Consumer complaint received 2022-02-05
Company: CITIBANK, N.A.
State: NY
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
In XX/XX/XXXX, I applied to refinance my mortgage with Citibank. 
I was told in XX/XX/XXXX by the mortgage agent XXXX XXXX that it would close in XX/XX/XXXX. 
In between that time, I completed all the paperwork with expediency for the underwriter ( s ) whenever asked. I did not want to be the reason that anything has been held up. 

XXXX came and went, and there was no traction. I had asked for a status and they said they were working on it. I asked that the transaction close prior to the end of the year for tax purposes. I was ignored. 

XXXX came and went. While I was waiting for a closing, all they did from XXXX until XXXX was ask for employment verification. I kept asking and not getting an answer, other than they are running behind. 

The application was started in XX/XX/XXXX- the loan did not close until XX/XX/XXXX - an unreasonable/unacceptable amount of time. 

In the time between when I was first promised a closing date of XX/XX/XXXX to XX/XX/XXXX, I incurred damages of {$4500.00}. This consisted of : 1. Loss in interest spread. My loan was fixed at 3.875 % for 30 years. The new loan was 3.375 % for 30 years. Taking the six months in between XXXX and XXXX, I paid an additional {$1000.00} in interest. 

2. Loss in points deduction. Because the new loan closed in XXXX instead of XXXX, I lost an entire year of the tax deduction for the origination points, which I estimated was {$470.00} that I could have reinvested elsewhere. 

3. This refinance was a cash out transaction. The goal- which I stated to them in XX/XX/XXXX, was to take money out of my current home to pay off a mortgage on a co-op that my father in law lives in. The mortgage on that apartment had an interest rate of 5.125 %. Had the loan closed on time, the effective interest rate would have been 3.375 % on that money. The interest spread on that I calculated to be {$2900.00}.

I pleaded my case to Citibank, knowing that the delay was 100 % on them as I always turned around data requests from them immediately, so that they could not claim that my action/inaction delayed the process and any damages would be my own fault. 

After sending countless emails to the managers/higher ups of Citibank 's mortgage team ( with not one reply, ever ) to get the loan closed, the loan officer ( XXXX XXXX XXXX went to fight on my behalf as she recognized that my losses were legitimate, especially after quantifying them. 

I will attach the email with the details above to this complaint. 

I realized that I would never get the full {$4500.00} from them, so I asked for half - {$2000.00} to at least get some of the damages back. XXXX XXXX, after a couple days of talking to her superiors, told me ( in an email - so in writing ) - that they would give me a {$1500.00} credit. I accepted because I did not want to litigate anything - I just wanted what would be reasonable and fair. I was told the credit would not come at closing, but would be a separate check of {$1500.00} mailed to me, 4-6 weeks after the close. 

The loan closed on XX/XX/XXXX. At the end of XXXX, 60 days after the close, I still did not receive the {$1500.00}. I sent subsequent emails to Citibank- and even emailed their attorney about this. They know that the {$1500.00} offer was in writing by XXXX XXXX, a Citibank employee. Nothing happened, so I sent follow up emails again between XXXX and XX/XX/XXXX to Citibank and their attorney. All I got was the attorney saying they would forward it on to senior management- which I believe he did. However, I did not get a reply from anyone at Citibank. 

I have emails asking Citibank and/or their attorney for an update on the status of the {$1500.00} on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. 

As of today, XX/XX/XXXX, I have not received any communication from Citibank with regard to this matter.

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 monetary relief