Consumer complaint received 2021-09-22
Company: CITIBANK, N.A.
State: HI
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
Citimorgage has engaged in what I believe to be deceptive behavior and stall tactics to retain my existing mortgage at 4.375 % instead of the refi rate of 3.00 %. They therefore are profiting at my expense while they stalled on refinance my loan application over 10 months. Citi had marketed to me that I was approved for the loan and they just needed more documents to close the loan. Over the next 10 months they asked for endless documents which were always provided and ran my credit 3 times and they are now set to run my credit again for a 4th time. 

As Citimorgage was my original lender I applied with them to refi my mortgage from 4.375 % to 3.00 % on XX/XX/XXXX. Over the next 10 months they have stalled, repeatedly asked for more information which was provided, ran my credit a second time on XX/XX/XXXX, and on XX/XX/XXXX, Citi inadvertently closed the loan application because they misinterpreted the information provided and closed the application without my consent all after indicating I had been approved and closing it was their mistake. On XX/XX/XXXX they opened a new application and said they put a rush on it to close ASAP and again ran my credit report for a 3rd time on XX/XX/XXXX. Then over the next 5 months ( from the second application ) they repeated asked for additional information, which was provided every time. Every month they ask for more and more information and were now 11 MONTHS from the original refi application and three credit reports later and they indicate they will need a 4th credit report. They are detrimentally impacting my credit score with all the credit pulls.

In the mean time I have missed out on a lower interest rate over the last 10 MONTHS costing me thousands of dollars in additional interest payments to Cititmorgage. They are profiting from the repeated delays and hurting my credit score. 



THE FOLLOWING ARE THE EVENTS THAT HAPPENED : First application with Citimortgage Loan officer XXXX XXXX with credit check XX/XX/XXXX Pre- application and cost analysis with XXXX XXXX on XX/XX/XXXX Refi with interest rate lock date for the refi application on XX/XX/XXXX with 1st credit pull done Property Appraisal done XX/XX/XXXX Original citimortgage loan interest rate 4.375 % for 30 years Refi interest rate 3 % for 20 years 2nd credit pull XX/XX/XXXX On XX/XX/XXXX XXXX left a VM stating that all files back to underwriting and will take 3-4 weeks to review and If alls good, closing should be scheduled 2-3 weeks unless there are additional documentation needed. 

XX/XX/XXXX Citi inadvertently closed the loan because misinterpreted the information provided and closed the application without applicantss consent all after indicating it had been approved and closing it was their mistake. 

Resubmitted the loan on XX/XX/XXXX and a 3rd Credit pull done on XX/XX/XXXX XXXX XXXX the Citibank Sales Manager who facilitated the 2nd ( resubmitted ) loan More documentation required, letters and bank statements provided. 

On XXXX XXXX XXXX XXXX wrote an email that No Appraisal needed for this application after resubmitted XX/XX/XXXX Loan application status : In Review. An Underwriting assistant assigned in the loan : XXXX XXXX. 
More documentation required and submitted. Complied and provided. 
XX/XX/XXXX XXXX email stated pushing the loan as quick as possible so no need for another credit pull. 
More documentation and letters required. 

XXXX stated several times that He/Citimortgage is putting a rush on the loan XX/XX/XXXX Citimortgage letter asking for more documentation Citimortgage didnt have Property Appraisal certification to close the loan Multiple phone calls made to XXXX, XXXX and XXXX to proactively provide documentation requirement XX/XX/XXXX mortgage loan conditionally approved XX/XX/XXXX More documentation required with borrowers checklist

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