Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #8363224
Complaint Overview
Complaint ID: 8363224
Company: Citizens Financial Group, INC.
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage
Sub-Issue: Confusing or misleading advertising or marketing
State: New Jersey
ZIP Code: XXXXX
Date Received: 2024-02-16T12:00:00-05:00
Date Sent to Company: 2024-02-16T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I am writing to file a formal complaint against Citizens Bank regarding what I believe to be unfair lending practices in connection with a Home Equity Line of Credit ( HELOC ) application. On XX/XX/2024, I applied for a HELOC with Citizens Bank, attracted by its advertised Annual Percentage Rate ( APR ) of prime rate minus 0.5 %. However, upon receiving the lending disclosure, I was shocked to discover that the variable APR of the HELOC may be as high as 21 %. This drastic increase from the advertised rate to 21 % is alarming and appears to be unconscionable and usurious. Furthermore, the lending disclosure provided by Citizens Bank failed to adequately explain under what circumstances the APR could escalate to 21 %. There was no clear indication or transparency regarding the triggers for such a significant rate hike. Additionally, the document did not outline any process for notice or appeal in the event of an increase in the APR. This lack of transparency and clarity puts consumers like myself at a significant disadvantage and leaves us vulnerable to arbitrary and unjustifiable rate increases. Moreover, I am deeply concerned by the fact that Citizens Bank required me to sign the lending disclosure document without providing a copy of the signed document for my records. This lack of transparency and failure to provide essential documentation undermines consumer rights and raises serious questions about the bank 's commitment to fair and ethical lending practices. In light of the aforementioned issues, I urge the Consumer Financial Protection Bureau to thoroughly investigate Citizens Bank 's lending practices and take appropriate action to address any violations of consumer protection laws. I believe that it is imperative to hold financial institutions accountable for their actions and ensure that consumers are treated fairly and ethically. I appreciate your attention to this matter and look forward to a prompt resolution. The application number is # XXXX.
Frequently Asked Questions
What is Complaint #8363224 about?
Complaint #8363224 was filed against Citizens Financial Group, INC. regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2024-02-16T12:00:00-05:00.
How did Citizens Financial Group, INC. respond to this complaint?
The company responded with: "Closed with explanation". 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 Citizens Financial Group, INC.?
Yes, visit the Citizens Financial Group, INC. company profile at readthecomplaint.com/company/citizens-financial-group-inc 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.