Rate Lock Policy

A customer is eligible to lock their interest rate once their application has been submitted to Provident Funding's Automated Underwriting System and has received an approval.

A rate may be locked by the customer using Provident Funding's online rate lock tool.

The online rate lock tool is accessible through the "My Loan Status" section of www.provident.com after logging in.

If for some reason a customer cannot access www.provident.com to lock his or her rate, he or she may contact his or her Mortgage Consultant for assistance.

As rates are subject to change throughout the day, Provident Funding will not honor rate lock requests left in a voicemail.

The rate in effect when the customer speaks with the Mortgage Consultant will be the rate eligible to be locked.

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.

Once a rate is locked, the rate lock is subject to all policies below:

  • Provident Funding Associates, L.P. reserves the right to audit all automated rate locks. Any errors to the lock information will be corrected and the original lock will be modified.
  • Provident Funding Associates, L.P. reserves the right to modify this approval or to declare it null and void if any representations made in the loan application are incorrect or incomplete or if there is any adverse change in the borrower's credit, outstanding obligations, or employment, or in the value as rectified by an appraisal review or condition of the property securing the loan, prior to close of escrow.
  • Rates and fees are subject to change if any of the loan factors change.
  • The borrower is subject to change in the rates and fees if the loan does not fund by the lock expiration date.
  • Once a loan is locked for the first time, the original lock terms represent the best rate available to the borrower. If a borrower wishes to obtain a loan terms better than their original lock, they must wait 120 days from the original lock before PF will consider renegotiated terms.