How long does setting up a loan take?
It is best to send in all loan documents at the same time as it allows us to board loans in a timely manner. Our boarding process takes 2 business days from the time all documents have been received. Note: We will not communicate with the borrower(s) in any shape or form until the loan has been boarded.
How are borrowers contacted once the loan is boarded?
Borrowers are sent, via mail and email (if available), a welcome packet with information on Provident Loan Servicing and different ways to make payments along with a statement.
As an investor, when do I get paid? How is that payment made?
We send investor’s disbursements on Thursdays. Payments must have been received no later than Tuesday in order to be disbursed on Thursday. Payments received via check have a hold period of 3 business days before the funds are released to any party. Payments received via online payments services or Zelle are not placed on hold.
Why are escrows not visible to me online?
Escrow funds are held in a trust account for the benefit of the borrower and are visible to the investor when viewing online. Escrow payments, however, are not visible to the investor as part of the monthly payment. Only the principal and interest are.
When does the underlying lien get paid? How are they paid?
Underlying liens are paid within 3 business days after the payment has been received from the borrower. We highly recommend that you as the investor ensure the underlying liens are paid a month ahead to ensure no late charges incur on the account in case your borrower pays Provident Loan Servicing late.
Payments to underlying lien holders are made online, when available, to ensure the funds are applied timely and correctly.
When does Provident Loan Servicing contact the borrower for payment?
Provident Loan Servicing starts contact with the borrower for payment once the grace period has passed. For example, payment was due on 1st of the month and had a 10-day grace period. Our associates will reach out to the borrower for payment on the 11th and continue following up until payment is received or the loan is referred out to an attorney.
What late charges or penalties does the borrower have to pay and when do they begin?
Late charges are listed in the NOTE. They are typically a percentage of the payment amount. Late charges are incurred if the payment is received after the grace period.
Please review the NOTE to see what the late charges will be for your specific borrower situation.
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Who Is Provident Loan Servicing?
We will protect your investments & ensure compliance with timely & accurate loan servicing. We service a wide range of loans, including private equity, seller-financed, bank portfolio, and hard money loans.