OUR LOAN PROCESS

Step 1
Call Us or Apply Online
Step 2
We'll Contact You and Start the Loan Process
Step 3
Rate Selection and Locking
Step 4
Appraisal Deposit
Step 5
Processing Your Loan
Step 6
Signing Loan Documents
Step 7
Funding and Closing Your Loan

Step 1 Complete the Provident Funding Loan ApplicationYou have the option to either complete our short form application for a Provident Funding Mortgage Consultant to contact you, or expedite the process by completing the full application on your own. Additionally, help guides are readily available to answer your questions during every step of the process.

Step 2 Provident Funding Will Contact You Once you have submitted your application, it will be automatically assigned to a licensed Provident Funding Mortgage Consultant. Your Mortgage Consultant will guide you through the entire loan process and serve as your point of reference for questions and concerns. The Mortgage Consultant will also:

  • Contact you to review the information you provided and answer any questions you may have.
  • Review your credit history and submit your application through our automated underwriting engine.
  • Provide you with the "next steps" in the loan process.

Step 3 Locking a Rate for Your Loan If Provident Funding's automated underwriting engine issues an "Approved" decision (and you have received an acceptance to your purchase offer from the seller, if applicable), you are eligible to lock the interest rate using our online rate lock tool or over the phone with the assistance of your Mortgage Consultant. Using Provident Funding’s online rate lock tool, a customer may lock a rate for their loan at any time except for the hours and days listed below:

  • Non-lockable hours are from 12:01 AM PST each weekday morning to the time Provident Funding posts interest rates later that morning. Provident Funding posts interest rates at approximately 8:00 AM PST each business day.

Provident Funding provides you with 3 different rate lock period options for your purchase loan: 30, 45 or 60 days. For refinances the lock period is 30 days.

If your loan does not receive an "Approved" decision, your Mortgage Consultant will contact you to discuss other options. If you decide not to lock in the rate at this time, you will have up to 30 days from the date Provident Funding's automated underwriting engine issued the "Approved" decision to do so. If after 30 days you have not locked in a rate, Provident Funding will consider that you have withdrawn your application.

Step 4 Property Appraisal Deposit In order to begin your loan process we must collect a $600 Property Appraisal Deposit. If you are applying for a Jumbo loan product, the cost of the Property Appraisal Deposit $850. You may submit the deposit electronically by logging into your online account at www.provident.com or by calling your Mortgage Consultant.

Step 5 Processing Your Loan A Provident Funding Mortgage Consultant will begin processing your loan once the Property Appraisal Deposit is received. The appraisal, title and other services will be ordered on your behalf. We will require you to submit income and asset information as applicable to your loan, prior to submitting your loan package to our Underwriting Department. Your Mortgage Consultant may gather additional documentation during the loan process, as required to fully approve your loan.

Step 6 Signing Your Loan Documents The loan documents are sent to the notary/closing agent for your execution. Once received, the closing agent will need to get in contact with you to schedule a time to sign loan documents. After the loan documents have been executed, they will be returned to Provident Funding by the closing agent.

Step 7 Funding and Closing Your Loan After review and approval of your signed loan documents, Provident Funding will wire funds to the title company, who will disburse the funds and record the necessary paperwork with the appropriate county. At this point, your loan is considered closed.