Citibank Mortgage Complaint

Citibank Mortgage department,

Other mortgage Application, originator, mortgage broker California

A Citibank loan officer sold us a mortgage based on a rate protection program '' whereby the interest rate of the mortgage could be reset to a lower rate under certain circumstances. Before the loan was issued, the loan officer stated that we had qualified for the program. After the loan was issued, the loan officer confirmed that the rate protection program applied to our loan. Some time post-issuance, we inquired about exercising the rate reset under the program, but Citi stated that our loan was not covered by the program. The issuing loan officer left Citi after the loan was issued. However, he confirmed in writing that he had indicated to us before and after the loan was issued that our loan was covered by this program. Citi has received his written statement acknowledging this but Citi refuses to cooperate and refuses to stand by the representations made by their former employee. Initially, Citi said there was no record of a commitment by Citi to include the rate protection in the loan. Then, Citi said they could not include it because my loan could not have qualified under the terms of the program because the program did not cover - homes. I have reviewed a flyer outlining the terms and conditions of the program and there is nothing on the flyer that would suggest that - homes are excluded. In any event, the loan officer was aware this was a mortgage for a second home and nevertheless represented that the program had been applied to the mortgage. Citi 's final position is that the bank is willing to do nothing and will not stand by the representations made by its former employee, even if those statements induced us into taking a loan with Citi.