Date Received: 2021-05-12
Issue: Getting a loan
Subissue: Denied loan
Consumer Complaint: This all began with what I assume is a common problem for a lot of Americans. My wife and I were venturing into buying our first home or at least beginning the process. In order to begin looking at some open houses, we were advised to get a pre-approval letter. So, we reached out to a recommended mortgage lender and began the process. That's when we were told that our back-end debt-to-income ratio was currently just a few points higher than their underwriters would need for approval ( of the amount we were looking to spend on our first home ). This kickstarted my interest in helping my family out by delving into our finances and becoming a budgeting pro. I looked at our student loan situation and looked at where we could save some money. At this time, my wife and I have a small amount of consumer debt ( generally paid off monthly ), one credit card with a 6.24 % interest rate on a balance transfer that we're aggressively paying off, no car payments, no consumer loans, and a decent amount in savings - hopefully for a down-payment. My wife, a XXXX XXXX XXXX, spent quite a bit of loan money on her education, thus making our monthly student loan repayment obligations fairly high. There are 4 private loans with a private bank, Citizens Bank, being serviced by XXXX. I reached out to Citizens and explored their Education Refinance program. Seeing as how the 4 loans I was hoping to have consolidated/refinanced are already with Citizens, I figured this would be an easy process. I was wrong. Because both my wife 's and my federal student loans were in National Emergency Forbearance, due to the recent relief bills passed in Congress, Citizens was unable to determine how much our monthly payments were on those loans and estimated that payment to be higher. So, I then opted out of the forbearance and reinstated the federal student loan payments to create a record of what our income-based repayment amount is monthly, for both of our loans. I was then also told that the refinance application with Citizens also listed our rent payment twice ; once as rent payment and once as a mortgage payment. Once they fixed that on their end we were told that we still did not qualify. My wife makes a decent, stable, living as a XXXX XXXX - serving the mental health community at a local non-profit hospital. Not only will her federal student loans be forgiven in a few more years, he current monthly payment - combined with our other debts - shows a relatively low debt-to-income ratio. First, we were told that they strictly look at our debt-to-income ratio, full stop. Then, in the same conversation, I was told that it was more of a holistic view of the applicant. Which is it then? We were told by Citizens that everyone who applies goes through a qualification process that takes into account their job, their education, their income, and their debts, in order to determine what DTI will be assigned to them. Other than that, they said that their process and that DTI was proprietary and that they were unable to share more with us about their process. Which really put up a red flag. Because we currently pay Citizens Bank for the loans we're wishing to refinance. And, if we refinance, then we'll be paying less monthly for them. Also, another representative told me that the decision has nothing to do with our creditworthiness, but that it had to do with our debt obligations ( which contain the loans we want to refinance ). In the weeks leading up to this complaint, I did a lot of homework at their request, including sending them scanned copies of our tax returns from XXXX and XXXX, along with all of the corroborating documents for those returns ( W-2 's, 1099 's, etc. ). I also sent a letter to the Attorney General 's office in Massachusetts, Senators XXXX, and XXXX, along with Congressman XXXX. Someone from the AG 's office did get back to me and is helping us look into this further. As of today, another representative at Citizens mentioned that our case has been elevated to the Office of the Chairman, where I hope someone will look at us as customers, with ample qualification, and overturn that denial. This process has been going on for over 6 weeks and I believe that Citizens will now try to hide behind their " Policies '' and " trade secrets '' in an effort to hold us off at the pass. But, I won't stand for it. I believe that Citizens is not looking at all of the documentation and evidence we have supplied and taken into account our determination to make financially sound decisions for our family going forward. I believe they are using a metric, told to me by their representative, of calculating our federal student loan monthly payments by multiplying our outstanding federal student loans by 1.8 % to determine our monthly outlay. Far more than the XXXX XXXX ( 0.5 % ) and XXXX XXXX ( 1.0 % ) calculation that is commonly used by mortgage lenders and alike. Which is a grossly miscalculated and inflated number, even if our federal student loans were in standard repayment. It would be impossible for us to meet that obligation and those numbers they calculated are false. What we do have going for us is that I've done an incredible amount of legwork to have all of our numbers, credit reports, and alike, at my fingertips to support my case. Had this just have been another year I might have called it quits weeks ago. But, after conversing with multiple Citizens representatives and teasing out a few pieces of their proprietary puzzle, I feel the only missing pieces are soon to be revealed. All we want to be able to do is buy a home and give our family the life we had as kids. Our five-year-old daughter deserves my level of commitment to this, and my wife surely deserves this opportunity.
