Sebonic Financial

we were extremely well qualified buyers with 25% down payment (and several times the mortgage amount, liquid), full docs, 30+ year stable history, passive income, tremendous equity in other real estate, etc. we've both had countless mortgages over the years, fico in the 800s and extremely low dti.

essentially this should have been a slam dunk deal. we complied with 100% of sebonic/cardinal's requests for documents within 24 hours (most of them were turned around the same day).

for nearly TWO MONTHS they caused unexplained delays, could not provide updates, constantly strung us along, made up one excuse after another why things weren't progressing, etc.

all the while, they keep hitting us with rate lock fees every two weeks.

these people are definitely scam artists, fleecing customers for thousands in extra "rate lock fees" for absolutely no reason.

yes, the deal was ultimately funded, however it was a nightmare and a half. i'm not kidding when i say it was more difficult than any commercial mortgage (and this was a dinky little $385k house!)-

look up the company's founder and you'll see he's a convicted criminal. there's no doubt in my mind this is going to end in a class action suit, with possible jail time for a lot of these ***

AVOID! AVOID! AVOID!

Our loan originator was Michael Brown. We were purchasing an investment property (little house, with a triplex on the same parcel). Loan was approved, offer approved, I paid the appraisal fee within 5 days of offer acceptance, paid the EMD, got the inspections, underwriting was complete with no issues.

8 days before we were to close the Appraisal hadn't been complete (he quit and no one even told us) we were ready to get another one and still ready to close the deal when ALL OF A SUDDEN I get an email from Michael Brown stating

"It has been brought to our attention that the property you are trying to purchase is not a 4 unit property. There is a single family home and a triplex on the same parcel. In order to proceed, the property would have to be split into 2 individual parcels with the county, and would require 2 separate purchase transactions. One for each parcel. Unfortunately, we can’t proceed with the financing for your loan at this time."

I was furious, he refused to send a denial letter so I could get my EMD back, luckily the seller had a heart and sent the cancellation. I did get my Appraisal money back so was only out the inspection money and some fees I had to pay in order to get enough money for closing.

I will never work with Sebonic again. What a waste of time, money, and we lost our dream investment property.

Nightmare nightmare!!!! RED FLAGS everywhere!!!

We worked with a guy named Jason L In the beginning, we are promised that Cardinal Finacial will honor the quote they gave us. LIES!!!! I had to send them screenshots, copies of all their quotes and promises. Once they saw that I keep all of my documentation and screenshots Jason started in with the name calling.

That was the beginning of the nightmare! Then we started to get alerts from the credit bureau that Cardinal Financial/Sebonic was making excessive hits on our credit(over 10 times). We had only approved one credit check. It was so bad we had to put a freeze on our credit, which cost us money.

I called, emailed and texted to ask why, then Jason disappeared!!!!!! What???? Midway through the loan.... Then a new guy took over our loan, named Conner.

OMG!!!!! incompetence??? Anyhow, this guy would disappear, refused to answer questions and asked us to unlock our credit too!!!! We found hidden fees made up fees.

Jason and Conner Changed the 30-day fixed rate and changed the loan from a 1st home to a second home.Then changed the PMI to almost triple from the original approved PMI. Oh and we were forced to pay up front on an appraisal, which was much higher than what was promised in writing, to top it off it wasn't even the correct home!!!! And they wouldn't show us the results until we begged for weeks! We were promised we would close on or before the 22nd of December of 2017.

Our contract was to expire on the 28th with the seller. For some reason, we couldn't reach Jason or Conner, they wouldn't return or texts/calls/emails throughout most of the last two weeks. As of the 21st of December 2017 they stopped all contact. Come to find out, my realtor looked them up online and found out they were on vacation over the holiday!!!!

And never told us!!! Which was a big issue because we needed to close by the 22nd (which we were promised by Jason) because of the holidays and our deadline. The 28th came by and passed, still nothing! So we finally emailed Conner for a denial letter since they stopped contact with us, and our contract with the seller expired.

