Consumer complaint received 2023-08-15
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: CITIBANK, N.A. (CA)

I applied for a Citibank Home Run program loan on XX/XX/2023. I was told that I qualified and went through the whole home-buying process. I was waiting for the final loan papers to arrive to sign. On Day 45 of a 45-day escrow, XX/XX/2023, the loan documents had not come through. I called both the processor and the loan officer. Citibank finally returned my calls that afternoon and told me that I did not qualify for the XXXX XXXX program. The loan officer offered me two other loan options. Both were higher in loan fees ( XXXX XXXX ) and higher in monthly fees of about XXXX XXXXXXXX. Citibank reduced most of the loan fees, but would not reduce the monthly amount back to what was originally offered with the XXXX XXXX program. I was not comfortable paying the extra XXXX XXXXXXXX, so I had to cancel the purchase of the condo. The loan contingency had already been removed because the loan officer assured my realtor that the loan would go through. The sellers agreed to return {$11000.00} of my {$150000.00} earnest money deposit, but kept {$3800.00} to make up for lost rent on the property. Throughout the process, I lost approximately {$6000.00} after the cost of inspections, the appraisal, the home buyer course I was required to take, the earnest money deposit, and other fees. I am not able to look for a new home now because I need to recover the {$6000.00} that was lost to have enough money for a downpayment and closing costs. I would like Citibank to recover all the money that I lost due to their error in the initial approval process for the program and their error during underwriting. Neither step determined that my income was too high to qualify for the program until the very last few days of escrow. 

Here is a breakdown of the money that I spent that will be lost if Citibank does not recover it. 

XXXX XXXX XXXX {$510.00} CitiBank Loan Commitment and Appraisal {$800.00} XXXX XXXX XXXX XXXX  {$170.00} XXXX XXXX XXXX XXXX XXXX. {$200.00} Required Homebuyers course {$100.00} Wire Transfer from XXXX {$20.00} Wire Transfer from XXXX  {$25.00} Lost interest from XXXX {$90.00} Document preparation fees. estimated {$250.00} Lawyer referral fee {$35.00} Total costs {$2200.00} Seller retained from XXXX {$3800.00} Total lost {$6000.00} I communicated with the loan officer and the loan officer 's manager. I tried reaching customer service, but they will not return my calls. 

I would like my {$6000.00} returned to me by Citibank, since it was their error that caused me to lose that money. I can provide receipts for all the costs that I paid. 

I would like Citibank to pay me the {$6000.00} that I lost due to their error in the initial approval process for the program and error the underwriting. Neither step determined that my income was too high to qualify for the program until the very last few days of escrow. I would also like Citibank to pay my realtor {$5000.00} for lost wages. She would have received at least {$7500.00} in commission for the sale. She spent many hours trying to remedy the situation with Citibank by phone and email, as well as trying to find a new loan from different lenders that would work. The failure of the sale was a result of Citibank deciding in the last few days that I did not qualify for the XXXX XXXX loan, and the new loan options that were too expensive.