Consumer complaint received 2017-01-19
Company: CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
State: CA
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Application, originator, mortgage broker

Complaint:
Cardinal Financial did not honor refinance loan rate lock agreement due to negligence and inaction on their part. XXXX XXXX was my loan originator. From the day I called Cardinal to start my refinances to the day they denied my locked rate, this process took 90 days or more. 

I engaged Cardinal Financial ( dba Sebonic Financial ) to refinance XXXX residential property loans. I started the process the last week of XXXX XXXX. For over 60 days I was asked to provide documentation, which I did on a timely basis. Prior to closing the loans, the loan coordinator asked me on XXXX XXXX ( over 2 months into the process ) for green card documentation for my wife who was a co-signer on the loan. I wrote Cardinal via email on XXXX XXXX, XXXX that my wife is currently replacing a lost XXXX, I 've attached the XXXX form from the Department of Homeland Security as other supporting documentation. I did not receive any follow up questions from Cardinal on matter. 

On XXXX XXXX, XXXX Cardinal wrote me that XXXX of my XXXX loans were in approval status, and had only asked for a solar panel agreement for the XXXX loan, so that they can close the transactions. Cardinal made no mention of any issue with the XXXX documentation. XXXX of the XXXX loans closed before XXXX end. 

We received an email on XXXX XXXX from Cardinal stating that my final loan was scheduled to close on XXXX/XXXX/XXXX and that I should be home that day. This was in reference to the final loan we wanted to close. I was then informed by XXXX that they would not honor my locked rate at 3.5 %, with no apparent reason. I obtained his supervisor 's contact information who responded to me saying that even he had to take time to figure out what was going on in the process. He stated that my first XXXX loans should not have closed because of my wife 's greed card documentation, and that Cardinal did not met XXXX XXXX XXXX guidelines on the first XXXX loans and should n't have funded those loans. Apparently a different underwriter caught the documentation issue. 

This was the only time after the XXXX XXXX email that we were told there was an issue with the XXXX documentation. We were led to believe everything was okay because Cardinal closed XXXX of the XXXX loans. I tried to follow up on the status of the loans as follows : XXXX XXXX - We requested Cardinal to coordinate the last closing using the same notary as the other XXXX loans. 
XXXX XXXX - I followed up with Cardinal on the status of the final loan. 
XXXX XXXX - Cardinal stated that the loan would close this week. 

In all communication instances, they mentioned nothing about green card delays. Cardinal clearly was negligible with their communication to us. I requested the supervisor to escalate the matter. I received an email from Cardinal 's Consumer Advocate on XXXX XXXX, XXXX stating saying that they will be performing an executive review and will get back to me in 5-10 business days. 

I did not receive a response until XXXX XXXX, XXXX ( evidencing they clearly were not taking my claim seriously as they far exceeded the 5-10 business day window ). They wrote me a letter denying my demand to reinstate the rate lock. 

Because of the facts above, Cardinal was grossly negligible on my refinance, and they appear to have violated XXXX XXXX XXXX guidelines. 

Cardinal Financial has destroyed my opportunity to pay a lower mortgage amount each month.

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