Consumer complaint received 2017-10-25
Company: CITIZENS FINANCIAL GROUP, INC.
State: NH
Product: Mortgage
Sub-product: Conventional home mortgage
Issue: Closing on a mortgage

Complaint:
In early XX/XX/XXXX, after deciding to purchase a second home in North Carolina we went shopping for a mortgage. I was able to call XXXX XXXX XXXXXXXX during the evening hours and initiate a loan estimate. With XXXX XXXX estimate in hand we approached our local bank of many years-Citizens Bank-to see if it made sense to " shop locally. '' The Citizen 's Loan officer ( XXXX XXXX ) said he would absolutely match or do better than the XXXX estimate. Because of difficulties at times with reaching XXXX, I also was in contact with his manager-XXXX XXXX. From the earliest discussions about this " matching '' mortgage we consistently had a disconnect between verbal agreements with XXXX and XXXX versus the paperwork we would see shortly thereafter. We were assured on numerous occasions that there would be no points or escrow associated with the mortgage, in order to compete with XXXX XXXX estimate. When this failed to materialize, I approached the branch manager for help. The manager-XXXX-clearly heard XXXX in my presence again verbally agree to the " No points/No escrow/3.625 % interest '' which he had been promising all along but had yet to produce the  paperwork reflecting these terms. [ As of this date we have yet to see a loan estimate for closing disclosure reflecting these parameters. ] We continued to receive assurances that the " final paperwork '' would be " correct '' and not reflect any points. While the initial purchase contract was terminated on XX/XX/XXXX due to serious concerns raised during the building inspection process, a second purchase contract on another house in the area was secured by XX/XX/XXXX. I was assured that the loan process would simply continue for securing a mortgage on the new contract, and that the projected closing date of XX/XX/XXXX would not present a problem of any sort. Again, assurances that the initial conditions would be met-no escrow/no points/3.625 % -and in fact XXXX stated that " we may be able to do better. '' Again the XX/XX/XXXX closing date was confirmed. Numerous delays continued to appear with respect to seeing " corrected documentation '' while awaiting " authorization. '' There were numerous requests for submittals from us for documents already submitted. We were even asked to sign a loan estimate on XX/XX/XXXX in order to meet the XX/XX/XXXX closing date even though the documents still did not reflect the originally agreed to conditions. We were assured that the estimate could be changed to reflect a lower amount such as it was " not detrimental to the client '' and that the numbers would be corrected once the authorization had been obtained. My wife then received a request for a new SSA release from the closing processor-XXXX XXXX. As the social security number printed on the form was incorrect, my wife corrected the number, initialed the correction, and returned the form. Then on the evening of the XX/XX/XXXX she was directed to sign yet another SSA release form-this time with her corrected social security number. This was done and submitted by XXXXXXXX XXXX. Again the next morning, closing day, my wife received from XXXX another SSA release form to sign-this time because the bank had printed the incorrect bank address on the previous form. This was received late morning on the day of closing! We also received an email sent by mistake via reply all from the loan processor to the loan officer indicating the timeline was never possible and the buyer should have been informed of this weeks ago. We were also finally informed that the {$800.00} in points still appearing on the loan documentation was not associated with the rate but rather a result of the secondary lenders requirement based on a no escrow mortgage. This was the first time any secondary lender or penalty for not using an escrow account was ever mentioned during the entire over two month process, and suggests the original verbal commitments were based on incorrect assumptions at best, or perhaps deliberate deception. My son, XXXX XXXX, initiated a complaint early in this long process claiming elder abuse due to the ordeal he saw my wife and I going through while we were contacted by a representative of the Office of the Chairman-XXXX XXXX-who assured us she would help, she apparently left the bank shortly thereafter. When my son attempted to contact her manager, XXXX XXXX ( per voicemail instructions ) no call was ever received. XXXX then opened another complaint with the Office of the Chairman to get assistance, at which point XXXX XXXX was assigned and agreed to assist. She remained communicative until XX/XX/XXXX, after which she never returned a single voicemail. At XXXX of closing day the closing agent in North Carolina had not heard from the Citizens bank loan processorXXXX, and I was not able to get in touch with the loan officer, XXXX, or XXXX. The house was purchased late on XX/XX/XXXX as a cash sale to mitigate damages and fulfill my obligation to the buyer. I still desire Citizens Bank to meet their obligation to provide a first mortgage on the property at the original committed offer, and cover additional costs incurred. There had been considerable expenditures to date based on Citizens Bank employees assurances that they would do so.

Company response to consumer: Closed with explanation