• Report: #1066922

Complaint Review: CitiMortgagage

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  • Submitted: Sun, July 14, 2013
  • Updated: Sun, July 14, 2013

  • Reported By: user 123 — Winston Salem North Carolina
CitiMortgagage
1000 Technology Drive O'Fallon,, Missouri USA

CitiMortgagage Citibank N.A Mortgage Unusual rules mentioned one day before closing O'Fallon, Missouri

*Author of original report: pre-approval was taken already

*Consumer Comment: They should

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Hi,

I have recently applied for a Mortgage Loan. I was on a J1 Visa, I have qualified based on credit score, finances and all other creiteria.Lender ordered appriasal. But one day before the scheduled closing , lender informed me that I do not meet their creteria for Non Resident Global clients and they will need me to show 50,000$ post closing assets in a citibank account that is open for more than a year ( in addition to paying 30% of down payment on a property that is worth only 145k). I have initially agreed for 20% downpayment. Also they want me to show 100,000$ or 12 motnhs of PITIA reserves whichever is greater. This is clearly ridiculous as the 30% down payment, and this 100,000$ deposits in addition to closing costs would actually is 146,000K more than the price of the property if I were to purchase the home on cash. Its been more than 10 days and they have not sent any communication and reasons for their loan denial, apart from the phone calls or emails. Can anyone suggest me the best way to file a complaint or report them.


This report was posted on Ripoff Report on 07/14/2013 11:16 AM and is a permanent record located here: http://www.ripoffreport.com/r/CitiMortgagage/OFallon-Missouri-63368/CitiMortgagage-Citibank-NA-Mortgage-Unusual-rules-mentioned-one-day-before-closing-OFal-1066922. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Author of original report

pre-approval was taken already

AUTHOR: user 123 - ()

Hi,

Thanks for the response. Yes I did take the pre-approaval. I submitted all documentation including my visa and they never mentioned any other conditions. They did a rate lock for me. They ordered an appraisal of the home. They even contacted the closing attorney once and enquired about their closing fees and cost of title services. And I did see on their website under approval details, that most of regular conditions were checked verified and completed. However, in the processing details they added conditions like , I need to show 50,000$ in post closing assets that should be in a Citibank account for more than a year. They also added that they would need 100,000$ or 12 months of PITIA reserves whichever is greater. I asked them why they did not mention about these rules or guidlelines to me in the pre-approval stage, there is no answer. I think these conditions are Citibank policy or their guidelines and not definitely Fannie Mae or FreddiMac guidelines, because I never heard of any such rules. Even I confronted them with a CitiMortgage own document that mentioned they would need just 20 % down payment , and no such rules to deposit 50,000$ , they mentioned that these rules have never changed and they always had this requirement. Then my question was if they had such rules , then why were they not revealed to me during the pre-approval stage it self? there is no answer from them. I have asked for a Denial letter with an explanation of reasoons for denial. It is been 13 days since the laon was supposed to close but they have not sent any communication so far to me. I would definitely report to Federal trade commision and other agencies concerned regarding their illegal business practices.

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#2 Consumer Comment

They should

AUTHOR: MochaG - ()

If you are not qualified for the mortgage, they should be able to tell you exactly what and why you are not qualified for. The J1 visa status alone cannot disqualify you from a mortgage loan.

If they do not tell you the exact disqualification or you feel that it is unfair practice, you could report this to FTC (www.ftc.gov) due to their business practice. You could try to find another lender and should try to get a pre-approved letter from them before you attempt to buy another property (so that you wouldn't fall into the same situation).

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