Consumer complaint received 2022-06-06 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Closing on a mortgage — 
Company: CITIBANK, N.A.
State: CA

Complaint narrative:
Hi, I am at a loss here with Citibank as to how they did a bait and switch and not able to do the right thing for what they call a clerical mistake. The fact that led me to believe and they earned my business was the email which shows a screen shot from the citibank mortgage representative showing the interest rate of 4.125 % with a note above that saying my rate will 3.625 % with the RP ( relationship pricing ) discount. I replied to that email, and asked him to lock it and specified the interest rate at 3.625 %. He confirmed with an email saying locked!. They locked it, and never for once mentioned anything else and I am constantly thinking my rate is 3.625 %. I even asked during closing, where is the RP discount its not showing in the closing documents, they replied, saying it was on the system. To resolve this issue, I have talked to the representative, to his supervisor and then to his manager. All of them agree there was a mistake made but they are not willing to give me interest rate that was promised. Instead, they are offering $ XXXX. XXXX % increase in interest over the 30 year loan is a very expensive for me to ignore when they made this mistake. I need your help to resolve this matter. 

See emails below. I can explain to you over the phone or provide more details if you need. Since this web form only allows text, some of the images in the most important email are cut off. I have attached a pdf copy of that as an attachment to that. 

Regards, XXXX XXXX XXXX -- -- -- -- -- Forwarded message -- -- -- -- - From : XXXX, XXXX XXXX XXXX Date : Mon, XX/XX/2022 at XXXX XXXX Subject : RE : Next steps in your mortgage process To : XXXX XXXX XXXX Hello XXXX XXXX, XXXX am unable to provide you an interest rate of 3.625 % due to the email/communication ( in error ) from the Mortgage Representative. The rate was not available & the only confirmed rate we can offer is what was disclosed on the Loan Estimate ( 4.125 % ). 4.125 % is the correct rate based on your application & what was shown on the closing documents you signed. 



As I mentioned, we can offer you a {$2000.00} post close check due to the inconvenience. Your complaint has been filed and this is my only resolution. Let me know if you would like to discuss further by phone. 



XXXX From : XXXX XXXX XXXX XXXX XXXX XXXX Sent : Monday, XX/XX/2022 XXXX AM To : XXXX, XXXX XXXX [ XXXX ] Subject : Re : Next steps in your mortgage process This Message is From an External Sender This message came from outside of your organization. 



Hi XXXX, Its been few days since I sent my email and I was hoping you had a chance to read and looked in to this further. I appreciate any update to resolve this issue. 



Regards, XXXX XXXX Wed, XX/XX/2022 at XXXX AM XXXX XXXX XXXX wrote : Hi XXXX, Thanks for calling me on the phone to discuss this issue yesterday. I am forwarding just the chain of emails that started this process and discussed the rate and specific request to lock interest rate at. Every time I look at them, I am still at a loss as to how Citibank can say one thing for an interest rate and lock in at a different rate. 

The information in the email shows that from an original interest rate of 4.125 %, I was promised a RP discount of 0.5 % based on my investment with Citi. The emails show how this was explained to me. They led me to believe that the discount of 0.5 % was applied on the system, though the interest rate was showing 4.125 %. 

I sent an email, based on my understanding of XXXX email, stating to go ahead and lock the rate with his second option, specifying that I was approving for him to lock the interest rate at 3.625 %. There was no authorization from me to lock in any different rate. 

Citibank did not do its due diligence to clarify their rate, and when I sent an email to approve the lock in at 3.625 % they should have said it was not possible. Then, I would have considered other options ( such as XXXX XXXX which had also offered me a 3.625 % rate ) or Citibank should have obtained my approval to lock at any other rate. 

The way they communicated to me continued to make me believe that the rate was going to be discounted. 

I kept on asking about this discount, even during the closing, and kept following up on the email about the discount not showing up. I was again led to believe that the RP discount was on the system. 

Citibank should not have locked the interest rate at the rate of their choosing, and honored what they had told me in their emails. This was a bait and switch on Citibanks part that betrayed my trust and essentially scammed me. The difference in this case is 0.5 % for the life of this loan which is fixed at 30 years. I don't think this is fair for me to bear this higher rate especially when I had an offer for a 3.625 % rate from XXXX. 

I hope you can look into this to make the necessary rate adjustment, to reflect what was communicated in the beginning to earn my business. I have been a customer of Citibank over 30 years and this appalling behavior is something I have never seen before. I appreciate your time in looking into this matter and I am looking forward to your email to resolve this issue. 


Regards, XXXX -- -- -- -- -- Forwarded message -- -- -- -- - From : XXXX XXXX XXXX Date : Mon, XX/XX/2022 at XXXX PM Subject : Re : Next steps in your mortgage process To : XXXX, XXXX XXXX Lets go with second option below at 3.625 % to lock the rate? Is there a float down option if rate changes before closing? 



On Mon, XX/XX/2022 at XXXX AM XXXX, XXXX XXXX wrote : XXXX, XXXX speaking with you Sir. As I was running the rates, I noticed the rates I provided you had already been discounted by .250 % since we are using $ XXXX in assets for your Relationship Pricing, it would be .500 %, so please disregard the rates I gave you on the phone, these are the actual rates pertaining to your discount. Once we lock in the rate, I will walk you through the next steps. Please advise which rate you would like to lock in. 



Thank you! 





With RP discount rate would be 3.500 % With RP discount, rate would be 3.625 % Thank you, Citibank with XXXX XXXX XXXX XXXX ( XXXX ) Lending XXXX NMLS # : XXXX Phone : ( XXXX ) XXXX XXXX My Website XXXX XXXX XXXX XXXX, MO XXXX Home XXXX Search Homes, Find a Pre-Screen Agent, Research Your Homes Value Please note any rates quoted can change at anytime. When using email to send confidential documents please send them to XXXX with your full name and loan number in the subject. For a higher level of security, visit www.citi.com/mortgagestatus to check your loan status and upload required documents. If you prefer to mail your documents, a self-addressed envelope will be provided in your Welcome XXXX. If you require an additional envelop or need assistance uploading documents, please contact your processor. 



A referral from you is the highest compliment I can receive-I would appreciate the opportunity to assist anyone you know with refinancing or purchasing a home! 





From : [ gmail.com ] XXXX XXXX XXXX Sent : Monday, XX/XX/2022 XXXX AM To : XXXX, XXXX [ XXXX ] Subject : Re : Next steps in your mortgage process This Message is From an External Sender This message came from outside of your organization. 



Yes On Mon, XX/XX/2022 at XXXX AM XXXX, XXXX XXXX wrote : Hi XXXX, XXXX! I have an opening at XXXX XXXX between clients, this should take but XXXX minutes to discuss rate and go over next steps. Does this time work for you? 







Thank you, Citibank with XXXX XXXX XXXX XXXX ( XXXX ) Lending XXXX NMLS # : XXXX Phone : ( XXXX ) XXXX XXXX My Website XXXX XXXX XXXX XXXX, MO XXXX Home XXXX Search Homes, Find a Pre-Screen Agent, Research Your Homes Value Please note any rates quoted can change at anytime. When using email to send confidential documents please send them to XXXX with your full name and loan number in the subject. For a higher level of security, visit www.citi.com/mortgagestatus to check your loan status and upload required documents. If you prefer to mail your documents, a self-addressed envelope will be provided in your Welcome XXXX. If you require an additional envelop or need assistance uploading documents, please contact your processor. 



A referral from you is the highest compliment I can receive-I would appreciate the opportunity to assist anyone you know with refinancing or purchasing a home!

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation