After six weeks of interminable frustration with Sebonic/Cardinal Financial, I severed all business relationships with them. In 40 + years and more than a dozen real estate transactions, they provided the most miserable mortgage loan processing experience I have ever endured.
After four weeks of dealing with their closing process, it became clear that their closing staff was either incompetent or understaffed. They seem to be totally unaware of their own underwriting requirements. After several iterations of file submissions to underwriting, as recently as two days ago, they were still asking for documents that had already been transmitted. Today was supposed to be the close date (six weeks from application).
However, the emails I received 2 days ago made it clear that we were no closer to closing than we were in early October. In addition, other than the discussions I had with Bethany Dent and Michael Durand, no one has actually delivered on commitments that were made by their people.
After I lost confidence in Cardinal’s ability to complete the process in any reasonable time frame, I applied with a back-up lender on October 17. We are through underwriting with that lender and closing documents are in preparation for an October 31 close date with the same interest rate, no points or bank fees (two weeks).
Review about: Sebonic Financial Mortgage.