Cardinal Financial Company, LP Complaint: Loan servicing, payments, escrow account

#1742364 13 Jan 2016

Mortgage Conventional fixed mortgage

Complaint #1742364 submitted on 01/13/2016 relating to Cardinal Financial Company, LP. Complaint relates to Mortgage Conventional fixed mortgage - Loan servicing, payments, escrow account .

Complaint was submitted via Web and sent to the company on Friday 15th January 2016.

Narrative (may be redacted).

Hello : I recently took out a {$180000.00} purchase mortgage with Cardinal Financial Company LLP ( loan # XXXX ) that closed on XXXX/XXXX/XXXX. On the closing disclosures I signed, the estimated monthly payment was listed as {$1200.00} and included Principal & Interest ( {$850.00} ) +Escrow of {$350.00} to cover taxes and insurance. However, when I received the first statement ( for the payment due on XXXX/XXXX/XXXX ), the monthly charge had increased by {$80.00} to a new payment of {$1200.00}.

When I called Cardinal Financial the week prior to the XXXX/XXXX/XXXX due date to ask about the increase, they indicated that it was probably a charge for private mortgage insurance ( PMI ). I explained that there was no indication on my financial paperwork ( attached ) that there would be a charge for PMI. In fact, it specifically listed PMI as {$0.00}.

I went ahead and made a payment in the amount of {$1200.00} ( the full amount listed on my closing paperwork ) and I notified Cardinal Financial Company LLP in writing ( by e-mail on XXXX/XXXX/XXXX and through certified mail ) that I wanted them to acknowledge the correct amount of my monthly payment of {$1200.00} in writing and correct it going forward on my monthly statements.

I have not heard anything definitive from Cardinal, other than to hear that the matter had been elevated to upper management ( that was last Thursday, XXXX/XXXX/XXXX ).

Since then, I received a letter from Cardinal ( dated XXXX ) that they had received my payment of {$1200.00} but would not apply the payment until they received another {$80.00}. In other words, if I do n't pay this additional amount, they will not credit my account and could report my payment as late.

As I understand it, this is a violation of TRID rules ( RESPA and TILA ) and Cardinal is obligated to accept the payment in full as indicated on my closing documents. They can not charge additional fees simply because they want to.

Since I have a high credit score and did make my payment on time ( on XXXX ), I am concerned that Cardinal Financial Company LLP is trying to extort an additional payment they are not due by threatening not to apply my on-time payment.

Separately, I received notice from XXXX that they have purchased this loan. I imagine they wo n't be too happy to learn Cardinal misled me at closing.

I could use your help in this matter.

Thanks, XXXX XXXX

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