Consumer complaint received 2017-04-02
Company: CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
I applied for a convention 30 year fixed refinance loan with Cardinal Financial ( Cardinal ) ; DBA ; Sebonic Financial ( Sebonic ) on XX/XX/2017. I spoke with loan originator XXXX ( XXXX ) for 1.5 hour, he pulled my credit report. He told me that we can do the loan ; he said that he will have his manager and brother ; XXXX looks at it again and he will call me back to confirm. After 1 hour I called XXXX, he said that his manager said that the refinance will be ok and loan will be closed within 1 month or before. 
On XX/XX/2017, I received an email from XXXX to assure me, I do not have to pay any of my credit cards, since I have sufficient income. On XX/XX/2017, XXXX ( XXXX ), XXXX assistant ( she is not licensed to give rate & pricing to consumer ), contacted me, said that XXXX gave me a wrong quote and Sebonic will not honor 3.865 % I was offered by XXXX, until I pay an additional {$4700.00} to buy down the rate. If I do not want to pay {$4700.00}, the rate will change to 4.11 %. XXXX said that XXXX made a mistake when he gave me the rate on XX/XX/2017. I said XXXX and Sebonic should pay {$4700.00} not me. XXXX said that she will discuss with management, she will call me back. On the same day, XXXX called back, said that Sebonic will pay {$3000.00}, I have to pay {$1700.00}. I did not agree on that offer either, since it is not my fault. In order to cancel the deal, XXXX started to say that, I have to pay all my credit cards, which amounted to {$30000.00}, otherwise we will not refinance the loan. XXXX also said that she could n't locate XXXX, he is hard to find. 
On XX/XX/2017, I received another email from XXXX to assure me, I do not have to pay any of my credit cards, since I have sufficient income. XXXX admitted that XXXX made a mistake. On XX/XX/2017, I received another email from XXXX, loan processor 4, asking me to pay off some credit cards again. On the same day, I received another email from XXXX to assure me, I do not have to pay any of my credit cards, since I have sufficient income. XXXX admitted that XXXX made a mistake. I spoke with XXXX on the same day for about 36 minutes, during the telephone, XXXX admitted that he made a mistake on the rate, he said that, he will take full responsibility for his fault, he will talk to management to honor the same rate he originally offered to me on XX/XX/2017, which was stated on the loan application and all disclosures as 3.865 %. 
On XX/XX/2017, XXXX stated that, he will not honor the same rate ( 3.865 % ), he originally offered on XX/XX/2017. XXXX said that, I will have to pay XXXX of my credit cards and have {$7100.00} for closing cost instead of {$3000.00}. All the statements I mentioned in this narrative are either supported by attached emails exhibits and/or recorded telephone call conversation by Cardinal. The rate lock I have at 3.865 % is due to expire by XX/XX/2017. 
On XX/XX/2017, XXXX, loan processor 4 at Cardinal told me that the loan has been approved and we are closing on XX/XX/2017. After paying around {$10000.00} in credit card debits, asking for documents for around 2 months, dozens of telephone calls and around hundred emails. XXXX told me on XX/XX/2017 that the loan was not structured right by XXXX and should be cash out refinancing, instead of no cash out. In addition, Cardinal kept charging me around {$1500.00} every week for rate lock extension and asking me to pay additional credit cards debt in the amount of {$18000.00} and asked for {$31000.00} closing costs, instead of {$3000.00}. I am requesting from the CFPB legal counsel to subpoena all my telephone calls and email chains with Cardinal 's staff to verify the misrepresentation made by Cardinal and its employees. This kind of abuse and deceivableness to consumers should not continue without punishment and strict actions

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation