10/24/10: my fax to Steve Atwood, retail production manager Provident Bank Mortgage

Below is my 10/24/10 fax to Steve Atwood, retail production manager at Provident Bank Mortgage.

Via fax to 951-300-4212 — 2 pages including cover

ATTN: Steve Atwood
Retail Production Manager
Provident Bank

Re:      Notice of Publication & Request for Reimbursement

[borrowers] – Provident Bank Mortgage Fraud

Dear Mr. Atwood:

You did not return my call last week and your City of Industry branch manager Jeffrey Hsiao failed to reimburse $900 as requested by my clients.

As you know, I am publishing this Provident Bank Mortgage BAIT & SWITCH documentary at Liars & Cheats EXPOSED:


On 8/20/10 Provident loan agent Sophia Wong initially quoted 4.5% for the 80% cash-out refi with middle FICO scores of 720+ and no points.  The 8/20/10 Provident GFE and TIL:


On 9/28/10 Provident loan agent Sophia Wong quoted 4.75% for the same 80% cash-out refi with middle FICO scores of 720+ and no points:


On 9/30/10 Provident Glendora branch manager Anthony Olague quoted 4.375% for an 80% cash-out refi with middle FICO scores of 720+ and no points.

My clients requested that Mr. Hsiao lock their loan at 4.375% and he failed to do so.

When I set up my Provident Bank Mortgage blog, I thought your people are “only” incompetent, but I have since assisted my clients with finding another lender and the loan is now locked at 4.375% with no points.  Obviously the Provident Bank Mortgage employees are crooks by any definition and engage in outright fraud.

It is now clear that branch manager Hsiao and his loan agents quote low rates to induce the borrowers to submit their applications and to pay for the appraisals and when the loans are ready to lock, they increase the rates – in this case by 1/4%.

Mr. Atwood, I am asking you to do the following:

  1. Reimburse $900 to the borrowers ($400 for the appraisal and $500 for my fee)
  2. Fire Jeffrey Hsiao and do whatever it takes to ensure that he will never again work in any finance or consumer-related business.
  3. Ensure that Provident Bank Mortgage employees will not engage in bait and switch tactics.
  4. Audit ALL loans originated by Provident Bank Mortgage and reimburse all borrowers who were similarly defrauded when employees raised the quoted rates without legitimate reason or failed to lower the rates when interest rates improved.

If you fail to comply with my requests, I will be contacting the Provident Bank Mortgage and Provident Savings Bank regulators and I will recommend legal action to my clients.  You’ve been aware of this dispute for quite some time and you have failed to ensure that mortgage applicants are treated fairly.

Please advise of your intentions and any incorrect statements in my publications by 5 pm Tuesday, October 26, 2010, by email to christine@creditfactors.com.

Mr. Atwood, I am NOT an attorney, but a publisher.

I can’t make you do your job, but I can ensure that anyone researching Provident Bank Mortgage and Provident Savings Bank will be able to read how they can expect to be defrauded.

This bank fraud documentary should convince legislators and regulators to require full disclosure of profits by bankers as will soon be required by mortgage brokers — I documented that the bankers are lying and thieving like the worst mortgage brokers.

Apparently Mr. Hsiao expects to get away with fraud because he is not licensed. Obviously, we need some regulatory changes.


Christine Baker

c:      [borrowers]


It really is too bad that I can’t MAKE people do their jobs.   I can only document the fraud and corruption.

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