Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4607314

Complaint Overview

Complaint ID: 4607314

Company: Citizens Financial Group, INC.

Product: Mortgage

Sub-Product: Other type of mortgage

Issue: Applying for a mortgage or refinancing an existing mortgage

State: New Jersey

ZIP Code: 070XX

Date Received: 2021-08-05T12:00:00-05:00

Date Sent to Company: 2021-08-05T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

My wife and I were under contract to purchase land and have a home built on the land since XXXX of XXXX. Our bank, Citizens Bank instructed us that they required architect plans and contractor contract to start the application process. Fees and plans were drafted and submitted to the bank by XXXX of XXXX. Since the paperwork was submitted as requested, it was 1 hurdle after another. The banker we worked with was incompetent and requested documents multiple times, which he claimed never to have received. Sometimes he would request documents, which were sent on time and 3 weeks later after following up on the status of our application he would state he could not open the documents, which were sent 3 weeks ago. He would not communicate on the progress of our transaction and this cost us time and money. Eventually, I reached out to management in XXXX of XXXX and the chairmans office called to say they were investigating and we never heard back from them. In XXXX again a month after attempting to escalate my issue, I called the bank representative we worked with and said he would have to speak to his manager because we escalated the issue and he was unaware of the progress made on the file. However, the next day he emailed me stating we needed to send documents, which we had already sent previously. He was out of touch with the process of our file, the underwriter who worked on our file would never answer the phone except once and eventually we asked the bank to decline our mortgage application so we could cut our losses and move on. We lost time we put into meeting with our architect, engineers and contractors to design our home as well as with the town for the multiple inquiries we had to do. Additionally, we lost money we spent on this whole process plus other missed investment opportunities. We could have purchased another home or piece of land and this has caused us stress and has set our plans back, which inconveniences our family and mostly, our children. After we requested more information and intervention from management they never reached out to us nor was an apology ever provided for the inconvenience they caused us. Additionally, the financial obligations we had discussed initially with our bank representative were not as later discussed with the underwriter. Closing costs and other monies we did not anticipate were supposed to be due and payable at closing, which was never mentioned to us previously. The bank got away with ripping us off and whats even more heartbreaking is management did not even care to reach out and resolve our grievances let alone apologize for the inconveniences they caused us. Your intervention in this matter will be greatly appreciated.

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Disclaimer

This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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