Sebonic Financial Avis 136

Do not use this lender. They were over 3 months late closing my loan causing me to almost lose my property since it was on a bridge loan. Their disorgnization cost me thousands of dollars in interest and penalties from the bridge loan. I literally called 3 diferent people from the company every day for weeks and often didn't speak to anyone for days at a time. Underwriting is excruciatingly slow and only ask for a document at a time and then your whole package does to the bottom of the pile. Also be aware, their rates are low but their fees are VERY HIGH. Use anyone else if you can!

This is the worst experience I have ever had in either applying for a mortgage or refinancing. The people involved (except for the loan officer - D McKnight) were completely incompetent. They requested information in a piece meal manner and some time, requested the information multiple times. Also, they did not even review carefully what was provided and requested the same info again. Two delays in closing and a day after the second scheduled closing, they asked again for another piece of information. I just wasted the last six weeks with these people. After all this torture, I told them I am no longer interested in working with them. Stay away@

Tamara is very professional and knowledgeable. We had an amazing experience.

would not recommend this place. was going well until the mortgage lender started getting pushy, and wanted me to sign right away. The kicker was when this rep. started to get pushy and then said, "why don't you sign now, don't you trust me?" Really?! After only 1 or 2 phone conversations.

Everything was going well then the two clowns went quiet . Then I get told more verifications needed and then everything was in a rush and a deadlines missed . I regret ever listening to this BS reviews saying they were good . Will never deal with then again ever! You can tell right off they have some fluff reviews that suckered people like me.

If my first transaction had been with sebonic financial - I would have never dealt with real estate again. Luckily, they are my 7th and by far the worst I have dealt with. This is a warning to anyone considering using them.

Ran my credit 3 times over the course of 1 month. When I got assigned to loan officer she immediately told me she was going out of town next week and I wouldn’t be able to reach her. We could continue the process the following week. I followed up multiple times. The day before closing they told me they couldn’t do my loan anymore due to a change in covid regulations.

I followed up with 1 bank and 1 broker with the situation and they both told me they could do my loan even with new covid regulations. I’m currently approved with another lender who is aware of all restrictions and closing in 2 weeks.

Save your time and money and go with someone better. To top it off, this whole process took about 2 month due to their slow response times and I’m out $500 on an appraisal that can’t be used at another bank.

What started off as a great introduction turned into a psychological thriller really fast. Once the loan originator handed me off to the Transaction Coordinator, it become weeks of uploading documents over and over because they could not close in time. I was always prompt in providing every single document – uploading them within an hour of notification. They asked me repeatedly to bug my employer for employment verification, when it had already been sent to them twice before a week prior. Another pointless and weeklong setback with additional costs since we keep going beyond the effective date.
As we were about to sign the final documents, a review of the documents by a notary revealed that the deed had not been updated to reflect the information in our application. The notary contacted the folks that sent the documents over. Two days pass and there were no updates. Turns out, none of this information was communicated until I bothered to ask. Changes required additional fees and more processing time.
Finally, we are clear to close (again) and I set a date and time with the scheduler to sign the documents at the home being refinanced. A notary called me to confirm and I appreciate that they did, as the address that was provided to the notary was in a completely different state. I can’t wait to see what will go wrong next.
I couldn’t wait until I signed the final papers before writing a review. All the delays have resulted in a higher closing costs and breakeven costs for me because they can’t get their act together. I just want the nightmare to be over.

Started off good then they abandoned up and have no more help . Had a set time off for covid19 leave and they take me thru the coals even though I had been with my company 19 years and have never ( my wife as well) missed a payment on anything in my life . 28 years of no missing payment and credit scores of 787 805 and 810 . Yet they disappear for n the middle of the process , lack guidance and options and they’re about the let the 2nd estimate closing date go buy and charge 773.00 for it . Seems fees keep popping up . Go with a big name don’t try to find a cheap rate thru a no name shop . My mistake I read some of the reviews but chose to believe the good ones now I know they were more than likely manufactured

Very skilled, very responsive, and very helpful.

Excellent service. Prompt and efficient.

Great experience with Sebonic. Closed the cash out refi loan exactly 4 weeks after the initial phone call with Don Sozio, the loan officer I worked with and highly recommended. Great rates, fast service.

I closed on my loan with them last week and it took 60+ days from the day I said "okay, lets do this"

I've gone through 15 mortgages in my life and this was by far the worst experience of them all.
Their underwriting department is an absolute nightmare. Let me start off by saying EVERY single document they requested from me was sent to them within a few hours to 24 hours maximum. I always make sure the lender can't use me as an excuse as to why things took so long.

With my 847 FICO score, and plenty of reserves, no matter what I provided, they always needed something else, but each and every time, days and days (often a week plus would go by) of nothing, then all of a sudden: "now they want this"

Because they ended up taking over 2 months, they ended up having 4 months of bank statements, made me rewrite all my insurance policies because they know better than the insurance company, had to prove my employment an average of every 2 weeks (even though I was an essential employee and they were told that by my employer)

I even had to provide documents the day before and the day OF closing.

