Consumer complaint received 2022-10-18
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: CITIZENS FINANCIAL GROUP, INC. (NY)

We are writing to file an official complaint against Citizens Bank. In seeking to acquire a home equity line of credit in preparation for our daughter 's XXXX journey starting in fall, XXXX, we began the application process in XXXX. Based on a referral, we began the process on XX/XX/XXXX, with Citizens Bank. When speaking to the person we were referred to, we were informed that the process would take approximately 4-6 weeks if we submitted all the documents in a timely manner. At every turn, weve provided all the documents that were requested from us, either on the same day of the request or within 1-2 days. To date, we are close to approaching triple the length of time the application process was supposed to take, only to learn now that the amount of the loan has been reduced by 1/3, and the interest rate has increased significantly since we started the process. 

If the length of time were the only issue, we would not be filing this complaint. However, given the circumstance that has transpired throughout this process, we feel that we are the victims of discrimination, and therefore compelled to take action. Weve been bounced around from one employee to the next, without the professional courtesy of an explanation, yet we did not complain. Although we were feeling slighted and raised the bias question amongst ourselves, weve never complained or raised an issue with the Citizens Bank. 

Although we saw red flags and initially questioned if we were the victims of appraisal bias when they appraised our homethe appraisal was {$100.00}, XXXX less than what all the leading websites list our home for. We did not raise an issue or complained about what we thought were concerning actions on the part of the Bank. When my husband was questioned regarding why there was a deduction in his pay, when in fact he received a merit increase, again we gave the bank the benefit of the doubt and did not complain. My husband provided the proof that he in fact received a merit increase, and his income went up, not down. We lost several weeks with the back and forth over this incompetence from the rep who was handling this portion of the applicationyet another person we were passed along to with no explanation. When we were told that they were reducing the amount that we initially requested, again we agreed to the new amount and did not complain. Was the questioning of the merit increase really an honest mistake on the banks part, or yet another method of dragging out the process to give the interest rate the opportunity to increase and provide the bank with the opportunity for the potential of one of our credit scores to go down? So far Citizens bank is winning, the interest rate has gone up 2 basis points since the onset of the application and, I did have a discrepancy with two of my credit cards, which resulted in my credit score taking a significant hit. I am in the process of resolving the issue, however, it will take one to two more billing cycles for the issues to be completely resolved. 

To date, the closest weve come to an acknowledgement of our unfair treatment, came from the only person thats been of any help to us throughout this process -- XXXX XXXX XXXX XXXX 
On XX/XX/2022, she sent us the below email : Subject : XXXX XXXX XXXX up XXXX XXXX XXXX Per our conversation I honestly do not know why your application has taken this long.. everything I have asked you to provide you have done so the longest part is usually the transcripts but when I advised you of what was needed to have them waived you provided the bank statements. There is no reason from what I am seeing this should have taken 90 days and for us to have to re pull your credit to have your wifes score decrease as it did. The counter offer was accepted at the XXXX and our discussion you stated we said your income decreased you advised me you received a raise. I am submitting an officer of the chairman complaint for you and someone will be in contact with you. To date no one form Citizen bank has contacted us regarding the issues weve raised. 

As the XXXX XXXX of XXXX, XXXX, and XXXX I pride myself on being fair, judicious, and objective. However, given the cumulative incidents that my husband and I have endured throughout this process, I am no longer willing to give Citizens Bank the benefit of the doubt. I think there is a clear pattern of bias and discrimination on the part of Citizens Bank. I am well aware of the long and appalling history of systemic racism and bias both in the real estate and banking industries. The methods used to deprive people of XXXX of the opportunity to close the wealth gap by employing the very tactics that weve experienced in this process. I would think that given the current climate in the housing market, and the fact the current HUD Secretary, XXXX XXXX, has been implementing methods to eradicate the very methods that were used on us, Citizens Bank would be more mindful of their actions. Yet, here we arean XXXX American couple whose income lands them in the category occupied by less than 7 % of America 's population, seeking to gain access to the equity in our home, only to have every roadblock thrown in front of us, all in an effort to deny us access to funds that could help our daughter as she seeks to gain her share of the American dream. I am so saddened and disheartened by this experience. As a person who fights every day for equity for all, this experience makes me more acutely aware that the struggle continues for people of XXXX. Sadly, systemic racism is difficult to eradicate, and the people involved in holding up the structure never see the part they play in maintaining the system that makes it so difficult for people of XXXX to achieve their rightly share of the American dream. 

I hope you will take the time to investigate this matter. 
Thanks, you for your time and consideration, Sincerely, XXXX & XXXX XXXX