To whom it may concern,
This is a very detailed evaluation and review of services that were provided by Cardinal Financial for a mortgage loan. This is MY personal experience and opinion as a first time home buyer. Please note, this review is intended to express my experience both positive and negative in a professional manner. I like to educate myself on services that may be provided to me, so any helpful information would have helped me made a better decision.
In the beginning…
I begin searching for the best lender with the lowest intrest rate for my situation as a single mom with three children. Ultimately, I was contacted by Ty-Norwood with Sebonic Financial on April 8, 2014. To say the least, Ty was very determined to get my business with countless emails and phone calls advocating for the company he worked for. I was happy that we made contact because I received one of the best intrest rate and the process for “pre-approval” quick and easy. Basic questions including but limited to income, assets, credit inquires student loans.
On April 16, 2014 pre-approval letter generated and I begin to look search with for my starter home with the help of my relator Mrs. Martha McNair Coldwell Banker HPW. Mrs. McNair was referred to me by a mutual associate. She was great during the whole process. Very knowledgeable and experienced with the process of home buying. She helped me to understand the terms and all the many fees that would be presented when I found a property. Overall, she was in my best interest.
On May 10, 2014 I located a property and contacted Ty with Sebonic. May 12, 2014 was introduces with Cardinal Financial (Client Care) or Coorporate Compliance as Ty referred them as. May 13, 2014 contract was submitted to Cardinal Financial in obtaining a USDA loan.
Under writer process…
Cindy Herrick was my initial loan processor. She was pleasant to speak with although there she requested initial records, bank statements signage of many documents. During this time frame May 26th- May 29th my realtor was working on her part. I got my appraisal done, inspection, due diligence and earnest money and signed document between myself and the seller. The seller was a military family, was in the process of moving to another state who really wanted to move forward with the offer and sell his home within the 6 week time frame we gave Cardinal Financial to process the loan to submit to USDA. I took a vacation the first week of June. After no emails or calls for two days straight, my realtor asked me for a status. Replied that I haven’t heard anything and I would contact Ty to get that update. To my disappoint I learned that my USDA loan was not accepted due to the status of a student loan. My loan was deferred but due for reconsideration In May. I was really disappointed not because the loan didn’t go through but I was left in the dark with no one to reach out to me or no one offering a resolution on any possible solutions.
June 4th, 2014 Ty stated when I called he had just received the news. His solution would to switch over to a FHA loan and he could get it approved. With the help of family and prayer, I went with the FHA loan and happy to say that I was eventually approved. Debora Thompson was really hard to work with in my opinion, she continued throughout the day sent emails after emails over the most tedious things. Emails that she could have organized into one email, considerate of my time due to being a single full time working mother, I couldn’t take anymore, and she became a pain. I ran, jump and walked blindly into this underwriting process. I felt like she wasn’t there to help me but make my first time home buying experience a nightmare. I express my concerns to her and she would email Ty Norwood instead of communicating back to me. Her unprofessional demeanor, “You will do this and that” You need to do this”. I had enough. Ty began rude to my relator when she emailed to check the status of the loan process. Mind you in the beginning Ty was blowing my phone up, when I would call he wouldn’t answer, emailed no response. But now, he would like to buy me a drink so unprofessional.
Just to add, on closing day. I had to contact Cardinal Financial because my down payment wasn’t correct. It was MORE than the 3.5% for first time home buyers. The closer didn’t put in my investment money. They eventually adjusted it after several hours. If I didn’t call I would have put more money down then I needed to.
What a company!!
Through it all, I am in my house my home for my children. I personally wouldn’t recommend this company to anyone. This company is unprofessional and their quality of customer satisfaction is poor. It was a long 3 month struggle and I am so glad it is over!!! Customer service is the key when dealing with serving people and boy they blew it! What a company!!!