Today January 10th 2018 we finally get a response, from Conner telling us that underwriting says "I reviewed the file and the file actually appears to be approved and our closing team was in the process of scheduling the signing. I see a note left on 12/26 that the borrower called in and requested to cancel the loan. Unfortunately, we cannot provide what he is requesting since he is the one who requested the cancellation and the loan was approved by Underwriting." THAT IS ABSOLUTELY LIES!!!!!! We were never able to contact underwriting!!!

and NEVER ASKED TO CANCEL THE LOAN! Conner and Jason not only dropped the ball, but I believe they maliciously tried to hurt our credit and stolen money on a fake appraisal. We lost the house!!! Lost money on the home inspection!

Lost money on the appraisal!

We took excessive credit hits on our credit, because of Cardinal Financial/Sebonic Financial. And now we may be out of our earnest money too!

I had all line up with a credit score over 800. They have there " appraisal" partner purposely value my home well under value.

I just had initial appraisal not even 2 months within contacting Sebonic. 1) $500 for appraisal- wasted I argued that the appraiser was wrong, I sensed it was a scam because the unprofessionalism from their staff and how communication lagged once I agreed to appraisal(once I paid the $500 they were hard to contact).

I attempted to appeal the appraisal decision , I mentioned errors he made and he refused to reflect the value on appraisal. They would accuse me of not submitting documents, I would prove otherwise, they used unprofessional tactics displaying the games they were playing.

After spending an entire weekend scanning documents and whatever bs they deemed nesessary to apply for my loan I waited, waited and waited to be contacted by them. After a week or so I contacted them and they informed me that everything was great, great credit great income to debt blah blah bla bla and they had scheduled an appraisal on the property...

after several weeks I received an email informing me that since the process had taken so long I would have to pay points in order to receive. my original rate, I called and they assured me the feed would be waived at closing.....wrong!!! One of the most excruciating processes I've ever been through with zero results...

it's a scam to sell you a lower rate than others then get you to pay points because they drag it out.... do not fall for this, total letdown.

I was provided a loan estimate in November, 2016 and a 30-day rate lock. All required documents were uploaded per Sebonic/Cardinal's requirements in two days after the rate was locked.

Cardinal charged me $475 for an appraisal immediately. After more than three weeks, the application is still in underwriting. They dragged their feet. A rate lock extension fee notice was sent to me five days before the 30-day lock expiration as following: 7 Days cost 0.125% points 15 Days cost 0.250% points 21 Days cost 0.375% points 30 Days cost 0.500% points It appears Cardinal Financial wants me to pay the appraisal fee immediately, dragged their feet, and then added the additional lock expiration fees.

Given all the previous complaints and my own experience, I canceled my refi-application.

I wished I read the reviews on pissedconsumer.com before I paid any money to Cardinal Financial. My recommendation is to stay away from Sebonic Financial/Cardinal Financial.

I contacted Sebonic/Cardinal Mortgage on 10/14/16. Loan processor sent in refinance application.

I provided my income and debt and was approved for a 15 year refi. I provided countless of documents underwriting required. I paid for an appraisal that they required. I was given a closing date of 11/18/2016.

I never heard anything from my loan processor it happened to be my insurance company that asked if it was ok to update mortgage holder info on my insurance. Two weeks passed by and I hadn't heard from anyone. I called a second loan processor who had emailed me too. He asked me to call my first loan processor.

He apologized and said that that person should have contacted me already to let me know I was not approved after all. He said he would contact that processor and a supervisor. I emailed and left messages and finally the processor contacts me saying that my income to debt ratio was not approved. However, I had already been approved by him and a closing date set.

He said he would check on a 20 year term and let me know. Another week passed nothing from him. All of the sudden a closer emailed on 11/23/16 and scheduled my closing on 11/25/16. Closing attorney called me to verify closing.

I Emailed loan processor asking what terms, rates etc was I closing on since he never contacted me back on 20 year refi terms. No reply from him. Instead late on 11/23/16 I got an email from closer saying my closing was stopped. I was so upset.

I emailed 1st loan processor, 2nd loan processor, and closing officer and no word until 11/25/16. Once again 1st loan processor said once again I wasn't eligible for loan. They wasted more than a month on this to tell me I was approved then not approved then approved again then no approved again. In the mean time rates had gone up with all banks and there was no point of wasting more time trying to refi with another bank.

The have very poor communication, they are unorganized, don't except an apology for their errors.

I was out of pocket $475 for an appraisal that of course Sebonic/Cardinal won't reimburse me. DO NOT get involved with this bank.