Cardinal Bank

March 19, 2015
Dear [redacted]:
Thank you for the opportunity to respond to your letter dated March 06, 2015 concerning a customer complaint regarding a loan payoff request which we received on March 11, 2015. Please note this is the first communication that we have received from...

you on this matter.Cardinal Bank received a payoff request from [redacted] Mortgage for the customer named in your inquiry on January 30, 2015. We replied with payoff information on our standard Loan Payoff Statement which includes the following message:
"The information contained in this statement is valid as of the Notice Date shown above. This information may change for various reasons, including: advances, future accrual of interest, changes to the interest rate, receipt of future payments, prior payments and/or reversals, checks returned unpaid, and additional fees, charges, costs and expenses that may be incurred or assessed and not yet brought to our attention. Cardinal Bank reserves the right to adjust the balance due, for the reasons stated above, for 60 days after the closing of the loan. Such amounts will continue as a lien against the property until paid in full.”
We received funds from [redacted] Mortgage for the loan payoff. While still within the "60 days after closing" period we determined that there was a shortfall in the payoff amount received and communicated this information to the settlement company. We are in the process of completing an audit of the transaction and will communicate the results directly with the customer.
Thank you again for the opportunity to respond to your inquiry.
Sincerely,Donna A
Compliance Office