Citibank Mortgage Complaint

Citibank Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker California

For nearly two months I have been trying to get final approval and a closing date from Citimortgage, a division of Citibank ( Citi ), for a $60000.00, 15-year fixed refinance. It has been most frustrating and costly. I was given initial approval on -/-/2015. Initially the bank moved very quickly. Within a week, we had an appraisal for $310000.00, which was approved on -/-/2015. Then - -, the loan processor, stated that the money I was using to pay down my original mortgage with my current bank had to be liquid. I had it in brokerage accounts, an IRA, and a brokerage savings account. I wanted to move all the money into my brokerage savings account, but - - said that was n't good enough. The money had to be deposited into my current bank 's checking account, which I did immediately. The money was deposited in early -. From that point on, things ground nearly to a stop. Since the money was deposited in -, it did not show up on my bank 's - statement. I had to get a partial statement from my branch, which Citi would not accept. I had to fax copies of my


a long frustrating story short, I have had nearly $65000.00 withdrawn from brokerage accounts and sitting in a - checking account without any interest at all. I have lost perhaps $1000.00 - $2000.00 in possible stock market gains and dividends over the nearly two month my money has been tied up. Also, the refinance rates have increased - to - points above my locked-in rate, which expires in about a week -/-/2015. If Citi takes longer than that date to set up my closing, it will cost me thousands over 15 years. I have attached copies of emails between Citi and myself from the beginning to the loan process -/-/2015 to the present. You will notice that from about - - to the present, I was actually begging '' them for information and status updates. This is absolutely unfair. Citi does not follow a good faith '' process. What they mean by good faith '' is I, the borrower must be in good faith but Citibank, the lender does n't. If I go to another mortgage company, I will lose additional points on my credit score and will have to pay a higher interest rate. Please do whatever you can to make Citimortgage honor my locked-in rate and bring this refinance to a swift close.