Consumer complaint received 2019-12-01 00:00:00
Product: Mortgage — Other type of mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: CIT BANK, NATIONAL ASSOCIATION
State: WA

Complaint narrative:
I replied to a loan solicitation from Cit Bank in XX/XX/2019. At the time, I had a loan application pending with another lender.  Cit Bank offered "low rates" and 45-75 day closing. My application was opened on XX/XX/2019.  

I have pressed Cit Bank to close the loan since late XXXX.  On XX/XX/19, Cit asked and shortly thereafter received a payoff requested from my existing private lender. At that time, Cit sent me an email stating the loan would close in early XXXX.

This controversy arises after a series of borderline silly and redundant requests from Cit's underwriting, particularly a request that I un-redact personal credit card transactions from a XXXX XXXX credit card.  Due to my oversight, I owed property taxes and Cit requested that I pay off past and the upcoming XXXX  tax payment which I did the following day.  

On XX/XX/2019, XXXX XXXX called and asked that I pay past and upcoming property taxes. We discussed paying by my XXXX XXXX rather than check because it would process quickly and I would get miles on my card for the $XXXX property tax and processing fee charge.  I paid the taxes the following day and also provided a downloaded receipt received from XXXX County Assessor's office on XX/XX/XXXX which includes a transaction number.  That same day I paid $XXXX from my personal checking account to XXXX.  I also provided a print out from the Assessors office showing $XXXX  tax due.

I next received an email from Mr. XXXX stating that underwriting "wanted the payment to clear."   On XX/XX/XXXX I received an email which stated:  
"We need proof of the payment made from your account. Please provide me the most recent statement for your credit card and transaction history from your last statement date to today’s date. The recent statement is needed to confirm you are the owner of the account and transaction history is to confirm the property taxes paid with no gap of transaction history."

A new statement issued XX/XX/XXXX so I redacted all personal transactions to which underwriting is not entitled.  That same day I sent a redacted XXXX statement which showed the tax payment (page 4 of the statement) and my payment of the same amount on the credit card (page 2). Both were indicated on the redacted statement which is included with the attached documents to this complaint.

On XX/XX/XXXX, I received yet another email from Mr, XXXX.  Although Cit now had verification of payment of the property taxes from the Assessor's office and on my credit card along with a verification that I paid the property tax portion of my credit card, he stated "I want to thank you for providing the credit card statement to show proof of the property taxes. I do see some transaction and information were redacted from the statement. I know that we do not need to see your spending nor it is none of our business but I assure you we will only look at what we need on a credit card statement. I see the payment made for the property taxes and need to see recent balance and monthly payment but nothing on the statement can be concealed. Please provide the credit card statement again with all information and pages."

Cit Bank's silly assurance that they will only look at what they need to is irrelevant and unfair.  Originally, Cit asked for verification of property tax payments which I have given two times over. I submitted the credit card statement showing the tax payment process and that I paid the credit card company that amount.  Now, they claim they need to see my balance but "won't look at my private information."  This private information reveals health expenditures, eating habits, entertainment habits, religious contributions and a myriad of other private, irrelevant information to underwriting risk analysis.  

Although I would be willing to provide balance information as this at least seems related to underwriting risk, this is not what they asked for.  They asked for me to un-redact all information, including all personal credit card transactions.  

Cit underwriting is retaliating because I have contested the reasoning for its request although providing all requested information.  I have also told them to close the deal by XX/XX/XXXX. Instead, they now ask for all purchase information on my credit card that they would otherwise never see.  Cit has access to monthly credit reports and balances so I believe this is merely overreaching by a financial entity and unjustified.  It is also unfairly seeks private information unrelated to underwriting a loan.

Cit Bank should not be allowed to press consumers for needless information because that can, or in an effort to retaliate against a consumer and tame him.  Cit has held $XXXX tied to this loan to buy down the rate since XX/XX/XXXX which they asked for in early XXXX   to ensure a timely closing.  They also have reviewed my personal savings ($XXXX), stock and retirement accounts ($XXXX plus). Cit has stated it can make the loan based on my $XXXX XX/XX/XXXXw-2 income and the above assets.

In addition, I am informed that Cit requests additional information so that it may exceed the rate lock period which is now expired.  I have asked but not received a rate lock extension. So now I have exceeded the rate lock period because of Cit's delays.  I have paid for an appraisal, HOA report fees and deposited $XXXX dollars to Cit's bank.  Bank is holding a $XXXX appraisal on a $XXXX loan.

I have purchased three other personal residences in my lifetime and have never had to provide personal credit card transaction information or credit card statements for that matter. I think its practice is an unfair business practice and violated mortgage lending regulations.  Because the private information is not related underwriting, I believe the request for all private transactions is to teach me a lesson for complaining.

Company response to consumer: Closed with explanation