Consumer complaint received 2021-05-21
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP (DE)

I am issuing a formal complaint against Cardinal Financial LP due to discriminatory practices due to my XXXX and my status as a XXXX XXXX  owner. In XXXX, XXXX, I attempted to refinance my conventional mortgage with my current lender, Cardinal Financial. I was not seeking to take any equity out of my home but just to lower my rate. There has never been any issues with my current mortgage loan. Since the loan inception in XXXX, I have typically paid my monthly mortgage payment 15 days prior to the due date ; and I also paid additional payment of {$500.00} to {$300.00} each month. Hence, I have a good payment history with my Cardinal Financial LP, current lender. I thought a refinance with my current lender would be a simple process but that was not the case. 

For my refinance, I used XXXX XXXX  XXXX as my broker. XXXX XXXX  XXXX and Cardinal Financial LP work closely together. From XXXX, XXXX to XXXX, XXXX, I received excessive requests for documentation from Cardinal Financial. For example, Cardinal Financial requested my bank statements from XXXX, XXXX to XXXX, XXXX. Even the Fannie Mae requirements, do not required 8 months of banking statements. Other requests were made and I submitted all requested documentation. However to my dismay, each time I submitted a document, there would be another request for additional documentation. I have full understanding that documentation is required in the application process and have no problem submitting legitimate, fair, and reasonable documentation. For example, I provided IRS tax transcripts for XXXX and XXXX, had a CPA to complete P & L report for the business for XX/XX/XXXX and XX/XX/XXXX, and again met all other request for documentation. However, this underwriting process felt very much like a fishing expedition to find a reason to deny my application or to exhaust me so I would give up. Again this process was unreasonable lengthy and lasted from XXXX, XXXX to XXXX, XXXX. 

On XX/XX/XXXX, I was asked to provide more banking statements for XXXX, XXXX and I complained about the multiple demands for documentation and length of time this refinance process was taking to complete. I previously been told I would be closing in a few days by XXXX XXXX XXXX broker.. Therefore, I escalated my complaints about the over conditioning of my application to XXXX, XXXX XXXX, of XXXX XXXX XXXX on XX/XX/XXXX. On XX/XX/XXXX, XXXX XXXX met with representatives from Cardinal Financial LP to discuss my complaint. On XX/XX/XXXX, the next day, Cardinal Financial LP denied my loan. Cardinal Financial LP 's action appeared to be retaliation for my complaint. 

Afterward, I contacted Cardinal Financial LP Consumer Advocacy to help resolve this issue and was told that loan was denied due to their nonreceipt of business profit and loss statements and business bank statements. I found that unbelievable and unacceptable response after the all the documents I had submitted. Please note, I am not looking to restart the refinancing process but just wanted to report what is happening to applicants of XXXX. 

It is my firm belief that the over conditioning of my loan application was due to my status as a double minority. I suspect that XXXX self-employed applicants are not treated the way I was by Cardinal Financial LP. This is significant for me and other people of XXXX. This type of discrimination in housing market has the potential of costing an individual thousands of dollar over the length of a home loan and costing a minority community innumerable missed opportunities in wealth building. The impacts of discrimination has rippling and crippling effect and I wanted to report this incident to your regulatory organization. 
Thank you for your time and attention.