Consumer complaint received 2020-05-12
Company: CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
State: AL
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
We started to begin XX/XX/XXXX application with Cardinal Financial Company. With the loan proposed a conventional 15 yr. of {$130000.00}, which was less than our original mortgage and 5 years shorter. We needed an appraisal ordered by Cardinal Financial Company , Limited Partnership. 

We paid the appraiser fee of {$500.00} and it was taken out of our account on XX/XX/XXXX. Meanwhile, Cardinal was setting up an appraisal for our home. 

Previous on XX/XX/XXXX update summary the proporesed monthly payment {$1100.00} without PMI. 

On XX/XX/XXXX we had the house appraised. The report didnt have our 3rd full bathroom at all. Laterwe received the Appraisal Report the on the XX/XX/XXXX. In XXXX, XXXX the XXXX County Assessor send his finding with an Assessors number of {$170000.00} for our property. Online XXXX estimates of value has our property $ XXXXas of XX/XX/XXXX. On XXXX the value is recorded as {$180000.00} on XX/XX/XXXX. That is why were seeking refinancing to reduce interest rate and number of years left on our mortgage. We have good credit and have always been on time with our mortgage payments. 

Another complaint on the Appraisal Report is there are missing assests. The Report didnt have our 3rd full bathroom counted at all. We have 4 bedrooms ( the missing full bath is in our guest suite . )  The shed which stores our lawnmower and other yard tools is not on the Appraisal Report. 

Also when we received the Appraisal Report we discovered that the Appraiser XXXX XXXX XXXX provided a documentation of being a Certified Residential Real Property Appraiser for the State of Alabama. Number? XXXX ( not legible ). It has the Expiration Date for XX/XX/XXXX signed by XXXX XXXX of the Alabama Real Estate Board. ( copy available ). The Alabama Real Estate website says the number is XXXXThe paper we received says the Expiration Date is XX/XX/XXXX signed by XXXX XXXX of the Alabama Real Estate Board . ( copy available ). In another place in the Report he signs that the Expiration Date is XX/XX/XXXX. Not sure what the expiration date, just questionable. 

Another questionable thing, while Mr XXXX was doing the appraisal that he asked us what we needed out this appraisal in order to refinance our home. We did show him the paper from Cardinal, but think now that was an unethical question for an Appraiser to ask this of us. We did it not considering there might be a problem at the time. 

The appraisal came in at {$120000.00} and thus we received an updated summary increased our monthly payments to {$12000.00} with PMI of $ XXXXper month for 5 years. The loan is only for {$130000.00}. We finally figure ourselves where these strange numbers were coming from. That just doesnt make sense! We would pay {$130.00} per year in PMI. If this loan when through in 5 years time, we would have paid {$690000.00} for {$130000.00} loan in 5 year. These figures indicate we would pay 5 times the loan amount plus paying principal for 15 years. No Sense!! We were sure it was an error. 

We have tried to call Cardinal Financial after the appraisal report was received to the people that we were communicating. We have had NO return communication at all. 
Talked to XXXX XXXX Loan Originator Inside on the XX/XX/XXXX to get the Appraisal Report..He emailed it to us. Nothing was said about cancelling and no explanation was given for the strange number on PMI. 
Called Cardinal Financial Customer Service Wed XXXX suppose to get a call from XXXX Never did call us. 
Called Cardinal Financial Customer Service Thur XXXX suppose to get a call from the Supervisor XXXX. Never received the call back. 

The other person we e-mail to was XXXX XXXX, Transaction Coordinator. Last on showing on e-mail history was XX/XX/XXXX. 

Cardinal Financial Company has without explaining the high cost on this PMI. Instead of talking to us they cancelled our loan application.

Company response to consumer: Closed with explanation