Product: Mortgage

On or about XX/XX/2020, I contacted XXXX XXXX to discuss a VA Interest Rate Reduction Loan ( IRRL ) mortgage refinance for my primary residence. They connected me with three different borrowers who could service this request. One of these was Cardinal Financial Company, NMLS XXXX, the subject of this complaint. On XX/XX/2020, I locked in the interest rate and initial closing cost terms that were offered for an initial lock period of 45 days. This has subsequently been extended twice, at a cost of over {$4000.00} although email traffic suggests I am not expected to pay that amount. 

The loan went into initial underwriting on XXXX XXXX. Since that time, I have received 10 separate requests for additional documentation, most occurring a couple of days before the proposed closing date and always having the net effect of pushing that date out further. Today is day 63 of this odyssey and I have become suspicious that the company is intentionally trying to let time run out to avoid closing a loan with a percentage rate fully a half point below the current rate. 

I have tried unsuccessfully to engage the loan officer to receive an explanation for why the loan is being delayed or to help me understand why it took 10 separate times ( to date, I am still awaiting loan close as of the date of this complaint ) to gain the required documentation needed to completed what should arguably be a simple transaction ( My wife and I are both full time employed XXXX, have credit scores north of 840 and 830 respectively, plenty of resources and little outstanding debt other than the current mortgage. ) In early XXXX, after failing to receive a satisfactory answer from the loan officer, I began insisting everything be put in writing and made initial contact with the company consumer advocate. The consumer advocate has been included on all correspondence since that date. Sadly, I have received absolutely no feedback from this so called " advocate '' since, nor is there any evidence he or she has engaged on our behalf to get this process finished. 

Today is day 63. We are estimated to close tomorrow and our current rate lock extension expires on Monday. Last night at XXXX XXXX, I received a new requirement to present pay stubs, previous year W2s,  and bank statements showing sufficient PITI reserves. I uploaded those documents this morning before XXXX and signed the 5th revised loan disclosure since this process started. Note, nothing has changed on my end. I live in the same house, have the same monthly expenditures, both of us are at the same job and our pay has not decreased in that period. Every element of the refinance provided on XX/XX/XXXX remains the same today. Yet it has taken the company 5 times to come up with a correct disclosure and 10 times to reach consensus on what documentation they want. My average response time : less than 24 hours from receipt of request. At this point, it is not clear whether they are doing it out of spite because I dare questioned their competence in completing the action or if their processes are so horribly flawed that a loan closure that takes on average 30 - 40 days will apparently take them more than 70 at a minimum ) Bottom line, it is my assertion that this company is not practicing in good faith and the public needs to be aware to avoid another veteran family getting involved and enduring the stress borne of their ineffective practices. Additionally, I believe that companies like this should be required to fully explain any delays in meeting their close commitments and instead of charging customers to extend the interest rate lock because of their incompetence, that they be required to fairly compensate customers who have met all the requirements in a timely manner and yet are still not able to close the loan. It is my hope that where my individual voice was insufficient to have the company engage and answer these claims, the federal government 's voice will prove more effective. 

I have attached a broad sampling of the communications on this loan. I have a complete collection of all correspondence with the company that I can provide if it is of value. Of course, the company has access to all of this information as well.