Company Response:
State: MA
Zip: 01970
Submitted Via: Web
Date Sent: 2021-05-12
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-05-12
Issue: Struggling to pay mortgage
Subissue:
Consumer Complaint: when covid hit i was approved for mortgage forbearance from XX/XX/XXXX to XXXX XXXX i started making payment in XX/XX/XXXX, and was approved for the balance due on my loan to be put on the end of the loan. I started the process in XX/XX/XXXX and was approved in XX/XX/XXXX. I was at that time told it would take 4 to 6 weeks to process my paper work. it is now XX/XX/XXXX and every time i call Citizens One, which is my mortgage company they tell me it is in process and should only take a week or so, it is now 5 months later. every time i call is sounds like the clerk is reading from a script and nothing is being done to process my loan as they have told me was going to be done. i have asked to speak with a supervisor and they will not transfer me. i want to refinance my loan and i can not because Citizens is showing me past due.
Company Response:
State: VA
Zip: XXXXX
Submitted Via: Web
Date Sent: 2021-05-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-05-11
Issue: Trouble during payment process
Subissue:
Consumer Complaint: I have two mortgages with Citizen Home Loans. One is paid from my XXXX XXXX XXXX Account to a loan secured by my primary residence in XXXX. The other is paid from XXXX XXXX to a loan secured by a second home in XXXX. For two months the servicer of the XXXX loan applied the payment to my XXXX loan. Therefore, 2 payments were applied to the XXXX loan for 2 consecutive months and I received late payment notices from Citizen Home Loans on the XXXX loan. Both times I called and they corrected the issue. HOWEVER ... they reported me as in default to the credit bureaus and my credit score has since dropped 91 points for two defaults. I have never had a default in my life and i have asked them to notify the credit bureaus multiple times by phone, email and now by letter ( sent fed ex ) and they have not. I need help forcing them to rectify the situation immediately, remove the two default notices and do what it takes to fix my credit score.
Company Response:
State: GA
Zip: 300XX
Submitted Via: Web
Date Sent: 2021-05-18
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-05-11
Issue: Managing an account
Subissue: Deposits and withdrawals
Consumer Complaint: On XX/XX/XXXX I opened an account with Citizens Bank using {$20.00} transferred from another bank account. On XX/XX/XXXX I used mobile deposit ( in the app ) to deposit a check for {$1200.00}. Per their own funds availability policy if there is an extended hold {$220.00} should have been made available and the rest held. The next morning {$220.00} showed available, but I did not yet have my debit card. So I went to the bank to withdraw it to pay my electric bill which was scheduled to be shut off on Saturday. By the time I got to the bank the {$220.00} was taken back. I decided to give it another day or two. On Saturday, still seeing that the check is on hold but unable to tell when it will be released, I called the local branch. The girl told me that the hold is scheduled until THURSDAY ( XXXX ) then told me not to use mobile deposit for my checks and that she can't help me now " even if she wanted to ''. She agreed to talk to " back office '' on Monday. Meanwhile my electric gets shut off. Yesterday ( Monday ), I get call, the girl from the branch tells me that she didn't bother calling back office because her branch manager said they can't help me. Soo, the branch manager TOLD someone not to help a customer. I hung up with her and immediately called the customer service line. As I'm on hold, I get my debit card in the mail. I think, good, I can at least withdraw the {$20.00} I had in there. NOPE. Citizens bank froze my card with no warning and held it for " account review ''. So now, not only can I not access my {$1200.00}, but I can't even touch the {$20.00} that was already cleared. Once I finally ( 20 minutes later ) get someone on the line I explain all this to them and they say that something on the check didn't look right, and that's why the extended hold. This is a XXXX check, that I was able to call XXXX in 2 minutes and verify that it was good. But I'm told only the mythical " back office '' can do anything. They started a claim for me ( XXXX ) but told me the back office may not get back to me until Thursday. So basically STALLING so they don't have to release the check hold. At no point did the app tell me that I wouldn't have normal access to the funds. At no point did I get anything saying they would disregard their funds availability policy and not only that, but freeze my card so I couldn't even use the {$20.00} that is in my account. At this point I just want my funds RELEASED. I have been without electric since Saturday. I can not heat, cool, cook, flush my toilet ( electric well pump ), or even heat up a freaking baby bottle. Meanwhile Citizens does EVERYTHING in it's power to delay helping me.
