Consumer complaint received 2022-10-06
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: CITIZENS FINANCIAL GROUP, INC. (PA)

Summary : We met with a Citizens loan officer ( we have done multiple mortgages with them, including refinances ) to understand our options while building a new home. The loan officer recommended applying immediately and paying for a rate lock because the interest rates were likely to rise ( which he was correct about ). We submitted a loan agreement in XX/XX/XXXX, with an estimated close date on our new house in XX/XX/XXXX. We made financial decisions based on the confirmation from Citizens that our rate was locked at that amount. Our loan officer was fired from Citizens in XX/XX/XXXX, and after months of back and forth, Citizens is NOT honoring the in writing agreement we have and letting our agreement expire in XXXX. They said we can reapply, but with interest rates around 6.75 % for a 30 yr, and with our mortgage being XXXX, that has massive financial implications to our family. Our ask is that Citizens allows us to keep our 4.365 % rate lock per the original terms of our agreement, and allow us to extend until we move into our new house in XX/XX/XXXX. 

Detailed timeline : XX/XX/XXXX : Met with XXXX XXXX from Citizens and as per his professional recommendation, we moved forward with submitting an application with a plan to pay to extend that rate lock until XX/XX/XXXX, when we moved in. Rate lock = 4.375 % with XXXX pt per 30 day extension. 
XX/XX/XXXX : Application submitted, XXXX was continually communicating with us with extensions XX/XX/XXXX : We get XXXX 's OOO and he reached out on XXXX to let us know he was let go from Citizens. We were close to an extension date ( XX/XX/XXXX ) and so we reached out to his admin for support, and found out she was let go as well. 
XX/XX/XXXX : I call Citizens support phone number to try and find anyone to help us. I speak with a person who says they will follow up in a couple of days. No response. 
XX/XX/XXXX : I call Citizens support again to see who will be helping us with our loan. I speak with a person who says they will follow up with me within 24 hours due to the urgency in needing to connect with someone before our XX/XX/XXXX extension decision. No response. 
XX/XX/XXXX : I call Citizens explaining the urgency that WE, THE CUSTOMERS should have a point of contact to decide if we want to continue the rate lock extension or NOT and that the date is XX/XX/XXXX. This person promises me follow up by a loan officer by the end of the day. No one follows up with us that day. 
XX/XX/XXXX : Intro email from our new loan officers, we respond and explaining the urgency of our situation XX/XX/XXXX : XXXX confirms estimated rate lock option of 30 year fixed : 5.375 % with XXXX points. This change would amount to XXXX in additional interest we will need to pay over the course of our loan but no action is taken to hold this loan. Citizens loan officers look into other options since Citizens is in the " wrong '' and is looking into options to make this right. 
XX/XX/XXXX : After almost a month since we have been working with new Citizens loan officers, we have no options in writing and rates on XXXX 's site are at XXXX. This change from what XXXX promised us amounts to XXXX in additional interest we would need to pay over the course of our loan. We escalate to Citizens via email expressing our concern and ask for their follow up. 
XX/XX/XXXX : Citizens loan officer confirms in writing that Citizens can and will do nothing to help us. 
XX/XX/XXXX : Submitting this complaint We have everything above in writing, in an email chain with Citizens employees.