Citibank Mortgage Complaint

Citibank Mortgage department,

Conventional adjustable mortgage (ARM) Credit decision / Underwriting Colorado

On -/-/2016, we accepted an offer from CitiMortgage to refinance the adjustable-rate mortgage we had with them, paying an application fee and locking in a 15-year, fixed-rate of 2.875 %. From the outset, we emphasized that the bulk of our living expenses are funded by automatic monthly withdrawals from our retirement accounts ( IRA, SEP-IRA and a tax-deferred employee savings plan ), in addition to our investment portfolio. After five months and countless hours of complying with Citi 's requirements for documentation - often being asked for the same documents two or three times over - we have been informed that our application has been denied due to " Insufficient income for mortgage obligations. '' This is despite our repeated documentation of over ample funds in our retirement accounts and steady monthly withdrawals.


- several times. At no time did Citi ask for additional information about any of our retirement accounts, even though we offered. In the last communication from the loan processor, she stated that they had enough information to submit the package to underwriting. Our cash flow is more than ample to meet our mortgage obligations and living expenses. Citi has known this from the beginning, but continued to string us along and repeatedly asked for the same documents until finally after - five months - they declared that our income was insufficient. It is now clear that Citi simply did n't want to refinance the loan in the face of rising interest rates, and continued to mislead and deceive us. We have retained all correspondence and documentation. Refinance Loan # - Original Loan # -