Consumer complaint received 2016-02-03
Company: CITIZENS FINANCIAL GROUP, INC.
State: CT
Product: Mortgage
Sub-product: Home equity loan or line of credit
Issue: Application, originator, mortgage broker

Complaint:
Attempts to resolve this directly with the bank were escalated to the office of the Chairman but proved unsuccessful. A complaint was then filed with XXXX. The Bank did not respond to this. XXXX phone calls were then placed to the office of the Chairman this week and were not returned. Finally, the OCC was contacted and a complaint filed. OCC referred me to this agency. Following is a transcript of the complaint that was filed with the XXXX : 1. An application for a home equity line of credit ( HELOC ) was made based upon a promotional rate at the branch. 
2. An agent of Citizens bank, XXXX XXXX, took the application during which he was informed that the house had been listed for sale and asked if this would present a problem. The agent advised that having the property listed for sale would not present any problem. 3. In reliance on the agent 's advise, the property was not delisted and the loan was conditionally approved. 
4. On XXXX/XXXX/XXXX, coincidentally the same day the Federal Reserve announced its first rate increase since XXXX, the loan officer called and now stated he was mistaken and the loan approval was now reneged due the house being listed for sale. He admitted advising me incorrectly ( see attached emails ). 
5. I asked if delisting the house would allow the loan to then proceed to close and the agent stated it would. In reliance on this advice, agreed to delist the house, but requested a commitment in writing that the bank would proceed. 
6. The agent of the bank called back about an hour later now stating Citizens would not proceed as the house would have to first be delisted for 90 days. The agent was apologetic and acknowledged he advised me incorrectly XXXX at the time of application and then an hour before. He admitted he is new to Citizens bank and another loan officer might have correctly advised me to first delist the house, at which point there would not have been any issue with closing. 7. The entire matter was escalated to the office of the chairman. This office declined to offer a compromise solution. 
8. Since filing the complaint through the state agency XXXX, the bank has not responded to the complaint. XXXX phone calls placed to the office of the Chairman in the last week have gone unreturned. 
9. The home has been delisted and is not longer for sale. 

The relief sought is to compel Citizens to waive the 90 day delisting rule and honor the promotional rate that was promised. 

Following is a copy of an email from the bank agent admitting he provided false and misleading advise which resulted in this dispute : On XXXX XXXX, XXXX XXXX XXXX, " XXXX, XXXX XXXX '' & lt ; XXXXXXXXXXXX & gt ; wrote : Hi XXXX, I am in receipt of your email and have forwarded it to my branch manager, XXXX XXXX. Please note, I am not a Loan Officer, as titled in your formal complaint. My title is XXXX. XXXX will reach out to you once she has reviewed your complaint and will escalate it accordingly. Please feel free to contact me with any questions. 
And again, my sincerest apologies for the misinformation. 
XXXX, XXXX

Company response to consumer: Closed with explanation