Citibank Mortgage Complaint

Citibank Mortgage department,

Conventional fixed mortgage Settlement process and costs New York

After an initially delightful and responsive initial period, Citibank reneged on their written promises and confirmations. I will never get a loan from Citibank nor would I ever recommend getting a mortgage loan from them. Earlier this year, we found a condo that we fell in love with and made an offer. After getting our mortgage shopping done, we chose Citibank because they offered us an initial rate of 3.375 %, which was fantastical and better than the rate we could get at our own bank. Signing a contract for 90 days after getting our pre-approval, we were ready to close and move in. From the moment underwriting began, it became a nightmare. The amount of documentation required kept ballooning again and again with each time the lender assuring us that we were complete.


our considerable escrow deposit. I had multiple written assurances from the bank that the rate would be locked in at 3.375 %. With underwriting complete, we set a close date. Just a week and a half before the close of the property, we received an email from Citibank - a day after they had confirmed our original interest rate - that they were going to hike the interest up to 3.5 %. They did this because they had to pull my credit report again causing my score to drop. This hard inquiry was completed WITHOUT my permission and WITHOUT notice. After several days of protestations, I spoke with the VP of lending at the bank, who said there was nothing he could do. I could either pay - more dollars in discount points or risk losing my - of dollars in escrow by going to another lender. This was simply extortion. I was left with literally no acceptable options. We reluctantly agreed to pay the discount points and closed just days later, but I will never get a loan or recommend Citibank for another mortgage. They do NOT keep their written word or deal in good faith.