Consumer complaint received 2023-08-12 00:00:00
Product: Mortgage — FHA mortgage
Issue: Trouble during payment process — 
Company: CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP
State: FL

Complaint narrative:
Cardinal Financial Subject : 1 Complaint regarding incomplete loan modification and incorrect interest rate, incorrect payment amount. 
XXXX Complaint Regarding Incorrect Mortgage Interest Rate and Payment Calculation I am writing this letter to express my deep dissatisfaction and frustration with the lack of progress and several discrepancies related to my loan modification with Cardinal Financial. Despite signing the modification agreement in XX/XX/XXXX, and effective XX/XX/XXXX the process has stagnated, and numerous issues remain unresolved, resulting in significant financial and emotional distress for me. 

I would like to bring to your attention that all relevant documents pertaining to the loan modification, including the discrepancies mentioned earlier, have been duly recorded with the XXXX XXXX XXXX XXXX XXXX XXXX. This ensures an official record of the issues at hand and serves as evidence of the ongoing problems I am facing with Cardinal Financial.

Additionally, I want to highlight that, as of the date of this complaint, I have not received a coupon book containing the new payment amount as stipulated in the loan modification agreement. This lack of communication and failure to provide the necessary documentation has created further confusion and inconvenience for me as a borrower. Instead, I am only receiving monthly statements reflecting the incorrect interest rate and payment amount, exacerbating the existing problems.

I implore Cardinal Financial to rectify these issues promptly and take the necessary steps to address the concerns I have raised. Specifically, I request that you : prior to selling my loan. I have a credit of {$19000.00}, 1. Provide me with a comprehensive coupon book containing the updated payment amount based on the agreed-upon modification terms.

2. Ensure that all future statements and correspondences accurately reflect the modified terms, including the correct interest rate and payment amount.

3. Take immediate action to resolve the discrepancies in the allocation of the outstanding amount of {$19000.00} as mentioned previously.

4. Communicate with transparency and keep me informed of the progress made towards resolving these issues.

My concern regarding the incorrect interest rate and subsequent payment calculation on my mortgage account with Cardinal Financial Company. The company is now selling my loan to another company with all of these discrepancies and undermine tactics.

I obtained a mortgage modification from Cardinal Financial Company with the understanding that the interest rate would be fixed at 3.1 %. effective XX/XX/XXXX However, to my dismay, I discovered that my mortgage statements and subsequent payments have been reflecting an excessively high interest rate of 5.125 % since XX/XX/XXXX. This discrepancy has resulted in multiple issues, including higher mortgage payments and the misallocation of funds towards the principal balance. 

I kindly request an immediate investigation into this matter to rectify the situation and restore my trust in Cardinal Financial Company. The following points outline the grievances I have experienced due to the incorrect interest rate and payment calculation : 1. Inaccurate Mortgage Payments : The inflated interest rate has led to higher monthly mortgage payments than originally agreed upon. As a result, I have been burdened with an increased financial strain, which has caused significant hardship for my household.

2. Misallocation of Payments : The incorrect payment calculation has further exacerbated the problem by misallocating funds towards the principal balance. As a result, my mortgage payments have not been applied correctly, impeding my progress in reducing the outstanding balance.

3. Financial Loss : The financial repercussions of this error are substantial. I have suffered significant monetary losses due to the overpayment caused by the inflated interest rate. I expect Cardinal Financial Company to compensate me for the additional interest charges I have incurred during this period.

I kindly request that you take immediate action to address this matter. I expect a thorough investigation into the reasons behind the miscalculation of my mortgage payments and a prompt resolution of the issue. Furthermore, I request a detailed explanation of the cause of this error and an assurance that it will not be repeated in the future.

If the issue persists without a satisfactory resolution within a reasonable timeframe, I may have no choice but to escalate this matter by filing a complaint with the appropriate regulatory authorities and seeking legal advice to protect my rights as a customer.

I appreciate your attention to this matter and expect a prompt response within 10 business days Please contact XXXX to discuss the actions being taken to address this issue. I trust that Cardinal Financial Company will uphold its commitment to customer satisfaction and rectify this situation promptly.

Thank you for your immediate attention to this matter. 
See attachment

Company response to consumer: Closed with non-monetary relief