Sebonic Financial - FHA Streamline refinance
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 FHAโs requirements and disagreed, insisting that the loan could proceed and my situation has already met FHAโs seasoning requirements. I elevated the issue to a supervisor who overruled my loan officerโs 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 wasnโt 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.
Itโs no wonder the only way this company can stay in business is that they have the lowest rates. If it werenโt 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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