Consumer complaint received 2020-08-14
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: CITIZENS FINANCIAL GROUP, INC. (RI)

On XX/XX/2020, I submitted my mortgage loan application to Citizens Bank, following the realtors instructions in charge of the property that interested me, located at XXXX XXXX XXXX, XXXX, RI XXXX. The realtor, XXXX XXXX, works at XXXX XXXX XXXX XXXX, and she sent me a link to apply for a loan at Citizens Bank. Once I had submitted my application, a few days after, I came into communication with XXXX XXXX, a loan officer at the Citizens. I felt pressured to pursue my mortgage loan with this bank since the realtor seemed to work with them only, and not for others. At some point, the loan officer requested total fidelity from my behalf ( I have email proof of it ), since I had informed him about some other loan offers with a lower rate that I had received. 

I had to commit myself with Citizens and Mr. XXXX to work on getting a mortgage loan in order to secure the home that I wanted to purchase. After that, I received a pre closing disclosure showing a certain amount that did not match the actual amount that I had to bring for closing. This amount exceeded not only, but completely, my expectations, and also I had to urgently request a hardship withdrawal from my XXXX account, as I work as a XXXX XXXX at XXXX College in RI. I had to ask for some extra finance support from my family in XXXX as well. 

I was informed by Mr. XXXX and Ms. XXXX that my attorney for closing was going to be Mr. XXXX XXXX, Ms. XXXX husband, and the same person who wrote the XXXX documents of the condo that I wanted to purchase. I asked later to change my attorney to prevent any conflict of interest, something that was taken with reluctancy by Mr. XXXX from Citizens. 

The preliminary costs for closing, sent by Citizens Bank and signed on XX/XX/XXXX, were for the total amount of {$10000.00}, discounting the amount of {$5000.00} brought as a deposit, paid before and that went to an escrow account. In other words, after signing that pre closing agreement, I was obligated to bring the amount of {$5000.00}. However, on XX/XX/XXXX, I was informed, via phone call from Mr. XXXX XXXX, that I did not longer qualify for a certain Federal program, citing XXXX XXXX, and that I had to bring around {$5000.00} more for closing, just 10 days before this was scheduled. 

I asked Mr. XXXX to send me the new Federal legislation on an email dated XX/XX/XXXX, but I did never receive a response from him. 

I was completely annoyed by the situation, and financially affected, as I am a first time home buyer. Moreover, my purchase and sale agreement had set a date limit of XX/XX/XXXX, for closing, or my deposit would not have been reimbursed, subject to mortgage approval, which it was approved. In other words, I had no other options rather than following the bank new policies, no explanation given, and risking my deposit and the home that I wanted to purchase. 

On XX/XX/2020, the initial date for closing, I received a closing disclosure, sent from my attorneys office, stating that the cash for closing was {$10000.00}. Once I arrived at their office, that amount was changed from the Citizens Bank, and it actually was valued {$9200.00}, excluding my {$5000.00} deposit. 

As a costumer, I felt not only pressured, but also part of a very unfair treatment that must be corrected and sanctioned. I was grateful of Mr. XXXX for his hard work, as I expressed to him after closing, but I do not accept his unethical behavior.