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2.3

I initiated a loan with Cardinal/Sebonic in March, 3 months ago. To summarize, I am not at all pleased and feel this company is incredibly slow and at times borderline incompetent.

I disclosed a potential credit issue to the loan officer up front and asked that she verify with an underwriter before we proceeded with charging for the appraisal. She checked with a supervisor and was assured there should not be a problem. We then proceeded with the appraisal and on to underwriting. The underwriter would not approve the loan based on the same credit issue that was said to have not been a problem.

We then discussed the possibility of doing a non-credit qualifying streamline, however the loan officer stated the FHA seasoning period would be an additional couple of months. I reviewed FHAโ€™s requirements and disagreed, insisting that the loan could proceed and my situation has already met FHAโ€™s seasoning requirements. I elevated the issue to a supervisor who overruled my loan officerโ€™s determination and the loan was allowed to proceed โ€“ my takeaway from this is that their loan officers are not well-versed in the products they are selling.

My new streamline has been in and out of underwriting at least 3 times that I am aware of โ€“ each time the underwriter seems to find a new issue to nitpick โ€“ something wasnโ€™t done correctly on the appraisal that they had already reviewed and approved several times prior, a new form needed to be signed, the disclosures were done improperly and instead of not having to bring any money to closing I would need to bring several thousand dollars. In addition, at the beginning of the streamline I was assured that since the underwriter was already familiar with my file we should be able to close in a few weeks โ€“ it is now 6 weeks later. My prior loan processor went incognito for several days and only until I again elevated to a supervisor, was my loan re-assigned to someone else. I feel as if I must continuously nag and prompt them to move the loan forward. Due to their consistent lack of meeting deadlines I am now concerned that the loan will not fund before my June payment is due or before my second rate lock expires.

Itโ€™s no wonder the only way this company can stay in business is that they have the lowest rates. If it werenโ€™t for that single fact, I would have moved on long ago. I they actually close the loan before the end of the month I will elevate my rating, but until then they are a 1-star.

Reason of review: Poor customer service.

Monetary Loss: $500.

Preferred solution: Deliver product or service ordered.

Sebonic Financial Pros: Interest rate.

Location: Seattle, Washington

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