Provident refunded the $400 appraisal fee

We have not heard from Provident or Steve Atwood and we were discussing filing the complaint with regulators and a  lawsuit last week.

So my clients sure were surprised to receive a $400 check from Provident on Friday.  Apparently my fax was received and Mr. Atwood just doesn’t have anything to say to me.

Provident refunded the appraisal fee:

However, they didn’t pay MY fee and we’ll definitely submit the complaints to the FDIC and OTS.

I just checked the FNMA rates and they’re now 1/2% higher than the lowest rate over the last 6 weeks.

It is SO stressful to have to switch lenders and I’m sure glad we’re scheduled to close tomorrow and got a good rate.

The banks are making a KILLING with these bait and switch tactics.

It is very discouraging to see a SAVINGS bank like Provident engage in such deceptive practices.

People talk about moving deposits to community and local banks from the evil national banks, Chase, BofA, Citi, Wells Fargo, Capital One … There seems to be no difference — they’re ALL run by crooks?

Dog eats dog, the survival of the fittest.

Honest working people are nothing but prey for the sharks.

And that’s what we call a “civilized” and “first world” country?

My fax to Steve Atwood and why mortgages SHOULD be originated by the agencies directly

I’ve been working on this for a MONTH now!

And I’m really tired of being ignored.  So this is my last request for my clients’ $900 reimbursement of costs (appraisal and my fee) before recommending that they sue.  The lawsuit should of course include additional  damages for emotional distress and PUNITIVE damages.

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

Ending mortgage fraud

NATIONALIZE mortgage lending and eliminate ALL commissions.

Just about every mortgage comes with thousands of dollars in profits for the most greedy and ruthless loan agents.

It’s all about SALES, convincing the borrowers to pay for the appraisal and once the borrowers have lots of time and money invested, the loan agents substantially increase (often double) their profits by increasing the interest rates or failing to lower the rates as market rates decrease.

There is simply no need to pay a commission to anyone!

The tax payers are already bailing out the bankers, the bankers’ insurers, FNMA and FHLMC, HUD, VA …

Why pay thousands of dollars in commissions to do a little paperwork?

Why should borrowers pay for the bankers’ and brokers’ advertising, Ferrari or mansion?

The borrowers SHOULD be able to apply directly with the appropriate agency.  It shouldn’t cost more than $1,500 for non recurring closing costs including agency processing fees to get a mortgage in the $400k range.

While there certainly are a few honest and competent loan agents, they should be focusing on helping borrowers to RESOLVE problems instead of covering them up.

BTW, I include myself in this category.

There SHOULD be no need for anyone to pay me to manipulate their FICO scores so they get better mortgage rates.

Getting Provident 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!

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

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

My clients have PERFECT credit.  They don’t have a single late payment, collection, public record or lien.  They’ve been on the same jobs for many years and they are good people by any standard.

The bankers designed this crazy system to exploit us and when things go wrong, we bail out the corrupt bankers with our taxes.


Mortgage “bait and switch” documented

The current published FNMA rate is identical to the 8/20/10 rate, when loan officer Sophia Wong quoted 4.5% for the no point refi.  Now she raised the rate to 4.75%.

I posted a summary of the Provident Bank Mortgage quotes and the corresponding FNMA rates:

BUSTED!!! The FNMA rates did NOT change since the original quote

Provident Bank ignored my request for assistance submitted through their contact form.

Branch Manager Jeffrey Hsiao FAILED to answer our questions about the interest rate.

Instead, he threatened me with legal action for defamation.  I’d like NOTHING more than being sued for defamation because I publish the TRUTH.

This weekend I’ll be posting our correspondence with branch manager Jeffrey Hsiao and some of the emails.  This “bait and switch” is FULLY documented.

I hope my clients will sue Provident.  The judge should make an example out of Provident and have them PAY OFF my clients’ mortgage.

We need some serious PUNITIVE damages to send a message to all loan agents:  Don’t LIE!!!

10/3/10: Notice of publication and request for assistance to Provident Bank

I submitted my request at

Notice of publication and request for assistance

Please review my post at with the summary of the extraordinary incompetence encountered by my clients.

Please let me know ASAP how we can get my clients the interest rate they deserve.

Thank you,

Christine Baker

It is quite strange that both the Glendora and City of Industry branches are NOT listed at the website.  I searched the web extensively and wondered whether there are several “Provident Banks”, but finally found a reference to the branches at MacRAE’s business directory.

It’s odd have a bank not list the locations for their mortgage offices.  But in this case, I can see why they would NOT want to be associated with these branches.

Provident Bank mortgage incompetence documented

Yesterday I  spoke with mortgage manager Jeff Hsiao at the Provident Bank branch in City of Industry  after I realized that my clients were about to receive a 3/8% higher rate than they qualify for (Some of my rate research earlier this week).

Mr. Hsiau stated that loan agent Sophia Wong was very “generous” to offer my clients a 4.75% rate for the 80% cash-out loan on their residence .  All FICO scores were over 720.  Mr. Hsiao claimed that my clients have problems, but he also admitted that they were getting a FNMA loan.   He refused to disclose any problem to me and he ignored my client’s phone calls and voice messages.

I sent the fax with my summary of events and the unbelievable Provident incompetence last night (posted below)  and this morning I called Jeff Hsiao around 10 am.  He acknowledged receiving the fax and he refused to discuss any problems with the loan.  I asked whether my client should call him again and he stated that he would only talk to my clients if they came to the branch in person next week.

And then Jeff Hsiao hung up on me.

That’s when I realized that it was time to feature Provident Bank at Liars & Cheats EXPOSED, we set up this blog and of course I’ll fax the URL to Mr. Hsiao for comments and potential errors.

Of course I will update here with the Provident response, I’ll contact their headquarters and I wonder if their mortgage people are licensed anywhere.  This weekend I’ll go over their application, the loan disclosures (GFE, TIL), appraisal, etc.

Stay tuned …

Here is my fax with the summary of events and Provident Bank incompetence: Read more…