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2.3

Sebonic (really, it's Cardinal - they hand you off to another company without any introductions or warning) has good rates. They are cheap. That's it.

I had an awful experience with my refinance. AMAZING communication, right up to the point you lock a rate in. Then you are on your own. I got bounced between a dozen people on their team, with poor response and communication every step of the way.

They lost paperwork I submitted, multiple times. They sent me a GFE with a completely wrong loan (rate and term) than what was agreed to, and I had to fight to get a correct GFE issued, and for them to honor the rate lock originally agreed to. They asked me to sign the incorrect one anyway, promising "we'll straighten it out later". Umm, no - I'm not signing documents that we both agree are incorrect - are you kidding me?

30-day closing? Yeah right - I was nearly double that. I am 110% organized, and had every form, paperwork, and signature they needed returned within 24 hours, typically within 3 hours. I had an appraisal scheduled the very next day from when they called. Sebonic missed deadlines with no warning, and requested that I pay for rate extensions when they missed the closing date repeatedly, even though it was entirely their doing.

Finally when I was "cleared to close" by underwriting - I couldn't get a HUD Settlement statement to save my life. Knowing how much they had already lost or confused terms with on my loan, I knew the numbers wouldn't be right. I asked a half dozen staff I had worked with for one, and they all promised it right away. Nothing for almost a week. Of course, just a few hours before the notary was coming to sign the closing docs I get a copy, and it was clearly wrong. They had the wrong pay-off amounts (despite a string of emails and forms clarifying the amount in detail).

I called, actually got someone on the phone, worked it out, and they emailed me the correct settlement form and amounts.

Sure enough, when the notary came - she had documents and settlement amounts that were different from BOTH the original form, and the corrected one. No clue where those numbers came from. I had to mark-up and correct in red pen a ton of the closing documents.

I was told that after signing, the loan would fund and record within 48 hours. Nope, that took almost a week. I had to make an additional on-time monthly payment to my previous lender because of that, which again threw off the pay-off amount. No word from Cardinal/Sebonic about any of this - I only found out by not getting any info, thinking that was weird, and then by calling the Escrow company to learn that the loan wasn't funding and there was "some paperwork issue" with Sebonic/Cardinal.

So, you get what you pay for. Be warned.

UPDATE: 3 months later - I've get notice that while they've been charging me in escrow for Flood Insurance, they haven't actually been paying my policy (it's technically handled via the NFIP). Despite submitting all this during closing (and them confirming they had all the paperwork and closing moved forward), apparently they didn't. Now, since NFIP isn't getting paid, they tell Cardinal I don't have coverage, and Cardinal comes to me claiming I have no insurance -despite them charging me for it. My broker re-sent them the docs, and I've now faxed, postal mailed, emailed, and used their online updater to submit all this. I get a 2nd notice from Cardinal they still don't have any policy for me (as required), and they are now threatening to add their own policy on - which is SIX TIMES the going rate of any other flood insurance, despite the fact that I've been paying them (via escrow) for my original policy. If I didn't suspect they were deliberately losing paperwork to scam me, I'd think they were incompetent.

Reason of review: Bad quality.

Preferred solution: Let the company propose a solution.

Sebonic Financial Pros: Interest rate.

Sebonic Financial Cons: Timely delivery, Total lack of communication, Being mislead, No idea what they are doing.

Location: Oakland, California

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