Consumer complaint received 2020-03-14
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: CITIBANK, N.A. (NJ)

- On XX/XX/20 I am filing a formal complaint with the Consumer Financial Protection Bureau ( CFPB ) about Citibank. It is my hope that by filing this complaint with CFPB that this complaint will finally reach someone at a leadership level within Citibank who will listen and to take the necessary action to reach my desired outcome. The outcome I am seeking is to continue with my refinance mortgage loan application that is currently in process with Citibank and still locked at a 3.25 % rate and actually receive the concession requested for the loan to be processed at zero origination points. This is the outcome I expected and was reassured by XXXX XXXX NMLS XXXX would happen during my conversation with him on XX/XX/XXXX when he convinced me to proceed with the loan application, run my credit report, and complete the loan application process. Furthermore, I received a reassuring email from XXXX XXXX in response to an email I sent asking for an update about the concessions to receive the loan at a 3.25 % rate with zero points. XXXX responded on XXXX at XXXX XXXX  stating I have not but the concession I have requested are coming back approved, So I am just in a waiting pattern right now. I have proof of all of my email communication with XXXX XXXX and a call log of dates at times including notes with all the other Citibank employees that I spoke with about the complaint from XX/XX/XXXX-XX/XX/20. A summary of all events is listed below in this complaint. I am assuming that Citibank leadership can review all of the calls and email communications from their employees. I welcome these communications to become part of the documentation provided in response to this formal complaint with the CFPB. 

- On XX/XX/XXXX I called Citibank and began working with XXXX XXXX NMLS Identifier : XXXX to refinance an existing mortgage with Citibank. I explained to XXXX that I was shopping rates with a number of other lenders and wanted to know what Citibank had to offer for a 30-year fixed refinance mortgage for a jumbo loan. XXXX asked which banks I was talking to? I mentioned that I have a XXXX  XXXX XXXX account and have been a preferred XXXX XXXX XXXX client for approximately 20 years. XXXX said that Citibank does not like being beaten, especially by XXXX  XXXX XXXX. XXXX proceeded to take some information about my financial situation and quoted a rate of 3.25 %. XXXX informed me that he would have to run a credit check to verify my credit score to be eligible for the 3.25 % rate. I asked XXXX if there were any fees associated with the loan and he explained the application and appraisal fees. XXXX mentioned the 3.25 % rate had 1.5 points but he would put in for a concession to get the points waived. I asked what the likelihood was for getting a concession on the points because there was no need to run a credit report as I was not willing to pay 1.5 points in fees to get the loan as the payback period did not make financial sense to me. XXXX assured me that the chance was pretty good at getting the concession waived as all of his requests were coming back approved. Based on XXXX reassurance about Citibank waiving the fees for the points, I authorized him to run a credit report for me and my wife ( with her permission ). XXXX told me that he locked in the 3.25 % rate and I should have confirmation about the concession for Citibank to waive the points by Tuesday XX/XX/XXXX. XXXX informed me that I would receive a welcome package from Citibank in the next day or two as the bank is required to send out the welcome package within 72 hours, but not be alarmed about any points that may be included on the documentation and not to sign the documents. XXXX said he would reach out and let me know when I would have the correct documents once he received the concession to waive the points. 

- I sent a follow-up email to XXXX XXXX on Monday XXXX at XXXX XXXX  to confirm if XXXX needed anything else from me and to let me know as soon as possible if Citibank approve his concession request. XXXX did not respond to my email request. 

- I sent a second follow-up email to XXXX XXXX on Tuesday XXXX at XXXX XXXX  to say that I was just reaching out to check on progress on getting the concession for zero points. I indicated that I needed to know ASAP because I did not want to miss another opportunity with a different bank as rates can change quickly. I stressed that I wanted to work with XXXX and Citibank if he could still offer the 3.25 % rate at zero points. I asked XXXX to please let me know as soon as he could if he was able to get the concession. I did not receive any email response or call from XXXX. 

- I sent another email to XXXX XXXX on Wednesday XXXX at XXXX XXXX   informing XXXX that I received the welcome package and consent to proceed emails from Citibank. I informed XXXX that I noticed the loan origination fees included 1.75 points. I let XXXX know that I was not going to sign these documents. I asked XXXX to let me know as soon as he could if I was going to receive revised documents with the 3.25 % rate at zero points to sign as he had previously advised me to wait to receive the corrected documents indicating the loan was for 3.25 % at zero points before signing anything. I did not receive any email response or call from XXXX. 

