Consumer complaint received 2020-07-01
Company: CITIBANK, N.A.
State: CA
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
I applied for a citibank jumbo loan on XX/XX/2020. This was after my father had a conversation with the loan officer XXXX XXXX about the complexity of our loan. Specifically, that the down payment would be a gift from him, and that the loan would include my mother a XXXX XXXX XXXX. XXXX confirmed that they would be able to do the loan with 100 % gift of 15 % and with my wife, my mother, and I on the loan without adding my father to the loan. 
We then out in an offer on a XXXX home based on the acknowledgment and advice of XXXX. She never responded to our offer or provided a pre-approval letter and the house was sold to another buyer. Because of her assurance that she could complete this loan we put an offer in on a XXXX home on XX/XX/2020 and escrow opened on XX/XX/2020. At that point she became re-engaged with our loan and claimed that it was delayed due to COVID-19, she did not have access to her system, and then later said the delay was because the file was with the underwriter for 5 weeks. On XX/XX/XXXX XXXX emailed to confirm the process was smoothly going forward " I have all the loan docs prepared, but I am waiting on pricing team to approve and apply my request ( regarding a price reduction for XXXX points ). They are gone for the evening. It will be tomorrow before they can complete their end. '' On XX/XX/2020 XXXX locked our interest rate and then for the first time indicated that additional assets would be needed, namely ( 1 ) " 24 months reserves PITI '', that with 100 % gift another 5 % of my wife and my funds need to be verified " it can be 401ks which we use at 70 %. '' In a clarifying email she stated that the 24 months of reserves are " Things like 401ks, IRAs, checking/saves, investments and so on. '' She then clarified that the 5 % verified assets for the down payment could overlap with the 24 month reserves stating, " They can in fact overlap. Yes. '' In a subsequent email she then highlighted that " we need {$64000.00} of ( mine and my wife 's ) OWN funds to be verified '' even though my mother is a listed borrower on the loan. We then provided verification of 401K, 457, savings, checking, and investments that broke down to retirement accounts $ XXXX= {$55000.00}, checking and savings accounts of {$27000.00} for a total of {$83000.00} as verified assets for my wife and I per the previous email breaking down how Citibank would qualify assets. On XX/XX/2020, XXXX informed us that at 15 % down payment they would not do the loan and we would need to increase the down payment to 20 % in essence asking for an additional {$63000.00} to be paid upfront. She also then said that these accounts are not satisfactory " the 5 % it must be liquid, they can chose ( sp ) to liquidate those accounts but the UW verified just shy of 5 % in liquid. '' It was very clear that the accounts she recommended ( see above ) would not be liquid accounts they would be investments and retirement accounts. Despite her misinforming us once again about who could pay what amount and what assets qualified we still tried working with her. My wife and I are about to have our XXXX child. We are both working XXXX. We will need child care after she is born in XXXX, in light of the COVID pandemic we do not trust sending her to a child care center, so my father, who works from home remotely, will be living with us during the work week and returning to his home in XXXX County on the weekends when my mother is off of work and we are able to care for the child on the weekends. On XX/XX/2020, my father told XXXX to add him to the loan as an occupying borrower so that it was no longer a gift, assets would be verified from his accounts, and all problems with this loan would be solved to move forward with the home purchase. She responded " This will not work. It's the same as non-occupant Co borrower. '' She did not respond to our adamant insistence to add my father as an occupying co borrower, despite multiple emails, contacting her supervisor XXXX XXXX and Mr. XXXX XXXX supervisor Mr. XXXX. We then contacted the processor for the loan XXXX XXXX who agreed that an occupying co borrower would fix this loan application issue. Because XXXX had refused to answer or respond to multiple phone calls Ms. XXXX sent an email asking XXXX to conference call with all parties. On XX/XX/2020, XXXX called my father alone and discussed that she was sending the file to be reviewed by " risk '' for possible fraud based on adding my father to the loan. On XX/XX/2020, I emailed XXXX with 5 questions, in number format. On XX/XX/2020, i emailed XXXX asking if she would respond to my email questions. On XX/XX/2020 at XXXX XXXX. XXXX called me to say that the loan " is done and dead. '' She was adamant that the reason for the declination was " the occupancy '' and that we were only saying my father would live with us to make the loan go through. She said there was nothing else to do for this loan and that if I wanted to I could file a formal complaint. I agreed and asked who to follow up with. She said that they would contact me within 24 hours. I asked for a phone number and she refused saying that " they are required to respond within 24 hours. '' I asked her if she would answer my questions and she said " what questions? '' I told her the 5 questions that I formatted in my email she said she didn't know what I was talking about because " you and your dad send so many emails it's hard to say what's from who. '' So I read her my first question which was why did Ms. XXXX give us different information than you are. She got upset again and began to complain that they are different departments and she does not know what Ms. XXXX is saying. She said that they could do the loan with my father as the sole purchaser. I asked why he was a better applicant alone than with my wife and me on the loan also? She began to raise her voice about the occupancy not being true and said " Do you understand that? '' I said " I understand that you are calling me a liar about the occupancy '' and that is when she yelled so loudly that my wife heard it while she was upstairs with noise on and working and i was downstairs in the kitchen preparing chicken " I'M NOT CALLING YOU A LIAR IM NOT TALKING TO YOU! '' And hung up the phone. 
24 hours has now come and gone. Nobody from Citibank has contacted me regarding my complaint even though I reached out hours ago to XXXX XXXX supervisor XXXX XXXX via email asking him to contact me. {$39000.00} earnest money deposit may be lost and the opportunity to have my new born in this home may be lost due to XXXX XXXX XXXX  inaccuracy and ineptitude and XXXX XXXX XXXX   absolute deliberate ignorance and refusal to become involved despite being cc 'd on a multitude of emails trying to deal with XXXX XXXX   claimed inadequacies with our application. It is clear that Citibank as an entity is refusing to work with me and my family on this application or take any steps to rectify it, even by just calling me back to respond to the " formal complaint '' that I filed. 
I was set to close on XX/XX/2020. I know that is within your 15 day expected response. But I am reaching out to you now after giving Citibank every chance to do the right thing and now need your help to hold them responsible and quickly so that I dont lose more than I already have.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation