Consumer complaint received 2018-04-11
Company: CITIZENS FINANCIAL GROUP, INC.
State: NH
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage

Complaint:
To whom it may concern, I would like to report a concerning event involving XXXX XXXX at Citizens Bank. I am a XXXX  finishing XXXX this year and we inquired about a physicians loan. We were given a pre-approval letter for that loan, and with that information made an offer on a home after an extensive home search. I even called XXXX XXXX the day before to confirm the loan details. 
After making the offer and putting down {$10000.00} in earnest money, we were informed by XXXX XXXX that I was not eligible for a physicians loan because I did not have 3 lines of credit, only one which we should have known upfront. 
We were then told we could still get a loan but with PMI for the amount of the house with a 4.5 % interest rate and 5 % down-payment. I even spoke with him personally again as did my father who is an attorney and does home contracts. 
Once he actually applied for the loan we were told we could only have a loan for XXXX. What followed was a dispute where the realtors offered us several horrible loan options and now we are getting our earnest money back. I would not like my name to be included if he finds out a complaint was made. We wasted countless hours searching for a home, damaged our credit score which was really challenging for me while working in the hospital caring for patients which resulted in serious damages to our time and well being. I have documentation of the emails and pre approval letters.I can forward the original emails if needed. 

Evidence is below : 1. Original physicians loan : " Here is your pre approval letter attached. Credit score is great!! The rate as of today is 4.375 % on a 30 yr fixed. This rate could go up or down until it is locked. We do have any option to lock in the rate without a property. Once you start actively looking we can go over this or whenever you have time. I'm here with questions or concerns. 


Have a great weekend!! 

XXXX XXXX '' 2. Not eligible for physicians loan after offer, but gives other options " 30 yr fixed Fannie Mae Jumbo NO MI Rate 5.25 % Loan amount XXXX Principal and interest payment {$3400.00} 30 yr fixed XXXX XXXX Jumbo** 4.625 % ( .125 ) {$780.00} towards your cost Loan amount {$630000.00} XXXX principal and interest payment with MI {$190.00} will fall off the payment once you get to under 80 % LTV **XXXX loan will not be allowed because XXXX does not have enough active tradelines. He has 3 but only one is active. Please give me a call when you can. '' XXXX XXXX 3. Promises 4.5 % lock rate " Sure, you can lock it ... I can't reach XXXX ... I will discuss it once he gets home this evening ... 

So which one are we locking for 4.5 %? 

30 yr fixed Fannie Mae Jumbo NO MI Or 30 yr fixed Fannie Mae Jumbo* XXXX XXXX 4. Not eligible for anything close to what was offered. 



" Good morning, We are having issues with the loan, tradelines, gift, reserves and loan amount. At his time with those issues we will not allow the 5 %, 10 % or even 20 % down. Our only option is a loan amount of {$450000.00}. Once we get to that loan amount we overcome the tradelines, liquid reserve issue and loan amount. If somehow we can get to that loan amount I can switch the program to a straight conventional loan amount. Im sorry for the bad news. 


Please give me a call with questions, XXXX XXXX

Company response to consumer: Closed with explanation