Consumer complaint received 2020-12-02
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: CITIZENS FINANCIAL GROUP, INC. (TN)

I began the process of refinancing my existing home mortgage with Citizens One Home Loans in early XX/XX/XXXX with XXXX XXXX, NMLS ID # XXXX. As expected, an appraisal was ordered for my home and was completed on XX/XX/XXXX. The man who completed the appraisal was friendly and cordial when he arrived, but after going through my home and completing the appraisal, somehow in less than 10 minutes, he would barely speak to me as he was leaving and did not answer all of the questions I had about his process and next steps. After much thought, it is my determination that during his going through the home, he discerned that this was a XXXX  household, which he did not like. I can determine no other explanation for his very obvious change in mood and professionalism. 

About a week later I received a copy of the completed appraisal which estimated my home was valued nearly {$30000.00} less than expected. Even more, it was estimated to be worth {$16000.00} less than I paid for it almost 2.5 years prior and {$17000.00} less than it had appraised for at that time. Given the housing market in the XXXX XXXX area where I reside, the suggestion the home would decrease in value that much is absurd. If anything, the home has increased in value, especially due to the improvements made to it in XXXX, which the appraiser would not listen to me long enough to explain. I attempted to reach out the appraisal company to understand the logic behind the determination but received a cold shoulder and told they could not speak to me, even though I had a copy of the appraisal in hand. 

I next reached out to Citizens One to dispute the finding. At this time I learned my mortgage loan officer had left the company and was assigned a new loan officer, XXXX XXXX, NMLS ID # XXXX. It took numerous attempts to even initially reach XXXX, but she finally submitted a dispute to their appraisal team. Two weeks later on XX/XX/XXXX XXXX stated my dispute had been denied. I asked for an explanation for the denial or to speak with someone to better understand. She was unable to offer further information and asked that I allow her time to speak with her manager. A few days later she claimed her manager, XXXX XXXX, NMLS ID # XXXX, had raised another dispute and she would reach out shortly. Nearly three weeks pass and I am unable to reach XXXX in any fashion. 

I finally obtain contact information for XXXX XXXX himself and reach out directly and we spoke on XX/XX/XXXX during which time I explained the full situation to him, a situation which he was completely unfamiliar with, suggesting XXXX had fabricated the subsequent appraisal dispute. He states he will follow up and I will hear back from him the next business day. Over a week passes and I hear nothing from XXXX after repeated email attempts. When I do finally get in contact he dispatches me to a different loan officer who reports to him, XXXX XXXX, NMLS ID # XXXX. 

XXXX was able to share with me that my appraisal dispute was denied due to my homes appraised value being in the range of three of the four comparable homes quoted in the appraisal. The fourth home in the comparison, which sold right at the price I originally quoted for my refinance, was not taken into consideration because the sale had not closed. Why would it be a comp home if it would not be considered? Additionally, the home 's sale had closed since I raised the dispute. Further facts disregarded by the original appraisal and the dispute team was the fact that my home was the model in the community and has tens of thousands of dollars worth of interior upgrades which the three out of four previous homes did not have. The fourth comparable home, which was disregarded, is most similar to mine on the interior. 

In the meantime, XXXX begins to push for me to move forward with the refinance, even though it would mean I could potentially be out over {$3000.00} to close and my monthly payment would be {$50.00} more than originally quoted. When I explained this was not acceptable and wanted a better explanation as to why my dispute was denied, XXXX XXXX  responses became less frequent. 

I reached back out to XXXX XXXX on XX/XX/XXXX given XXXX XXXX not providing further feedback on my new " escalated '' appraisal dispute. XXXX stated he would be requesting the dispute team approve a completely new appraisal and would let me know as soon as additional information is available. Today, on XX/XX/XXXX, I have received a Statement of Credit Denial from Citizens One stating they will not extend me credit due to insufficient collateral. This is of course because of the severe undervaluing of my home. Not to mention the four months of time I have wasted attempted to have this issue remedied with Citizens One. If they were going to deny me the refinance, why is this communicated in XXXX and not closer to early XXXX when the appraisal was completed? 

I submit this complain against Citizens One Home Loans primarily due to the discrimination served against my home due to either their competence or me being in a XXXX  relationship, which resulted in the severe undervaluing my home. Due to this, I am no longer able to complete the refinance, and even if I had been allowed to move forward, I would have been expected to pay more out of pocket for closing and monthly on my payment. The discrimination against me was also apparent in the lack of responses received from Citizens One throughout the refinance process by XXXX, XXXX, and XXXX.