Pricing & MI Calculator

Eligibility

• Must maintain a tier 1 status.
• Must have funded 4 loans per month for the last 3 consecutive months.
• Must not have any Mandatory Lock or Early Prepayment penalties outstanding.

Benefit

• An additional credit of .125% is included with the rebate

Calculating a Penalty

• Any loan which is locked on a Mandatory commitment that does not fund for any reason, is subject to a mandatory penalty. The penalty is defined as .5% of the loan amount or market movement, whichever is greater.
• Example: Loan amount of 150,000 x .5% is mandatory penalty of $750.

Paying outstanding Penalties

• Outstanding penalties are resolved by sending a check to Provident Funding at 1235 North Dutton Avenue, Suite E, Santa Rosa, CA 95401.
• Checks should be sent to the attention of the "Accounting Department" and made payable to Provident Funding.
• Please reference the Loan Number and state Mandatory Penalty on the check.