Consumer complaint received 2024-12-19 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage — Trying to communicate with the company to fix an issue with the application process
Company: CITIZENS FINANCIAL GROUP, INC.
State: OH

Complaint narrative:
At the beginning of XXXX, I reached out to the citizens Bank branch in XXXX Ohio to apply for a home equity line of credit on a rental property. I spoke to XXXX advised her of what I was looking to do. She proceeded to tell me that she would take the application The application ask questions such as is this your permanent residence or is this a rental I indicate rental and we proceeded with the application asking additional questions like what were you looking to do and I indicate it make improvements to the property. XXXX proceeded to take the application. Send it over. Ask if she could pull my credit a couple of days went by and I hadnt heard anything so I reached out to the bank and was advised by customer service that my loan application have been closed. The reason I was provided was that I was unable to complete a home equity line of credit on a rental property. I then immediately asked why was I not informed of that at the beginning of the process then I could have said this will not work for me. However, my credit was pulled and theres no loan that theyre able to give me. I reached back out to the branch spoke to XXXX. She told me there was nothing she could do. She never heard of it And gave me this nonchalant attitude. I stress to her the impact to my credit. What was I supposed to do and how could this be corrected? She said there was nothing that they could do. I asked to speak to her boss. Her name is XXXX. XXXX proceeded to tell me the same thing theres nothing we can do. I never seen this. You were aware that we were pulling your credit. I said yes, however when I initiated this home equity line of credit application. You did not inform me that I was unable to take out a home equity line of credit on a rental property again I received a nonchalant attitude, but XXXX said let me ask around and Ill give you a call back. A couple of days went by. I reached back out to XXXX. She had no update for me. I then asked XXXX to speak to her boss who is XXXX. XXXX was not empathetic to my situation at all. I repeatedly tried to explain to her that you impact my credit I had reached out to XXXX to see what I could do to have this removed. They said that this would have to be done by the bank. XXXX stated that at the time I knew they were going to pull my credit and they dont know when theyre taking the application whats eligible and whats not And that there was nothing they could do with the hard credit pull then I was informed that she would reach out to the underwriter to see if there was something that they could do. She never reached back out to me. I reached back out to the bank 2 days later I spoke to an agent XXXX, who advised me that I could speak to the office of the chair at the bank and she provided me with a case number XXXX The office of the chair called me left me a message I have since called the office of the chair four times with no callback betweeen the dates of XXXX. In addition during this time I was in the process of purchasing another rental property and based off the negative impact to my credit, I was no longer eligible for A tier loan. I was bumped to a XXXX XXXX which caused me to have to pay an additional {$1300.00} And a higher rate. I would like the branch to remove the inquiry on my credit and refinance my current loan for my rental property at the rate that I wouldve been given, had the bank not have improperly, pulled my credit, knowing that home equity loans on a rental are not permitted. In addition I would like the Bank to provide me with the loan to proceed with the updates on the initial rental property that I opened the loan for initially we have been going back-and-forth with this over a month and everyone seems to feel like it happened too bad you have to deal with it, which is not the case. I am a consumer. I am on top of my credit and the fact that a branch that holds three of my accounts treated me this way is very disheartening. During this ordeal the bank sent me a link to go in and add my financial information as to say hey lets get started. Thats exactly what they said so all of this advertising is false. The staff needs to be educated on procedures and documents. Need to be updated so the next person doesnt have the same issue. Thank you for the time to review. I look forward to hearing from someone since all of my contacts to this point have been unresponsive to assist me in getting resolve. Thank you.

Company response to consumer: Closed with explanation