Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5189627
Complaint Overview
Complaint ID: 5189627
Company: Citibank, N.A.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: New York
ZIP Code: 106XX
Date Received: 2022-02-05T12:00:00-05:00
Date Sent to Company: 2022-02-05T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
In XX/XX/XXXX, I applied to refinance my mortgage with Citibank. I was told in XX/XX/XXXX by the mortgage agent XXXX XXXX that it would close in XX/XX/XXXX. In between that time, I completed all the paperwork with expediency for the underwriter ( s ) whenever asked. I did not want to be the reason that anything has been held up. XXXX came and went, and there was no traction. I had asked for a status and they said they were working on it. I asked that the transaction close prior to the end of the year for tax purposes. I was ignored. XXXX came and went. While I was waiting for a closing, all they did from XXXX until XXXX was ask for employment verification. I kept asking and not getting an answer, other than they are running behind. The application was started in XX/XX/XXXX- the loan did not close until XX/XX/XXXX - an unreasonable/unacceptable amount of time. In the time between when I was first promised a closing date of XX/XX/XXXX to XX/XX/XXXX, I incurred damages of {$4500.00}. This consisted of : 1. Loss in interest spread. My loan was fixed at 3.875 % for 30 years. The new loan was 3.375 % for 30 years. Taking the six months in between XXXX and XXXX, I paid an additional {$1000.00} in interest. 2. Loss in points deduction. Because the new loan closed in XXXX instead of XXXX, I lost an entire year of the tax deduction for the origination points, which I estimated was {$470.00} that I could have reinvested elsewhere. 3. This refinance was a cash out transaction. The goal- which I stated to them in XX/XX/XXXX, was to take money out of my current home to pay off a mortgage on a co-op that my father in law lives in. The mortgage on that apartment had an interest rate of 5.125 %. Had the loan closed on time, the effective interest rate would have been 3.375 % on that money. The interest spread on that I calculated to be {$2900.00}. I pleaded my case to Citibank, knowing that the delay was 100 % on them as I always turned around data requests from them immediately, so that they could not claim that my action/inaction delayed the process and any damages would be my own fault. After sending countless emails to the managers/higher ups of Citibank 's mortgage team ( with not one reply, ever ) to get the loan closed, the loan officer ( XXXX XXXX XXXX went to fight on my behalf as she recognized that my losses were legitimate, especially after quantifying them. I will attach the email with the details above to this complaint. I realized that I would never get the full {$4500.00} from them, so I asked for half - {$2000.00} to at least get some of the damages back. XXXX XXXX, after a couple days of talking to her superiors, told me ( in an email - so in writing ) - that they would give me a {$1500.00} credit. I accepted because I did not want to litigate anything - I just wanted what would be reasonable and fair. I was told the credit would not come at closing, but would be a separate check of {$1500.00} mailed to me, 4-6 weeks after the close. The loan closed on XX/XX/XXXX. At the end of XXXX, 60 days after the close, I still did not receive the {$1500.00}. I sent subsequent emails to Citibank- and even emailed their attorney about this. They know that the {$1500.00} offer was in writing by XXXX XXXX, a Citibank employee. Nothing happened, so I sent follow up emails again between XXXX and XX/XX/XXXX to Citibank and their attorney. All I got was the attorney saying they would forward it on to senior management- which I believe he did. However, I did not get a reply from anyone at Citibank. I have emails asking Citibank and/or their attorney for an update on the status of the {$1500.00} on XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. As of today, XX/XX/XXXX, I have not received any communication from Citibank with regard to this matter.
Frequently Asked Questions
What is Complaint #5189627 about?
Complaint #5189627 was filed against Citibank, N.A. regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2022-02-05T12:00:00-05:00.
How did Citibank, N.A. respond to this complaint?
The company responded with: "Closed with monetary relief". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Citibank, N.A.?
Yes, visit the Citibank, N.A. company profile at readthecomplaint.com/company/citibank-n-a to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.