January 31st for immediate download at www.provident.com by logging into your account and visiting the "Annual Tax & Interest Statements" link.
Provident Funding cannot advise you regarding the preparation of your income tax returns. Your personal tax advisor should answer any question about the preparation of your annual tax returns.
To visit the website of the Internal Revenue Service you may use the address www.irs.gov.
Many times tax payments made by mortgage companies are paid in installments rather than in one lump sum. It is also possible that two bills were paid in the same calendar year if the due date is near January 1st each year.
Provident Funding does not report tax disbursements paid from your escrow account to the IRS. For more information on tax disbursements made from your account on your behalf, please look at your account transactions on the "Payment History" page through your online account.
Provident Funding will mail your individual IRS form 1098 / 1099 by January 31st. Each mortgage company, including Provident Funding, will provide information for the period of time your loan was serviced.
Mortgage companies are not required to report to you or the IRS if the total interest paid on your account was less than $600. However, it is Provident Funding’s policy to send you an IRS form 1098 / 1099 if you paid any amount of interest during the year.
Provident Funding is proud to offer assistance to customers who are experiencing hardships that impact their ability to make payments.
There are alternatives to foreclosure but you must take action immediately and Call us today. Call (800) 696-8199 to speak with an expert who can discuss your situation and options with you.
If you are interested in refinancing your loan, please call Provident Funding’s Retail Department at (888) 547-4050.
If you are considering purchasing a new property and have questions regarding the process, please contact our Retail department at (888) 547-4050.
You may also start an application online by clicking here.
Provident Funding wants to help you protect yourself from fraud involving internet
and email communications sent by persons fraudulently using Provident Funding's
name and logo. We know some cases involve the offering of small personal loans or
other financial services in order to gather personal information such as your social
security number or banking information. Please do not respond to such offers.
Note: Provident Funding does not offer personal loans to consumers.
If you have concerns regarding any offer purporting to be from Provident Funding,
please contact us at 1-800-696-8199.
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