RIDICULOUS! I have a folder of over 3 dozen files I had to scan and send over and over and over. With each one be out of date after about 2 weeks.

It was insanely stressful to keep thinking "okay, they have EVERYTHING they could possibly need, and a lot of stuff they really shouldn't need, so they should be contacting me for a closing date any day now" and to keep thinking that for over a month past the first month only to keep having to resend new items while they continue to extend my rate lock a week at a time.

There are SOOO MANY better companies out there, do yourself a favor and go with someone else.

First of all they charge more for appraisals by about 2 to $300 than anybody else. I sent document after document after document for 2 months and they kept stringing me along trying to relock it at a higher rate even though mortgage rates are going down.. I got so fed up with them I went to Quicken Loans. I would advise against using them unless of course you live on Elm Street which in case it will be a perfect fit.

Sebonic has the most unknowledgeable, asinine, robotic underwriters, I have ever dealt with.
After THREE arduous weeks of paperwork, uploading new documents nearly every day,
And having to INCREASE my home insurance coverage with a check up front, to please them!
At the last minute, a week before closing, they denied my refinance.
Bait and Switch? They offered, at the last minute, to 'restructure' my loan.
Right. No.
Could I just say, the woman I had to deal with,
must have a life questioning moment,
any time she has to check the "I am not a Robot" box.

TWO MONTHS!! Rate locked for 6 weeks. Started sending in requested info. Always some problem with it so more and more info sent. We were told we didn't have to pay off anything!! Rate lock expires. Fees to lock in a new rate. More info requested. More problems. ( They NEVER just sent a list of all they required.....just one or two items per week ) Rate lock expired. More fees. They requested a letter from our financial adviser who set up our annuity. He submitted it. A week later, they now wanted ANOTHER letter confirming the amount of the annuity. More delays. Then, suddenly, we have to pay off our revolving gas credit card...rate lock expires...more fees. Then, after demanding to speak with a supervisor, She basically says they can't trust my financial adviser and need to get all the info they asked of him from the company itself!! I blew up!!
Only two conclusions: They are incompetent and/or they Keep delaying to collect as much in fees as they can until they finally close it.
I will NEVER recommend this company!! NEVER!!

Warning: Incompetent! Unethical! Lied! Deceived! Wasted huge amount of our time! Now having to file complaint with the Consumer Financial Protection Bureau.

This was a basic loan. Sebonic was so incompetent, we had to intervene at every step of the way to do their job for them, to do Sebonic's job they were being paid $thousands to do, or it would have taken weeks longer to close. Even then, Sebonic still funded 11 days late.

I have an MBA and finance experience. Would you have been able to spot all of these illegal charges and errors? Would you have been able to intervene and unblock stalled processes to get your loan moving towards close?

Most borrowers would never even know they were ripped off because they don't understand the paperwork and processes. Further, Sebonic never discloses changes. It's up to you to find them. Buyer beware. Look upon any positive Sebonic reviews with skepticism as these are likely naive customers that were taken advantage of.

Do yourself a favor, stay away from Sebonic, stay away from Faith Milot!

I supervised a refinance for my ex-wife's house. Faith at Sebonic sucked her in with promises of reduced fees due to a business referral from my former brother-in-law. Except, then Sebonic just kept changing written agreements, adding fees, and ignoring numerous requests to explain them.

Worse, error after error after error kept delaying close, then delaying signing after close, then delaying loan funding. A.) We had to find these easter eggs ourselves, B.) We had to fight tooth and nail to get only some of them fixed, C.) Sebonic refused to credit excess interest charges piling up at $21/pay. In the end, my ex-wife was charged $214 in excess interest for Sebonic errors for which they refused to reimburse.

As an example, Sebonic charged $396 for a rate-lock extension due to their ongoing errors. We had to fight Sebonic for days. We were told time and again it was removed. Except it wasn't. They lied, attempting to deceive us. Fight after fight after fight.

All of this dishonesty consumed over 80 hours of our time scrutinizing, calling attention to mistakes, arguing, fighting for our rights via over 100 emails and dozens of phone calls and conference calls. Do you have 80 hours to waste?

At closing, Sebonic tried to illegally charge $456 in excess fees after having stated 2 months prior (in writing no less) these fees were waived as a courtesy when negotiating the loan structure.

After 80 hours of fighting, this was reduced to $267 of illegal fees my ex-misses ended up being ripped off for. Example, we explicitly negotiated $600 for an appraisal. At close Sebonic changed this to $675, violating the truth in lending loan estimate.

We had a competitive bid from a trusted mortgage broker we'd worked with for 2 1/2 decades with a dozen refi's done within our family. We were fools. Instead of trust this great lender, we believed Sebonic claims they would save us $1100. By the time we were done, it would have only cost us $40 (due to illegal extra costs at Sebonic) to have stuck with our trusted lender. We were stupid. Do not trust Faith, do not trust Sebonic.