Company Response:
State: PA
Zip: 170XX
Submitted Via: Web
Date Sent: 2021-05-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-05-11
Issue: Getting a loan
Subissue: Problem with signing the paperwork
Consumer Complaint: On, XX/XX/2021, I submitted my application to CitizensBank. In their advertisement, they stated that the process would be stress free, instead it has become a nightmare, after they conducted a hard pull on my credit. They asked me to submit my paystubs, which I did and stated the sources of my income. I provided authenticated proof from the employer [ letter ] and on XX/XX/2021, they sent me a follow-up email stating that the documents I submitted [ which by the way are actual documents from the XXXX XXXX XXXX Department of Education ]. I uploaded per their request as they authenticate the sources of income. Again, on XX/XX/2021, the refused the authenticated documents that I submitted and are now asking for my all my W2s. I find the process as having me jumping through hoops rather than addressing the authenticated documents sent from my employers. I am filling this complaint since under the ECOA, it is unlawful for a lender to discriminate on a prohibited basis in any aspect of a credit transaction, and under both the ECOA. Under one these laws, a lender may not, because of a prohibited factor : Fail to provide information or services or provide different information or services regarding any aspect of the lending process, including credit availability, application procedures, or lending standards. Discourage or selectively encourage applicants with respect to inquiries about or applications for credit. Refuse to extend credit or use different standards in determining whether to extend credit.
Company Response:
State: DE
Zip: 198XX
Submitted Via: Web
Date Sent: 2021-05-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-05-10
Issue: Opening an account
Subissue: Confusing or missing disclosures
Consumer Complaint: I walked into Citizens Bank on Thursday XX/XX/2021 to open a new business management account for NH XXXX XXXX XXXX. I walked in and there was very little literature available to read at the location on XXXX XXXX XXXX XXXX, NH XXXX. There was a teller working and assisting consumers. I walked to one of the office doors to read the marketing and products offered at Citizens Bank. When I stood there XXXX XXXX opened the door and didn't know I was there. " Sorry, '' he said. " I did not mean to hit you. '' I asked him, " What do you do here? '' I took one of his business cards that notifies the consumer he is a XXXX XXXX. I asked him, " What are you managing? '' XXXX XXXX said to me, " You have to go talk to XXXX. '' I was not happy with his recommendation. If XXXX is managing wealth in the community he is directing people where to go or talk to XXXX. I do not feel safe with his management at Citizens Bank. I have no idea who XXXX is and I have no idea what companies XXXX XXXX works with or what his portfolio looks like. I am not sure if XXXX XXXX is an honest wealth manager at Citizens Bank. I feel XXXX XXXX is frauding the consumer and stealing money and personal information. XXXX XXXX does not work with my NH XXXX XXXX XXXX and he is not an approved manager.
Company Response:
State: NH
Zip: 03060
Submitted Via: Web
Date Sent: 2021-05-11
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-05-10
Issue: Struggling to repay your loan
Subissue: Can't get other flexible options for repaying your loan
Consumer Complaint: I took student loans in XXXX, XXXX, and XXXX to pay for my XXXX education at XXXX XXXX XXXX NY. All these loans were taken based on a " deferred '' payment arrangement starting in XX/XX/XXXX and onward. For my career enhancement, in XX/XX/XXXX, I left XXXX XXXX and registered in a foreign MD medical school that is not approved by my lender. Due to this, my lender has stopped giving me additional funds and also forced me to start the monthly instalments immediately instead of following the agreed " deferred '' plan. They are not appreciating that I am not asking for more funds and my outstanding loan relates to an eligible school XXXX XXXX XXXX XXXX and I have not drooped out of college and in fact pursuing a much higher professional education on a full time basis. My loan also had my aunty as a co-signer. Now my Dad is paying my monthly instalments but the lender has refused to replace my aunty with my Dad as co-signer.
