Consumer complaint received 2023-02-09 00:00:00
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.
State: NY

Complaint narrative:
Please see the emails below. I had originally applied for a Home Equity Loan at Citizen 's Bank in XXXX for the amount of {$50000.00}. I was told I needed a full appraisal to complete this transaction. I had the appraisal done on XX/XX/2023 and on XX/XX/2023 was notified that I was in the final review and my Home Equity Line of Credit was for {$60000.00}. This was {$10000.00} than I originaly requested. I was told by the appraisor that he would have it to the bank the following day. They emailed me two weeks after my appraisal was completed. After that email I waited and waited and waited. I emailed Citizens Bank today, XX/XX/2023 and got the reply below. No professionalism, no explanation for why it took so long to contact me, and nothing telling me why I would get the preapproval fr more than I requested. XXXX XXXX is unproffessional and is incompetent at his job along with XXXX XXXX XXXX 




XXXX, XXXXXXXX XXXX XXXX XXXX ( 19 minutes ago ) to me, XXXX, XXXX Apologies XXXX, The appraisal came back short so we were unable to proceed with the HELOC application. Value came in at {$270000.00}. 



XXXX x XXXX XXXX = {$230000.00}. {$230000.00} - {$230000.00} ( mortgage balance ) = {$910.00} Sorry we could not be more helpful. 



XXXX XXXX XXXX XXXX XXXX XXXX # XXXX Citizens One Citizens Bank XXXX XXXX, RI XXXX XXXX : XXXX Phone : ( XXXX ) XXXX Fax : ( XXXX ) XXXX Email : XXXX For more information about your new Citizens HELOC, please visit the HELOC Customer Resource Center. 



From : XXXX XXXX XXXX Sent : Thursday, XX/XX/2023 XXXX XXXX  To : XXXX, XXXX XXXX Cc : XXXX ; XXXX, XXXXXXXX XXXX XXXX Subject XXXX Re : Status of your Citizens Bank Home Equity Application # : XXXX XXXX XXXX This email originated from outside of the organization. Do not click links or open attachments unless you recognize the sender and know the content is safe. 



Good afternoon, I am reaching out to check on the status of our HELOC application. We were told it was submitted for final review and in the last stage of the lending process. Would you have an update on when we should be expected to close on this loan? 



Thank you very much, XXXX XXXX On Tue, XX/XX/2023 at XXXXXXXX XXXX XXXX XXXXXXXX XXXX wrote XXXX XX/XX/2023 Application # : XXXX Dear XXXX and XXXX XXXX, Great news, youre almost there! Your Home Equity line of credit application ( XXXX ) has been submitted for final review and is in the last stage of the lending process! I would like to take this opportunity to review important information with you regarding what to expect once your application is ready to close. 

Your new line of credit will be : Approved amount- {$60000.00} Rate variable based on XXXX XXXX %. This rate includes all applicable discounts. 
New minimum monthly payment will be Interest Only As a reminder, the annual fee for our standard HELOC is {$50.00} ( waived for the 1st year ). The annual fee is waived if you maintain a XXXX XXXXXXXX Checking or XXXX XXXXXXXX Checking account on the anniversary of your credit line when the annual fee would be assessed. 

Once the application is approved, a representative from our Closing team will be contacting you to schedule your closing. After the closing takes place, you will have a 3 day Right of Rescission ( not applicable for second homes ). On the fourth business day you can access your funds several ways : Online or Mobile Banking ( must be established in advance ) If you requested advance of funds from your HELOC to a Citizens deposit account when scheduling your closing Visit a branch You may also access your HELOC by using checks that will arrive in 7-10 business days. 

For more information you may visit the HELOC Customer Resource Center. 

We will email a post-closing survey to ask for your rating of your overall application process. I would be grateful if you could take just two minutes to complete the survey and provide any feedback you may have.

Please let me know if you have any questions and thank you again for choosing Citizens. 

XXXX Thank you, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX Citizens Bank XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, VA XXXX XXXX : XXXX XXXX XXXX  XXXX Email Address : XXXX XXXX

Company response to consumer: Closed with explanation