Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5639952

Complaint Overview

Complaint ID: 5639952

Company: Citizens Financial Group, INC.

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Applying for a mortgage or refinancing an existing mortgage

State: Pennsylvania

ZIP Code: 17050

Date Received: 2022-06-06T12:00:00-05:00

Date Sent to Company: 2022-06-21T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

An appraisal was scheduled in furtherance of a mortgage needed to complete an agreement of sale of real property ( contract or sales agreement ). The contract contained, XXXX XXXX, an appraisal deficit waiver provision as well as an escalation clause that increased the sale of the property by XXXX over the starting sales price of {$550000.00} spelled out in the contract. Citizens contracted with an undisclosed XXXX XXXX XXXX ( XXXX ) and misrepresented my loan application by only partially uploading the contract, and failing to include the escalation addendum. XXXX XXXX XXXX XXXX ( hereinafter XXXX ) was then contracted to perform the above referenced appraisal. They informed me that the sales agreement they utilized was retrieved from the XXXX and confirmed that the incomplete sale agreement was uploaded to the XXXX by Citizens. The appraiser relied upon the misrepresentation of Citizens in arriving at an appraised value of {$550000.00} ( the amount incorrectly listed as the sales price ), as evidenced by the appraisal itself wherein the contract is listed as being reviewed and relied upon. This issue was immediately brought to the attention of Loan Originator XXXX XXXX XXXX ID # XXXX ( XXXX ), who in response made a series of false and misleading comments in explantion, including but not limited to assertions that the sales agreement could not be provided to the appraiser and that they should not have it in any event, even calling it illegal more than once. Furthermore, XXXX asserted that the appraiser did not receive the sales agreement from Citizens, and must have gotten it from elsewhere. The Uniform Residential Appraisal Report utilized ( XXXX XXXX XXXX XXXX ) provides on its first page an opportunity for an appraiser to obtain, analyze and consider the sales agreement for the subject property in arriving at a value. This form was last revised in XX/XX/XXXX, allowing this alleged illegal activity to take place for at least the last 16 years. The issue is that Citizens failed to upload the entire sales contract to the XXXX and omitted a key addendum. This is significant for several reasons. This is a material and detrimental misrepresentation impacting my loan because the appraisal did in fact analyze the incorrect sales contract in arriving at an appraisal value, to my detriment. Citizens, through XXXX, knew that my loan would proceed despite a lower sales price, and deceasing the lender risk associated by omitting the addendum, and then repeated the pattern and practice of misleading and false claims by offering emphatic explanations that were curiously as pedantic as they were incorrect. My loan has suffered as I am now required to obtain an amount of cash to close likely in excess of what should have been required had my loan not been misrepresented.

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