Consumer complaint received 2025-09-29 00:00:00
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — Loan estimate or other related disclosures
Company: CITIZENS FINANCIAL GROUP, INC.
State: NY

Complaint narrative:
On XX/XX/year> I completed the Citizens Bank online application for a pre-approval letter. I had to upload my W2, proof of income and bank statement but was unable to on the system because it stated I got pre-approved, but it didn't state the amount. I immediately contacted XXXX XXXX and emailed him my documents which included my XXXX XXXX statement from XXXX XXXX XXXX pay stubs for the month of XXXX ( net amount of {$930.00} a week ) and my offer letter from my job verifying that I make XXXX a year. My XXXX XXXX is XXXX. I have 0 dependents, nor do I pay rent because I still live with my mother who is in a co-op. I have XXXX in assets ( XXXX on XXXX XXXX, XXXX on XXXX ( which citizen bank rep accounted for ) and XXXX in cash ). With that being said I requested a XXXX conventional home loan to buy a house in XXXX for XXXX. XXXX XXXX stated he " couldn't see " where the money was going to come from for the loan after I completed my application and sent in my documents. I told him to recheck the email, and he said he would get back to me. He finally does and says the max I can receive is a XXXX mortgage loan with 20 % down on an investment property. We got on a call so he could verbally explain why and even after the call it still didn't make sense to me why the pre-approval was for XXXX. Now- with my original bank I got approved for XXXX for FHA XXXX the only reason I went to Citizens bank is because XXXX  doesn't have any operations in XXXX Michigan XXXX so I had to get a loan from a bank that does. I am aware FHA and conventional loans have different guidelines- however, with someone with my profile and non-existent debt to income ratio I know I should have been approved for higher and made XXXX XXXX aware of that by questioning him. He kept stating it's because my income wasn't making the 20 % threshold. I proceed to ask to speak to someone else and he referred me to his manager XXXX XXXX. I called XXXX that same Friday afternoon and told him the whole story, XXXX told me that investment properties need 15 % down actually and that the issue is that my cash on hand can not be verified so I need to put it in the bank. Due to the weekend, I ceased communication until today ( Monday XXXX and continued the email thread with XXXX XXXX asking if the amount can increase to cover the amount of the home which was ( XXXX ) - so at this point I am negotiating to XXXX the XXXX just give me enough to cover the home. I also stated that the property already has a section 8 tenant whose lease renewed for the next 2 years and their monthly rent is XXXX and if that will help. - he proceeded to tell me no and continue stating I need 20 % down. I told him I spoke to XXXX, and he said I need 15 % down and will that change anything. He finally agreed that investment properties do need 15 % but I am still short of {$1800.00} dollars. I proceeded to state how I felt the loan offer was very unfair for someone with my income, credit score and assets. I also questioned why he never told me about the 15 % and I had to hear about it from XXXX. Lastly, I tried to negotiate by stating they can increase the interest on the loan if it makes them feel better because I know without a doubt that I can pay it off and they haven't answered.

Company response to consumer: Closed with explanation