Consumer complaint received 2024-04-05 00:00:00
Product: Mortgage — VA mortgage
Issue: Closing on a mortgage — Changes in loan terms during or after closing
Company: FIRST CITIZENS BANCSHARES, INC.
State: NC

Complaint narrative:
In XX/XX/XXXX, my wife and I XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX  XXXX XXXX in XXXX, NC, in a community called XXXX. In conjunction with the offer to purchase, we opted to use First Citizens Bank ( FCB ) as they were recommended to us by the builder as a preferred lender. Upon making and finalizing our loan application in XX/XX/XXXX, I asked the mortgage officer, XXXX XXXX XXXX, if FCB could meet or exceed a competing lenders offer to provide us with {$5300.00} of assistance at closing. In an email response to me on XX/XX/XXXX, XXXX XXXX offered us a percentage rate of 6.75 % on the loan with {$6300.00} in closing assistance. In making that offer to us, XXXX XXXX did not stipulate any conditions, e.g., if the interest rate were to go down, then the amount of closing assistance would also decrease. On XX/XX/XXXX, approximately a week out from our closing date, we received a loan summary which indicated the closing assistance extended by FCB would only be {$3000.00}. Later that day, I had a follow-on phone conversation with XXXX XXXX and asked him directly why he was not willing to honor the offer he made on XX/XX/XXXX to give us {$6300.00} in closing cost assistance. His answer was : it was a limited time offer at a time when interest rates were hovering around 6.5 - 6.75 % in order to help us out. I pointed out to him that there were never any conditions applied to the original offer of {$6300.00}. At that point, I was told in a very direct tone that I had three choices : 1 ) I could accept the offer of 6 % and {$3000.00} in closing assistance ; 2 ) I could accept a higher rate of 6.5 % and get the {$6300.00} in closing assistance ; or 3 ) we could cancel the transaction altogether. Being only eight days out from closing and over the proverbial barrel, I felt I had no choice but to accept the terms he was offering per option XXXX. Later that same day in an email, he increased the closing assistance to {$5300.00} with locked-in rate of 6.00 %. On the day prior to closing, the amount was increased again by {$150.00} to a total of {$5500.00} due to an administrative oversight -- still less than what was originally promised. After closing, I took up the matter again with FCB and eventually connected with XXXX XXXX XXXX, Regional Vice President. On XX/XX/XXXX, I traded emails with XXXX XXXX and we eventually talked by phone. I replayed and amplified the entire exchange with XXXX XXXX for XXXX XXXX. His response in essence was : we did the best we could for you on closing cost assistance. He refused to acknowledge the original offer extended by XXXX XXXX and flatly refused any suggestion that the bank still owed us {$790.00}. The only point of agreement was that XXXX XXXX had acted in an unprofessional manner during our phone call on XX/XX/XXXX. He ended the call by assuring me I had personal access to him when the time came for us to refinance and he further suggested that FCB would do its best to provide us with a competitive rate and terms.

Company response to consumer: Closed with monetary relief