Consumer complaint received 2019-08-20
Company: CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
State: PA
Product: Mortgage
Sub-product: Other type of mortgage
Issue: Closing on a mortgage

Complaint:
I am requesting re-imbursement of extra money I, XXXX XXXX XXXX, made in good faith for closing to successfully complete the process on or before XX/XX/2019. All communications indicated this was possible and would happen as indicated.  Please note that this was after the initial closing date was missed on Wednesday, XX/XX/2019. Total loss of funds at this time is $XXXX. - Rent: Wednesday, XX/XX/2019 – Monday, XX/XX/2019: $XXXX- Deposit: Additional good faith deposit on XX/XX/2019 $XXXX showing desire This process was not a smooth transition from start to finish and it is littered with inconsistencies from the XXXX XXXX/Cardinal Financial process to which is of no fault to myself as the customer of their agency.  I had been more than cooperative and submitted all documentation and answered any and all requests asked of me.  My only fault was being patient with Mr. XXXX XXXX  during the time frame of his employment while with the broker.  From day one, I was not fully advised or aware and unable to make informed decisions with respect to the loan process and instead, trusted the professional to serve my best interests as a customer. In the end, it is a customer service orientated putting the needs of the client before the organization.  The organization and named individual failed to serve the client in their best interest.   The initial real estate agreement of Sale for property XXXX XXXX XXXX XXXX XXXX, PA XXXX was signed by all parties on XX/XX/2019.  Indication of the proposed settlement date was for Wednesday, XX/XX/2019.  On this same day, XX/XX/XXXX, the Uniform Residential Loan Application for “XXXX XXXX” was signed and entered into the record. Closing for the record did not occur until XX/XX/2019, two additional weeks after being advised it would be on time. This resulted in the loss of the additional $XXXX good faith deposit. The “rent” would not have been required or needed had Cardinal Financial submitted the package on time and in turn, another $XXXX (as indicated above) was also used to secure the home. Over the course of the next two weeks, XXXX XXXX  changed to Cardinal Financial.  This was noted and no official communication was given to the client.  During the time frame from XX/XX/2019 until XX/XX/2019, the client performed all actions requested of him to include providing statements and required documentation to both our office as the agent (XXXX XXXX) and to Cardinal Financial. Home inspection, XXXX XXXX  documentation (Bids and proposals) were all received in a time manner.   One XX/XX/2019, Mr. XXXX  finally received his first loan invitation from Cardinal Financial for loan XXXX.  OnXX/XX/XXXX, the closing date of XX/XX/XXXX at XXXX XXXX for XXXX XXXX XXXX property was provided, thus allowing to schedule closing times for the property (XXXX XXXX XXXX) later that afternoon.   Additional, during the next two weeks, any and all updates requested for Cardinal Financial Loan and advised client to update bank statements, paystubs and mortgage statement for XXXX XXXX XXXX Property. Loan number XXXX were provided.  On XX/XX/2019, Cardinal Financial advised “We are looking good at the moment, renovation loans are always just a little bit harder Can you please resent the estimate and finally, tomorrow I will have to collect the appraisal fee ($XXXX) “ – XXXX XXXX.  The same day, Ms. XXXX XXXX of Cardinal Financial Assigned and becomes new loan Transaction Coordinator. Ms. XXXX engaged the customer and all processes appeared normal.  On XX/XX/2019: All documentation signed by client and received from XXXX XXXX as requested by Cardinal Financial.   This was less than a 24 hour turn around for both.  Mr. XXXX  was requested to pay the appraisal fee of $XXXX  on XX/XX/2019 and did so as soon as possible.  On XX/XX/2019, Mr. XXXX  advised that the loan was submitted to underwriting.  On Friday, XX/XX/2019, a new Loan Access invitation sent from Cardinal Financial and borrower now must resubmit all information previously sent before on loan XXXX.  The new loan number is XXXX.  I was not informed by anyone that was not normal and he carried on with the process while oblivious and uniformed of what was happening. During this timeframe, of the next few days, the promises were made to ensure a clear understanding of what was happening and when the closing date of XX/XX/2019 was to occur.  Cardinal Financial did not allude to any dates other than closing on time.  Monday, XX/XX/2019: Sellers of XXXX XXXX XXXX XXXX agree to Rent until closing. Terms are with the expectation of no later than Monday, XX/XX/2019.  Cardinal Financial representative Mr. XXXX XXXX   advised this is not a problem and we shall make the date. A note from Transaction Coordinator to XXXX XXXX advised XXXX XXXX  cannot commit to a closing date of Wednesday, XX/XX/2019.  At this time, I was not made aware this would not happen.  Once I was made aware, on Tuesday, XX/XX/2019: I wrote rental check for $XXXX and XXXX Cashiers Check to XXXX XXXX  as an additional deposit of $XXXX Wednesday, XX/XX/2019: Closing on XXXX XXXX XXXX XXXX, PA XXXX Monday, XX/XX/2019:  Client Notified Cardinal Financial (XXXX XXXX and XXXX) of Rental and Deposit (from Tuesday, XX/XX/2019 note) and stressing the importance of closing on or before XX/XX/2019 or the loss of funds will occur. Still, my client was trusting the process and was not being informed of all circumstances.   XX/XX/2019 the Home appraiser Cancelled.  Note that I had already paid the appraisal fee to Cardinal Financial $XXXX  on XX/XX/2019.  On Monday, XX/XX/2019 Conditional Approval Received and notified by Mr. XXXX XXXX. There was a listing provided to the customer (me) from Mr. XXXX with reference to the listing of items requested of him. This was relayed to the customer.  On Thursday, XX/XX/2019, the AFR Loan Lock rate for my mortgage secured.  From Tuesday, XX/XX/2019 until Friday, XX/XX/2019, I mainly dealt with Ms. XXXX XXXX.  Updates to documentation, bids, proposals and or other pertinent information was received, and a vast amount of correspondence occurred. Ending this sage, on Friday, XX/XX/2019, the client closed on property XXXX XXXX XXXX XXXX. During this time, XXXX XXXX advised that the borrower will lose extra $XXXX deposit since they were not closed on XX/XX/2019 as indicated.   At closing, I was informed by the Seller and XXXX XXXX indicated they will not entertain re-imbursement of funds due to the factors surrounding the closing and the inability to close on specified date.  I am not seeking anything other than the additional monies I had pursue my dream of owning the XXXX XXXX XXXX XXXX  property. Without compliant, without arguing, I remained being 100% supportive of a process that was anything but helpful to me and my family.  If this were any other customer, would they be so understanding and or supportive, or would they simply walk away from all the hard work that was put into what is now my home. My Realtor, Ms. XXXX XXXX, had reached out to Cardinal Financial Branch Manager, XXXX XXXX XXXX   with essentially the same statement from above and was simply told that he shall pass it onto this leadership.  A later update from Ms. XXXX  indicated that he is not going to entertain any re-imbursement.  My goal is to simply reclaim the lost money of Rent and Deposit that I had incurred over the course of the saga due to the negligent management of my loan and process by not being advised of decisions that would have precluded me from incurring loss of time, effort and money. Instead, Mr. XXXX and Cardinal Financial willfully kept from me the choice of staying with XXXX XXXX  and allowing my mortgage to go through, but took the later and opened a new loan number without advising me of choices and a right to determine which path I was to choose.

Company response to consumer: Closed with explanation