ED Magedson – Founder
CitiMortgagage1000 Technology Drive O'Fallon,, Missouri USA
CitiMortgagage Citibank N.A Mortgage Unusual rules mentioned one day before closing O'Fallon, Missouri
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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