- I followed-up again on Wednesday XXXX at XXXX XXXX  with an email to XXXX XXXX. I emailed stating that I was just checking in to see if he had heard anything about the concession request. I did not receive a response, so I contacted Citibank and asked to speak to a manager so I could get an answer about the concession. The individual that I spoke with mentioned he would reach out to XXXX and have XXXX get back to me. XXXX responded later to my email on XXXX at XXXX XXXX  stating I have not but the concession I have requested are coming back approved, So I am just in a waiting pattern right now. 

- I followed up the following morning Thursday XXXX at XXXX XXXX  to confirm with XXXX XXXX that I should not sign any of the documents because I had received a reminder email Thursday XXXX morning to sign the documents to proceed with the loan and noticed the welcome package had the 3.25 % rate listed with fees including 1.75 points. I did not receive a response from XXXX. 

- I followed-up again via email on Friday XXXX at XXXX XXXX  to check with XXXX in as I did not receive a response to my email send on Thursday at XXXX XXXX. I stated in my email that I thought we would know about the concession by Thursday at the latest. I asked XXXX to let me know what the plan is. I did not receive a response to my email. 

- On Monday XXXX at XXXX XXXX I called Citibank loan processing at XXXX and asked for a manager. I explained to the loan processor who answered the phone that I was working with XXXX XXXX and that I was not getting any responses to my calls or emails. I had just tried to reach XXXX on the phone, but the call went to voicemail. I informed the loan processor that I was not comfortable continuing to wait as I was missing other opportunities to refinance my current mortgage with other banks, but wanted to remain with Citibank being that I have my current mortgage with Citibank and that I was already in the process with XXXX and had my credit checked. The loan processor assured me that I had locked in a very good rate and that Saturday XX/XX/XXXX was one of the best days in the past six months to refinance. He mentioned he would reach out to XXXX XXXX through internal means and have XXXX return my call. I did not document the loan processors name for this call because he convinced me that I was doing the right thing to wait for the concession and that XXXX was working on it. 

- On Monday XXXX at XXXX XXXX  CST XXXX XXXX emailed me the following : Hello ( my name ), I am on the phone, saw the missed call. Citibank did reject the concession request. I immediately called XXXX XXXX and my call again went to voicemail. I then emailed XXXX at XXXX XXXX  and asked him to call me at his next available opportunity. XXXX did not respond to my email or return my call. 

- On Tuesday XX/XX/XXXX at XXXX XXXX I called Citibank loan processing and spoke with XXXX XXXX. I informed XXXX that I wanted to file a formal complaint with Citibank based on what had happened. I informed XXXX that I was expecting to receive a concession based on XXXX XXXX reassurance that his concession requests were coming back approved and that we were just in a waiting pattern. And, XXXX XXXX had not responded to me in a timely manner and I had trusted him and Citibank and based on that trust I had missed out on other opportunities to refinance my current mortgage at a lower interest rate and that this had cost me thousands of dollars. XXXX said she understood and Citibank would make things right for its customers. She proceeded to give me XXXX XXXX supervisors phone number and said she would reach out to XXXX XXXX and have XXXX call me back. I did not receive a call from XXXX XXXX. 

- I called Citibank on Tuesday XX/XX/XXXX XXXX XXXX  and spoke with XXXX XXXX. I explained the whole situation to XXXX and XXXX assured me Citibank would contact XXXX XXXX and have XXXX reach out to me. 

- I called Citibank on Wednesday XX/XX/XXXX at XXXX XXXX. I spoke to XXXX XXXX ( not sure of spelling of XXXX last name ). XXXX seemed appalled that this was happening, apologized and said she would file another internal complaint and escalate internally and include XXXX XXXX on copy of the complaint. XXXX provided me with XXXX XXXX direct phone number and email address. I was in meetings most of the day and did not have a chance to call XXXX. 

- On Wednesday XX/XX/XXXX at XXXX XXXX  I received an email from XXXX XXXX NMLS : XXXX stating that he called my number in the application but could not leave a message. Is there a time that is best to speak you? I did not see a missed call on my phone. 

