Citizens Financial Group, Inc. Mortgage Complaint

Citizens Financial Group, Inc. Mortgage department,

Conventional fixed mortgage Settlement process and costs Pennsylvania

This complaint is related to the origination, processing and closing of a 30-year fixed rate conventional loan through RBS Citizens Bank, N.A. Buyers were subjected to numerous inaccurate, incomplete and misleading statements and documents provided by Loan Officer - - ( - # - ; phone - ; email -- ). Additionally, the processing of buyers loan was not started until the day of closing, due to the fact that Processor - - ( phone - ; email -- ) had not processed any components of the loan while the loan was assigned to her. General areas of concern are below : Mortgage Interest Rate : - - provided buyers a pre-approval with a rate of 4 % on - -. That same day, - - verbally stated to buyers that with the .125 % rate discount provided through the Citizens Bank Circle Gold Mortgage Advantage program, the final interest rate would be 3.875 %. - - informed buyers on - - that he " misspoke '' about the .125 % rate discount and that the final rate would be 4 %.


processor on - -. - - stated that the document did n't reflect the progress being made and that no further action was needed, which was false. Buyers completed and returned the signed Mortgage Commitment Letter to both - - and - - on - -, and called - - the same day to ensure receipt of documents. At this time, buyers found out through - - 's voicemail that she was on vacation through - -. Buyers learned on - - from Senior Loan Officer - - ( - # - ; phone - ; email -- ), - - 's supervisor, that no processing of the loan had been completed by - - prior to reassignment to a new processor. Good Faith Estimate : Buyers received Good Faith Estimate the week of - -. The GFE provided buyers with estimated closing costs of $10000.00. Final costs provided to buyers on - - totaled $12000.00, an increase of $1900.00, or 17.65 %. Buyers contacted - - twice on - - to determine the discrepancies in closing costs. - - claimed that he did not complete the GFE, and stated that the costs included on the HUD-1 form were lower than the initial cost estimates provided to the buyers. Buyers stated that their understanding was that the GFE superseded any initial cost estimates provided during the pre-approval process, to which - - provided no response. Disregard of Closing Date : Buyers were informed by their closing coordinator on - - that lender 's instructions had not yet been received. - - was the final business day prior to the specified closing date of - -. Closing coordinator encouraged buyers to contact both - - regarding the status of the loan and if the loan would be clear to close by the closing date of - -. Buyers spoke with - -, who stated that the loan would not close by - -. - - stated that technical issues were primarily the reason for the missing the closing date, but that the transferring of loan processors was also a factor. - - stated to buyers that the closing date was the date that the bank " works toward '' but is not a specific contract date by which the loan must be cleared to close. Buyers were informed by new Processor - - on - - that - - incorrectly identified buyers as -, which further contributed to delays.