My New Blog

Submitting loans to Provident Funding.  Once loans have been submitted - borrowers will receive Initial Loan Disclosures to be e-signed through MyLoanZone (see below). To gain access - Loan Number, Primary Borrower's Last Name and Subject Property Zip Code are required. 

Provident Funding will issue its Intent-To-Proceed (ITP), Loan Estimate (LE) and Closing Disclosure as we progress with loan closing.  Provident will assign priority to underwrite locked loans over floating loans.  Locked loans will receive quicker Conditional Approval.  Please be advised that Provident only offers a minimum of 21 days lock extension.  Once locked, things must move along on time to close within the locked timeframe without any delay. 

Borrower instructions. Please complete ALL of your e-signing on time. Any outstanding disclosures that you have not e-signed yet could potentially delay your closing time.

All borrowers should register and log in to the online portal, MyLoanZone.com. Borrowers will use this website during the loan process to access disclosures, electronically sign documents, and directly upload and review documentation required to process their loan applications. 

Once logged in to MyLoanZone above - borrowers can complete their e-signing.  Click on "Review and Sign" on the left panel and complete your e-signing.

1.  Each borrower must have his or her unique email address. Husband and wife cannot have the same email address.  After registering – borrowers must pass an ID verification test using two-factor authentication and agree to receive disclosure electronically.  Click on "Review and Sign" on the left panel and complete your e-signing. 
2. Pacific Coast Financial will upload underwriting documents so borrowers do not have to upload documents such as pay stubs, bank statements, etc.  Once all the required documents have been uploaded – the loan application is placed in underwriting queue.
3.  Please complete e-signing Provident Funding Initial Loan Disclosures and other disclosures. 
4. Intent-To-Proceed (ITP) must be acknowledged and must be e-signed by each borrower. Please see short video presentation here - fast forward to about 1:28 mins in on the video  on how to complete e-signing  ITP.   Appraisal cannot be ordered until you have completed this step. 
5. Closing Disclosure (CD)  must be acknowledged and must be e-signed by the borrower. Please see short video presentation here - fast forward to about 2:14 mins in on the video  on how to complete e-signing  CD. 

Provident Funding will issue a Conditional Approval Letter with required items remain outstanding for final loan approval.  Once all outstanding conditions have been received and approved, the underwriter will issue a “Final Credit Approval Letter” and collaboration with escrow will start for closing. 

Once the final CD has been approved - Provident Funding will release the final loan documents to be e-signed and wet-signed. Borrowers must e-sign their portion through My Lone Zone (not all loan documents can be e-signed)  and the rest of the final documents can be wet-signed with escrow at scheduled closing date.  Provident Funding uses proprietary hybrid e-closing solution allows borrowers to e-sign the majority of the closing documents with My Loan Zone prior to the signing day, leaving only date sensitive documents for wet signing on signing day. This reduces the closing time down to 15 minutes and ensures a smooth experience for the borrower, realtor, closing agent, broker, and closer. 

The following reasons would prevent the borrower(s) from being eligible for e-closing:

1. The borrower(s) does not verify their identity and acknowledge their initial disclosures through My Loan Zone within 50 calendar days from when the Loan Estimate is sent out.
2. There isn’t sufficient credit data available to generate questions for the borrower to verify their identity during the opt-in process or if the borrower opts-out of electronic disclosure delivery.
3. A Power of Attorney is being used by one of the borrowers on the transaction.

Closing steps with Provident Funding and must be completed sequentially: 

• Part 1 – First set of loan documents that can be e-signed independently from escrow through MyLoneZone.  This portion is available in MyLoneZone waiting for your e-signing now. 
• Part 2 – Second set of loan documents that must have wet signatures and sign with escrow. We have you tentatively scheduled to sign with escrow on XXXX. However, if this date is not workable with you – please advise at earliest possible so we can revise this date on your loan documents.  

The e-sign portion must be completed first prior to your final signing with escrow.  Escrow will not be able to complete the process unless you have completed both parts in the order mentioned. Escrow will provide a signed copy once you have successfully completed your signing.  

Loan Originators - please watch this short video presentation of DOs and DONTs and how to submit loans to Provident Funding.  At your convenience - please watch these other training videos from Provident Funding  here.

Escrow instructions - Escrow must upload signed final loan documents through MyLoanZone portal for funding/closing review.  Please ensure that Closing Agent Certification along with E&O insurance for a travel notary (if one was used) is uploaded as well.  Once submission is successful, escrow will receive a final email request for a CD revision. Please disregard this notification if no further changes are needed.  Provident Funding will order the wire for disbursement to escrow on funding day. 

Since the buyers will be E-signing  the Majority of their Loan documents, only the  40 page document package needs to be wet-signed at the closing table or with a mobile notary. This package is accessible and escrow may access it from MyLoanZone.

The most up-to-date Version of the  CD is Approved and is attached from Provident to Escrow with closing instructions and will need to be printed separately, as it is not included in the wet-sign package. This CD  will need to be Wet Signed at the Closing. 

 During the closing:

• Documents are to be dated by the borrowers. No date stamps or typed dates allowed. 
• Borrower’s signature is to be consistent. 
• No strikeovers, cross outs, white-outs, or corrections allowed to ANY documents. If the borrower does not agree with the names listed on the One and the Same Affidavits, a dispute may be written on the statement; do not cross out the name. 
• If for any reason the Note or Deed of Trust need to be re-executed, the approval for disbursement may be delayed.  
• If an outside notary is to be used, evidence of $500K Errors and Omissions coverage is required and must be provided ahead of time for approval.           

 After signing is completed - upload the documents below to MyLoanZone for review, then email me confirmation once uploaded.

1. Copy of the certified check, canceled check, or wire receipt for funds to close
2. Copy of the deed to with the correct vesting for each borrower. Provident Funding does not allow vesting in divided ownership percentages or tenancy-in-common.
3. Seller signed Closing Disclosure (CD)
4. Buyer signed Closing Disclosure (CD)
5. All 40 pages of the lender document package
6. Legal Description that will be attached to Deed of Trust for recording
7. Shipping label for closing package to: 4 Parkway Center, Suite 100 Pittsburgh, PA 15220