Consumer complaint received 2016-11-14
Company: CITIZENS FINANCIAL GROUP, INC.
State: NY
Product: Mortgage
Sub-product: Conventional fixed mortgage
Issue: Credit decision / Underwriting

Complaint:
The entire lending experience with Citizens Bank was terrible. The lender kept pushing a XXXX ARM, which we had considered initially but decided to go with a 30yr fixed. When we received the closing disclosure, it was a XXXX ARM, we immediately requested that it be corrected to the 30yr fixed we decided upon but they kept delaying and saying it was changed but would n't send it to us. They waited until the next day and then tried to convince us to waive our rights so it would n't push the closing date due to the 3 day clock reset. This seemed very intentional, like it was something they often do, because they sent us an email instructing us to draft a letter : -- -- From the loan officer : I have outlined the basis of the letter in this email. Please elaborate on why you wanted the product changed and make sure to include your contact information at the bottom as they will need this. 
" To Whom it may concern, This letter is to waive my right to review the new Closing Disclosure 3 business days prior to closing. I must close on the property at ( property address ) or I face financial hardship in the form of losing my Earnest Money Deposit and property falling through. I must close on this property on XXXX. There is substantial expense associated with my drive and move to ( property address ) and require this property so I may begin ( new job ) on time. 

In addition this letter is to address the change in rate and product. This was done at my request, I requested a 30 year fixed rate loan that increased my rate to ( % ) and increased my APR. I decided that the 30 Year Fixed was a safe option to avoid the market causing my ARM rate to increase. I felt as though the difference in payment monthly was worth the security of having a fixed rate and knowing the rate could not increase. I am fully aware that the rate and APR increased and am fully aware of the difference in monthly payment however I still wish to go with the 30 Year Fixed and need to close on XXXX. 

My contact information is below and should anyone have any questions please do not hesitate to reach out to me. I look forward to closing my loan. '' Please make sure to physically sign and date this at the bottom and send back so we can close on time. Thanks -- -- We responded with this : " We do n't feel comfortable moving forward by waving our rights to review a closing disclosure. We would like to receive the corrected closing disclosure for the 30yr fixed including the corrected deposit amount and we understand that this will reset the clock. We would really appreciate it if this could be done tonight since our closing date has already been pushed more than expected. " They finally sent us the correct closing disclosure. 

On several occasions we asked about having to open a checking account and were told we would have the opportunity to later if we desired but there would be no discount for having an account. We decided we did n't need one, during closing we set up our mortgage payments to come directly out of our primary bank account with another institution. 

On XXXX XXXX we received an email stating a form was to be signed that was forgotten during closing. The form was dated XXXX XXXX and was an ACH for a direct debit of the mortgage payment from a bank account with Citizens Bank. We said we were not going to sign it, we had already set up payments from our bank and signed an ACH form, and this form was not " forgotten '' at closing. The form had an account number on it, we asked how they could have an account number if we do n't even have a Citizens bank account ... .It turns out they opened checking, savings and credit line accounts in my husband 's name without our authorization, they even charged the credit line for the opening deposit into the checking account all without any authorization or signatures! We are still fighting to get them properly closed.

Company response to consumer: Closed with explanation