And, we never would have spent even 1 extra hour with our trusted lender. Even had we saved $1100, the 80 hours of our time was never worth it. RIP OFF!!!!!

Lie upon lie upon lie, error upon error upon error. Do not trust Faith, do not trust Sebonic.

At the signing, they illegally snuck in new fees that they had to issue lender credits to cover after they failed an internal audit causing yet another delay and more interest charges piling up.

Again at signing, we had to print our own docs, because the docs they sent with the notary were WRONG! Twice! There was even a math error in the cash to close - only possible when done by hand and not computer. Do you want your lender computing values by hand?

Sebonic violated Real Estate Settlement Procedures Act of 1974 [12 U.S.C. 2601 et seq.] and the Truth in Lending Act [15 U.S.C. 1601 et seq.]. I asked for a compliance investigation. My ex-wife was furious with Sebonic, but fearful Sebonic would somehow retaliate and screw her even worse. In FEAR, she backed out of that investigation request.

Should not even matter. When a client alleges you have done something illegal in a regulated industry, you should launch a compliance investigation NO MATTER WHAT. These firms are audited and the penalty for non-compliance is worse than reversing the fees. Now I'll have to file a complaint with the CFPB. Just more time wasted!

Went with Cardinal as they had the best rates. There were good reviews online so I was ok with taking a chance. I have previously done refinancing s with other online lenders and not had any issues. The closing timeline was tight, but since it was straightforward myself and the sales reps thought we should be fine.

We provided all financial information timely and everything was good to go awaiting the appraisal. Given the recent run up in housing prices over the past 12 months, i did not feel i would have any issues with the appraisal pricing. This is where everything went south.

Cardinal subcontracts the work to a third party company who then hires independent appraisers. The appraiser came out and did their work. I got the appraisal report and was beyond surprised with the outcome. The appraisal came in way lower than the value I believed the property was worth, based on my review of recent sales in my community with similar homes, size, appearance and property.

After review of the report I found numerous discrepancies...1) in comparable properties they lowered my value since they said other properties had attributes mine did not, 2) they made mathematical errors, and finally the biggest issue 3) they used comparable sales that were about 1 year old. Given that there were numerous sales within the last 3 months, I was flabbergasted that they wouldn't use the most recent sales.

I am living in a tract community that has many similar homes. all homes have been built within 10 years, so finding comparable sales is very easy. After mentioning this to the appraiser, he said he would be happy to redo it. but since he was subcontracted with a third party, (and paid by appraisal) he would have to get approval. After mentioning this to Cardinal they also agreed it looked incorrect.

The subcontractor reviewed what the appraisal gave and said that the homes they picked for the appraisal (with sales over a year old) were good comps. While they may have been there were better comps within the last 3 months. given normal appraisal guidelines/practices they should have used the most recent comps instead. They were not willing to do this change and after all of the issues we missed our lock date. since rates had gone up we missed our refinance and as a result had financial harm as we were not able to get the lower rates that were promised if the process followed agreed upon appraisal rules.

It appears the company/subcontractor only cares about rushing through things. Cardinal did not make any changes to account for the known discrepancies and therefore we were out the 500.00 appraisal fee. I would NEVER recommend this company to anyone else as they do not follow normal appraisal guidelines and do not adjust when issues with subcontractors are known/agreed to.

STAY AWAY!

I requested a quote online from sebonical website and an agent reached out to me on phone. In my request, I entered all the details correctly and pointed out that I'm buying a rental property. Agent, did no pay attention to the detail and promised me to match the online advertised rates and kept insisting to submit the application form.
I sent him the online rates and filled the forms as asked for the same day.

In the morning when I followed-up, same a agent called me back and he was very rude. He accused me of playing games and not being honest with him, which is incorrect, as I had entered all the details correctly in my request, but he did not pay attention to it. Further he said, I'm the one to blame because I did not bring this up during phone conversation. He kept saying I wasted his time.

While I understand the confusion, rudeness and unprofessional language was total uncalled for. Can not be trusted for that reason.

I do not recommend Sebonic. I had a loan officer named Mr. Burgija email me a 30 yr rate quote on July 20th , And emailed me the following day a list of there good reviews , so I completed there information we opened title and escrow and after 2+weeks , another loan officer calls to say she is taking over the file as the first loan officer was no longer with the co. & said sorry we’re not able to honor that rate , the first loan officer did not include cost of subordination request. I sent her the email from him showing it did , she apologized again said she would check with management and they still would not honor there quote. Very unprofessional I have excellent credit , income, home is free and clear should have been easy one to close in a month. If you get a quote from this co you should also ask there management team to approve it.

I'm not the type to give anybody compliments, but I highly recommend Sebonic, especially my loan officer, Justin Fry. He was fantastic, unlike my previous loan officer at another bank. He was honest, up front, and handled everything with my best interest at hand. I highly recommend Justin. You can count on him! I will definitely contact him again in case I need to refi again.