9/28/10 Provident Bank Sophia Wong quotes mortgage rates: FICO 720+ 4.75%, FICO 740+ 4.375%

Getting loan agent Sophia Wong to disclose the difference in rates for middle FICO scores of 720+ and 740+ was like pulling teeth.

Incredibly, she finally quoted with a 3/8% difference in the RATE!

That’s $82.27/month or $29,625 over the life of the $360K  loan.


From: Wong, Sophia [mailto:swong@myprovident.com]
Sent: Tuesday, September 28, 2010 2:26 PM
To: [borrower]
Subject: RE: Your Driver License

Today:

720-739     4.75% at zero point

740+         4.375% at zero point


From: [borrower]
Sent: Tuesday, September 28, 2010 12:04 PM
To: Wong, Sophia
Subject: RE: Your Driver License

Sophia

Just curious –

(1)    What is today’s rate with no points with a 740 MIDDLE score?   and

(2)     What is today’s rate with no points with OUR CURRENT scores?

Thanks, [borrower]


From: Wong, Sophia [mailto:swong@myprovident.com]
Sent: Tuesday, September 28, 2010 10:57 AM
To: [borrower]
Subject: RE: Your Driver License

[borrower]:  I understand your question.  Lender uses the middle score for pricing (rate).  So [husband]’s middle score is 730, therefore the rate is the same with him alone or with both of you.  Today, the rate is the same as yesterday.  So let me know.

Thanks

Sophia


From: [borrower]
Sent: Tuesday, September 28, 2010 7:41 AM
To: Wong, Sophia
Subject: RE: Your Driver License

Sophia – rewording another previous question –

With a 740 FICO Score, what would be the current refinance rate (as of today Sept. 28) with [husband] on the loan ONLY?

thanks again,


From: Wong, Sophia [mailto:swong@myprovident.com]
Sent: Monday, September 27, 2010 4:37 PM
To: [borrower]
Subject: RE: Your Driver License

[borrower]:  Here are the FICO Scores:

[husband]        Equifax 726       Transunion  730             Experian  771
Yours                Experian 726     Equifax 729                   Transunion 730

Both of your middle scores did not reach 740, so the rate is the same with one person or both.

Sophia


From: [borrower]
Sent: Monday, September 27, 2010 4:15 PM
To: Wong, Sophia
Subject: RE: Your Driver License

Sophia, We have a couple of questions:

1.    What is the current rate with me and [husband] together – right now?

2.    What is the current rate with [husband]  alone with a 740 FICO score – right now?

Isn’t is incredible how loan agent Sophia managed to NOT provide rates?

It would have been so EASY to increase the FICO scores to 740+ right after they applied and ran the credit on 8/20/10.

But because of the extraordinary negligence and incompetence by Provident Bank Mortgage, the FICO scores were LOWER after following their advice.

Interestingly, Provident Bank Mortgage Glendora branch manager Anthony Olague quoted 4.375% with no points for a  cash-out 80% refi with the 720 middle FICO scores.

Would Olague ALSO increase the rate by 3/8% when it comes time to lock?

Probably.  I asked to have my clients’ loan moved to Olague (as they originally applied in his branch) and to LOCK at 4.375%, but they refused.



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