Consumer complaint received 2023-08-03
Company: CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
State: FL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Trouble during payment process

Complaint:
Hello, Below is a copy of the communication I sent to Cardinal/XXXX  due to the conversation I just had with Cardinal/XXXX today, XX/XX/XXXX. This makes the 3rd or 4th case I've had to open against this company and I am more than exhausted. 

Loan # : XXXX Address : XXXX XXXX XXXX, XXXX XXXX XXXX, FL XXXX I wanted to reach out to have a manager look over my loan your company currently services. I called in today, XX/XX/XXXX and spoke with XXXX at XXXX EST, who told me that the underwriter is unable to extend the forbearance as the full twelve months has been exhausted ( even though XXXX of this year would equal 12 months officially taken, XXXX only equals 11 months officially taken** ). Additionally, I was told the amount that I am currently due for ( that had been placed in forbearance ) is due in full OR I will have to undergo a mortgage modification. This is highly unacceptable and I would like to know why Cardinal/XXXX  is deviating from CFPB guidelines and going against the original agreement that was made upon entering this COVID forbearance. 

Per CFPB guidelines, along with the first woman I spoke with named XXXX at Cardinal/XXXX  that initially placed my account into the COVID forbearance, stated the amount that accrues as a result of the COVID forbearance can be deferred tacked onto the end of the loan, and that my normal payments can resume at the end of my forbearance period. Thus, the amount that is currently showing as due should be moved to the back of the loan not requiring modification or to be paid in full. 
I have included CFPB guidelines for reference to this matter and would like a manager to review and adjust my account to reflect the full forbearance amount deferred to the back of the loan. I do not want a mortgage modification completed on this loan. 

Additionally, Cardinal/XXXX  is showing my normal monthly payment as {$1900.00} with {$720.00} of that amount going towards escrows and that doesnt make sense either. XXXX HOI is {$33000.00} and XXXX taxes show {$4600.00}, totaling {$7600.00}, dividing that amount by 12 months brings total escrows to {$640.00}, making the total monthly payment {$1900.00}. My LTV on this loan is well below 80 % and I want escrows taken off this loan as escrows are only required for LTVs above 80 %. 

Therefore, my P & I of the mortgage, which is {$1200.00} should be all that is showing due for the monthly payment. Regarding the escrows, the 3 months of payments not received for XXXX ( due to forbearance ) along with this years already paid HOI, should be the only items tacked into the deferred amount going to the end of the loan, in addition to the P & I. The only payment that should be due for this month is the P & I amount of {$1200.00}, as taxes are not due until XXXX and will be satisfied directly at that time by myself. Also, since the full 12 months of COVID forbearance has not been taken, please update my account to show monthly payments of P & I due in XXXX of this year. **Please check my account payment history- it will show payment was made to you in XXXX of XXXX, therefore, making the forbearance period truly begin XX/XX/XXXX. 

Please send have upper management review my account, along with CFPB guidelines, and the prior cases Ive opened with CFPB against Cardinal/XXXX  for prior incorrect handling of my account, and respond via email so that I can have documentation to support your response. Attached, I have included CFPB guidelines on the mortgage deferral procedure, along with the prior CFPB case information. 

Thank you, XXXX XXXX

Company response to consumer: Closed with explanation