Citibank Mortgage Complaint

Citibank Mortgage department,

Home equity loan or line of credit Credit decision / Underwriting California

I want to convert a portion of my CitiBank HELOC to a fixed rate loan in accordance with paragraph # - of my original HELOC document dated - -, 2006. I am writing to you after spending many weeks communicating my request with CitiBank staff and supervisor representatives in far-flung parts of the world. I have had in-person office meetings with my local CitiBank Loan agents and CitiBank branch managers to discuss my desire for converting a portion of my current HELOC loan. On every occasion I am referred to another CitiBank employee ( phone # ) who either has no knowledge of the criteria used in calculating the rate I will be charged on the $ - amount I wish to convert, OR, the representative contradicts another employee 's explanation of how the rate is derived. All employees refuse to document their statements or provide a written estimate of fees and interest rate charges for the converted loan amount. Paragraph # - of my original HELOC document dated - -, 2006 reads : " ... The Annual Percentage Rate for each Converted Balance is fixed and will be determined by the value of an index. We will take the index in effect on the date the Converted Balance is established by us and add a margin. The index we will use is the Federal Reserve Statistical Release - " Selected Interest Rates '' Interest Rate Swaps ( 7 Year ) .... '' My current margin is - %, The current index value is 1.51 %