- On Wednesday XX/XX/XXXX at XXXX XXXX  I called and spoke to XXXX XXXX. I explained the entire situation to XXXX. I expressed my dissatisfaction with the whole process. That I had trusted XXXX XXXX and Citibank to offer the loan which had been locked-in at 3.25 % with a concession request for zero points. I told XXXX that this was an unfair process given the fact that I had waited so long to receive a response that I had missed other opportunities to refinance at a lower rate with other banks. And, the fact that I had emailed XXXX XXXX multiple times ( documented in this complaint ) and called several time leaving voicemails about my concerns ( not all calls are documented in this complaint ) with no response until Monday XX/XX/XXXX. XXXX explained to me that the pricing team did not approve the concession. XXXX said the only way the pricing team would have approved a concession like the one requested was for me to provide written documentation from another lender proving the other lender was offering the same rate of 3.25 % at zero points. XXXX said this is the only way to have the pricing team match the 3.25 % at zero points. I told XXXX that XXXX never informed me that I was required to submit written offers from other banks to qualify for the 3.25 % rate at zero points. I asked XXXX if there was anything else that could be done to get the concession to waive the points. XXXX informed me that there was nothing else that could be done. I asked XXXX what the next steps were to escalate this within Citibank and to file another complaint. XXXX said he would escalate to the escalation team within Citibank and that someone from the escalation team would contact me within the next 24 hours. 

- On Thursday XX/XX/XXXX at XXXX XXXX  I received a call from XXXX XXXX from Citibanks escalation team. I explained the whole situation to XXXX and asked her to assist me with getting the 3.25 % rate at zero points. I told her that I had lost other opportunities to refinance at a lower rate than I have now on my current mortgage because other banks had raised their refinance rates already. I had called several banks on Wednesday XX/XX/XXXX and rates being quoted were markedly higher than those same banks were quoting on XX/XX/XXXX. I explained to her that so much time had passed from my initial application with Citibank on XX/XX/XXXX with XXXX XXXX that I had missed other opportunities to refinance. XXXX said she would look into the matter, talk to both XXXX XXXX and XXXX XXXX to understand what happened. I did not hear from XXXX again until Friday XX/XX/XXXX. 

- On Friday XX/XX/XXXX Lanore called me at XXXX XXXX  and informed me that she reviewed the issue with Citibank management and management had made a final decision and that while she admits there was delay in Citibank getting back to me there was nothing she could do to change managements decision to change the outcome of the concession request that XXXX XXXX submitted on my behalf. I asked XXXX to allow me to call her back because I was on another call at the time and that I did not agree with the outcome. 

- I attempted to call XXXX a few times before she called me back on Friday XX/XX/XXXX at XXXX XXXX. I reiterated my frustration about the entire process and that I did not agree with the decision to not offer me the 3.25 % rate at zero points. I told her it was unfair and not good business practice. I asked XXXX what my options were to escalate this complaint above her. She told me that the buck stops with her. She makes the final decision. I said I thought the issue was reviewed with Citibank management based on her previous call and management made the final decision not to honor the offer with concessions. I asked XXXX for the contact information for the person who made the final decision. XXXX said there was no person and that it was the pricing department. I told XXXX that departments dont make decisions and that people make decisions. I wanted the name and number of the person who has made the decision to do nothing about my complaint. XXXX told me that she made the decision and that the buck stops with her. I told XXXX that I highly doubt that she is the final decision maker and to please let me know who made the decision. She said the pricing department makes the decisions about whether or not to approve a concession request and that I would have had to provide documentation of another lenders offer for Citibanks pricing team to match the 3.25 % rate at zero points. I explained to XXXX as I had explained to XXXX XXXX that I was never requested to provide documentation proving another banks offer for a loan at 3.25 % with zero points. I continued to press XXXX and mentioned that to me it sounded like she just interviewed XXXX XXXX and was using his same response about the need to show proof that another bank was offering the 3.25 % rate at zero points. I expressed that my feeling was that XXXX did not review my complaint with any member of Citibank management like she claimed initially. XXXX repeatedly said that there was nothing I could do and there was no other person I could talk to within Citibank about my complaint. XXXX said she worked right under the Citibank President and had the final say. I asked XXXX what my alternative were and she informed me about the CFPB. XXXX said I could go on the CFPB website and file a complaint and the complaint would be routed to Executive Staff at Citibank. XXXX also stated that I could seek legal counsel to take legal action against Citibank.