Citibank Mortgage Complaint

Citibank Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Maryland

This process started with a letter ( - -, 2015 ) from Citi suggesting that we could save money by refinancing our existing Citi loan that we have had for greater than ten years. We owe approximately $37000.00 on the property which was recently appraised by Citi to be worth approximately $73000.00. We proceeded with providing information to show our credit worthiness. We answered all questions and followed the completeness of the loan application components on the secure Citi site which we were able to access. We paid for an appraisal ( $560.00 ) which was completed on - -, 2015. We submitted income tax information, bank statements, credit scores, verification of current income, and over a --page volume of our Family Estate Plan and Family Trust. We received communications from Citi ( -/-/2015 ) telling us that our loan has been conditionally approved pending receipt of certain documents which we provided. We received confirmation that our Flood Insurance Policy was completed on - -, 2015. In a letter dated - -, 2015, we were informed that our loan request was not approved. When we called the loan officer to ask for an explanation, we were informed that our property


approved list '' and that it has unverified sufficient flood insurance coverage. Citi owns the loan that currently finances this property, however, and that loan itself has not been challenged. We believe that Citi has a scam '' going that invites current clients to refinance with no intention of approving a lowered interest rate for their loans. The sole purpose of this process appears to be collecting an appraisal fee. This scam '' could be - and may involve more than - lending institution.