Company Response:
State: NJ
Zip: 08540
Submitted Via: Web
Date Sent: 2021-05-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-05-10
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: I am writing this letter to file a complaint against Citizens Bank. I applied for a mortgage with Citizens all the way back in XX/XX/2020 and I am still waiting to close the loan so that I can use the cash for my project yet the bank is stalling the process by constantly telling me that I am almost there without giving out any details or properly responding to my messages. Most messages to my loan processor are not returned. I could have worked with another bank if they honestly told me that it would take longer than 6 months to get a mortgage from Citizens but I have wasted many months waiting for them to close this loan so that I can move on with my life. The loan officers try to make your application look as if you just started the process in order to make the back log numbers under control by telling customers that their file has just been completed months after the customer 's original application date. If you audit this bank you will also notice that they have a long back log of customers waiting for an approval since they have very poor IT infrastructure. It is very common for them lose your documents and and ask for bits and pieces of documentation although I have provided the same document months ago. Institutions with poor infrastructure like Citizens are slowing down flow of credit to XXXX consumers despite tremendous efforts our government has provided in order to prop up the XXXX economy. However credit is being held up by institutions like this due to poor management and poor infrastructure. I have significant amount of documentation I can provide to show how poorly managed the underwriting process is.
Company Response:
State: NJ
Zip: 07024
Submitted Via: Web
Date Sent: 2021-05-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-05-10
Issue: Applying for a mortgage or refinancing an existing mortgage
Subissue:
Consumer Complaint: In early XX/XX/XXXX, I submitted refinancing loan applications for two properties ( Cottage 1 and Cottage 2 ) with Citizens Bank, which holds the existing mortgages on both properties. I paid for {$480.00} each for appraisals on both properties. The applications were taken by Mr. XXXX XXXX, a Citizens Bank representative. After submitting all the necessary documents needed for the application process on both loans, I waited to hear from Citizens. I received occasional emails from Citizens asking for more documents, which were provided in a timely manner. I also exchanged emails with Mr. XXXX on several occcasions regarding the status of the loans. I have 2 other properties ( not the ones being refinanced ) which were in forebearance, and mentioned this to Mr. XXXX. I was advised by Mr. XXXX that it did not matter that it would be ok so long as the loans in forebearance were not the ones being refinanced. After several months of not hearing from Citizens, I contacted a Ms. XXXX XXXX, in Rhode Island, a Citizens loan officer, who advised me, by email, that the underwriters had approved the loan and that they were working on getting an approval letter sent to me. Sometime in XXXX, I received an email denying my loan on Cottage 1. The denial letter was not very specific, so I called Citizens and spoke with a Mr. XXXX XXXX XXXX ( XXXX ). He advised that the loan was denied principally because two of my other home mortages were in forebearance, and stated I had to get out of forebearance and have three months mortgage payments made on said other properties since then to qualify for the refinance. I advised MrXXXX XXXX that the loans had been removed from forebearance since XXXX, and that payments had been made for two straight months. He advised to pay off the third month ( XX/XX/XXXX ), and then I could reapply. He said he would discuss the matter with Mr. XXXX to see what could be done. I informed Mr. XXXX that had Citizens informed me before the denial of this contingency, I could easily have cured the defect and we could have avoided a denial. Since then and to date, I have heard nothing more from either Mr. XXXX or MrXXXX XXXX as to the refinancing application for Cottage 1. As to the refinancing application for the Cottage 2 property, I have heard nothing at all for about 3-4 months. I have not received a letter of denial, nor whether it is still being processed. Yet, I paid for an appraisal fee but have received nothing but silence from Citizens regarding Cottage 2 application, nor what has happened to my desire to continue with the refinancing application for Cottage 1. I have complied with all that Citizens has asked of me and yet I receive no feedback or information from Citizens on both loan applications.
Company Response:
State: PA
Zip: 19006
Submitted Via: Web
Date Sent: 2021-05-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2021-05-10
Issue: Getting a loan
Subissue: Fraudulent loan
Consumer Complaint: I am a victim of Identity theft. Please delete or remove this item on my behalf. This item is not mine and this is greatly affecting me and my personal life. I request that you block the following information and Please let me know if you need any other information from me to block this information from my credit report. Thank you
Company Response:
State: GA
Zip: 316XX
Submitted Via: Web
Date Sent: 2021-05-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A