Consumer complaint received 2017-07-21
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: CITIZENS FINANCIAL GROUP, INC. (MA)

I applied for a equity line of credit via Citizensbank, my bank. I submitted all the documents that they requested including my primary and secondary mortgage statements. I was told by a Citizensbank representative that if I ask for {$100000.00} or more, I can get a lower interest rate ; so I asked for {$100000.00}. I really needed {$60000.00}. I applied for the loan and provided the required documents. On XXXX XXXX, I was offered {$33000.00} line of credit. I inquired about a {$60000.00} offer and was told that the maximum that they can offer me was {$33000.00}. I accepted the {$33000.00} offer and I was told that I would have a closing within 1 or 2 business days. I did not hear anything after two business days. I called and left messages with my contact at Citizensbank and she all of a sudden stopped responding to my phone calls and text messages. I went to my local branch and spoke to the person who helped me initiate my equity line request. She spoke to someone from the Underwriting Department and I heard her say, " Did you guys tell her that? ". She told me that my contact person in Underwriting will call me. I did not receive a call. I had to call XXXX XXXX a few times. Finally, on XXXX XXXX, she called me saying that my loan offer was still on the table and that my file was sent back to Underwriting. I asked why, because I provided all the documents/ information that they needed and there is no new information and importantly, they had already made an offer of {$33000.00} which I accepted. She said that she would get back to me. She asked for information regarding my second mortgage.. I reminded her that that information was already provided with the initial packet. She then asked for the bankruptcy discharge. It seem that she was fishing for a reason for a denial. Thereafter, she got back to me and told me that the only way that they can offer me the line of credit is if I bring {$30000.00} to the closing. I told her that if I had {$30000.00} I probably would n't need a line of credit. I needed the line of credit to pay off my credit cards and do some repairs on my home. I owed a little over {$30000.00} in credit card debts. Her response was unless I bring {$30000.00} to the closing, I can not get a line of credit from Citizensbank. Subsequently, I received a denial in the mail citing my bankruptcy status and my debt to income ratio. All of this are information that they had previously when they offered me {$33000.00}. There was no new information submitted to cause Citizensbank to withdraw the {$33000.00} offer, which was accepted. No new documents were submitted. All the information remain the same. I feel that their offer of {$33000.00} and my acceptance of such should be legally binding given that all the information and documentation provided to Citizensbank has not changed from start to finish. This is a perfect example of unfair business practice and I feel that Citizensbank should honor the offer of {$33000.00} line of credit. Ciizensbank prides itself on helping its customers ; if this is the way they help their customers than this would be a great example of false advertisement and deceptive business practice. I have been a customer of Citizensbank for nearly 20 years. I am so disappointed in the way I have been treated. I have a different perspective of Citizensbank bank as result.