Consumer complaint received 2025-10-01 00:00:00
Product: Mortgage — FHA mortgage
Issue: Closing on a mortgage — Fees or costs after closing
Company: CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
State: NY

Complaint narrative:
CFPB Case No. : XXXX Consumer : XXXX XXXXTo Whom I have reviewed Cardinal XXXX XX/XX/XXXX, response regarding my complaint. While I appreciate their explanation, I respectfully disagree with several of their conclusions.Disclosure and Consumer Understanding. 

Although Cardinal states that I e-signed the Loan Estimate and Closing Disclosure, at no point did the lender adequately explain that over {$23000.00} in points were being charged, nor that these points were intended to reduce my interest rate. Simply providing forms to sign does not meet XXXX  intent, which is to ensure consumers have clear and meaningful understanding of loan costs.Points Did Not Result in a Lower Interest Rate. 

Cardinal argues that rate pricing does not always align with national averages. However, my final note rate of 6.25 % was essentially the same as the XXXX FHA average at the time. This strongly suggests that the points did not actually reduce my interest rate, raising concerns about whether these charges were legitimate discount points or simply additional origination fees disguised as points.Seller-Paid Fees Still Impact the Borrower. 

While Cardinal emphasizes that the seller paid the bulk of the points and origination fees, this does not eliminate consumer harm. Seller-paid credits and concessions are negotiated as part of the purchase price, meaning these costs are ultimately borne by the borrower in the form of a higher loan amount or reduced bargaining power. Labeling them seller-paid does not change the fact that I was charged over {$23000.00} in points that appear to have provided no benefit.Tolerance and Cure Issues. 

Cardinal admits that the final points amount increased by {$510.00}. While they applied a lender credit, this further highlights inaccuracies in the original disclosures. TRID requires accuracy and clarity at the Loan Estimate stage so consumers can shop and compare effectively something I was deprived of. 

Additional Findings from Closing Disclosure ( XX/XX/XXXX ) : My Closing Disclosure confirms {$23000.00} in points ( 3.606 % of the loan amount ), plus {$290.00} administration fee, {$690.00} processing fee, and {$990.00} underwriting fee.Points increased by {$510.00} between the Loan Estimate and Closing Disclosure, which Cardinal offset with a lender credit but this still indicates disclosure inaccuracies.Seller credits were applied, but labeling the charges as seller-paid does not change the fact that over {$23000.00} in points were charged without providing a lower-than-market rate.The final interest rate ( 6.25 % ) was consistent with the national FHA average, suggesting that the points did not produce any meaningful buydown raising questions about whether these were bona fide discount points as required under Reg XXXX. 
The combination of high points, unchanged rate, and shifting credits indicates possible TRID violations and potentially abusive origination practices. 

Requested Action I continue to believe that these charges may violate TRID disclosure requirements and FHA lending standards. I respectfully ask the CFPB to investigate whether. ( XXXX ) the points charged were in fact bona fide discount points tied to a reduced rate, and ( XXXX ) whether Cardinals reliance on seller-paid characterization masked the real cost to me as a consumer. 
Thank you for your continued review of this matter.

Company response to consumer: Closed with explanation