PTS Posted July 19, 2006 Posted July 19, 2006 PREFACE: I need to vent, so I'd do it here. At the end of March this year, I opened up a SONYMA mortgage application with CitiMortgage. SONYMA is a program thru New York State for first time home buyers which I am. The application was registered March 31st. My bid on was reject but on May 10th I made a bid on another house that was accepted. It's my dream house. Everything I wanted that I could afford at this time in my life. The mortgage application was still active so I supplied them with all the goodies they needed to make this deal go down. I went on a three week vacation in June (bad timing) but made sure they had everything they needed from me. Each week I checked in and made sure the application was moving forward. So when I got back home, I received a letter in the mail stating I needed to "jump through hoops" in the next five days or the application will be cancelled. I called up my loan specialist and she assured me the letter was wrong. She then mentioned she's going on vacation for a week but someone else in her department will handle my needs. Then I find out the lawyers never receive a copy of the mortgage commitment letter from Citi. I called them up for three days with no answer. The b*tch filling in didn't want to return my calls or e-mails. So I call a manager on day two. The manager didn't even call me back originally. Finally after refusing to get off the phone until a manager picked up, they apologized and told me that they "accidentally" kept calling the wrong applicant who has the same first name as me. WOW! Are you kidding me? Nevertheless, I got my commitment letter last week about a month after I should have received it. I was supposed to close on the property this Friday which won't happen because the application still needs to be approved by NY State, again, something that should have been done weeks ago. Now the sellers people are calling my realtor and pretty much threatening to rip up my contract. I feel horrible because they are moving to Ohio and are waiting on me but there is nothing I can do at this point. I wanted to get into that house this Friday and had all my deliveries scheduled for then. I bought all new appliances specifically for that house and now I'm in freaking limbo because of the stupidity of the people at Citi. For all the bull crap people can sue for nowadays, here's an example of a company just f-ing with the lives of two families and you can't do crap about it. I wish the :I starred in Brokeback Mountain: smilie was still here because I'd sent to my friends at Citi. </vent off>
Crap Throwing Monkey Posted July 19, 2006 Posted July 19, 2006 PREFACE: I need to vent, so I'd do it here. At the end of March this year, I opened up a SONYMA mortgage application with CitiMortgage. SONYMA is a program thru New York State for first time home buyers which I am. The application was registered March 31st. My bid on was reject but on May 10th I made a bid on another house that was accepted. It's my dream house. Everything I wanted that I could afford at this time in my life. The mortgage application was still active so I supplied them with all the goodies they needed to make this deal go down. I went on a three week vacation in June (bad timing) but made sure they had everything they needed from me. Each week I checked in and made sure the application was moving forward. So when I got back home, I received a letter in the mail stating I needed to "jump through hoops" in the next five days or the application will be cancelled. I called up my loan specialist and she assured me the letter was wrong. She then mentioned she's going on vacation for a week but someone else in her department will handle my needs. Then I find out the lawyers never receive a copy of the mortgage commitment letter from Citi. I called them up for three days with no answer. The b*tch filling in didn't want to return my calls or e-mails. So I call a manager on day two. The manager didn't even call me back originally. Finally after refusing to get off the phone until a manager picked up, they apologized and told me that they "accidentally" kept calling the wrong applicant who has the same first name as me. WOW! Are you kidding me? Nevertheless, I got my commitment letter last week about a month after I should have received it. I was supposed to close on the property this Friday which won't happen because the application still needs to be approved by NY State, again, something that should have been done weeks ago. Now the sellers people are calling my realtor and pretty much threatening to rip up my contract. I feel horrible because they are moving to Ohio and are waiting on me but there is nothing I can do at this point. I wanted to get into that house this Friday and had all my deliveries scheduled for then. I bought all new appliances specifically for that house and now I'm in freaking limbo because of the stupidity of the people at Citi. For all the bull crap people can sue for nowadays, here's an example of a company just f-ing with the lives of two families and you can't do crap about it. I wish the :I starred in Brokeback Mountain: smilie was still here because I'd sent to my friends at Citi. </vent off> 725437[/snapback] You got off easy. You should hear some of the horror stories my wife brings home from work.
inkman Posted July 19, 2006 Posted July 19, 2006 You got off easy. You should hear some of the horror stories my wife brings home from work. 725443[/snapback] Those rub-n-tugs can get quite messy... Just kidding, I would have felt a lot better having known you or your wife before making this post but the comedic value was too good to pass up.
Crap Throwing Monkey Posted July 19, 2006 Posted July 19, 2006 Those rub-n-tugs can get quite messy... Just kidding, I would have felt a lot better having known you or your wife before making this post but the comedic value was too good to pass up. 725445[/snapback] No problem. It would have had to make sense for me to be offended by it. Wife works in real estate - does closings, actually, so she works with lenders closely on a daily basis. Most lenders are idiots. Some are dishonest. But most mortgage officers are simply people who couldn't cut it selling used cars...
MattyT Posted July 19, 2006 Posted July 19, 2006 I've heard that SONYMA is a nightmare of BS. Tough luck.
PTS Posted July 19, 2006 Author Posted July 19, 2006 I've heard that SONYMA is a nightmare of BS. Tough luck. 725450[/snapback] Yeah, I found that out the hard way. However, their offers were all so enticing. I should have known anything to do with NY state should automatically be ignored. In hind sight, I'd go back in time and take a larger interest rate just so I didn't have to deal with this crap. The bottomline, however, is that SONYMA isn't messing up (yet). It's Citi, they haven't done anything correctly on their end to date. Plus, my realtor had another client who bought a home with SONYMA a week after me and he moved into his house two weekends ago.
KD in CA Posted July 19, 2006 Posted July 19, 2006 Nice to see Big Government providing quality services for the people. Maybe if they had more funding they'd get their act together.
PTS Posted July 19, 2006 Author Posted July 19, 2006 Nice to see Big Government providing quality services for the people. Maybe if they had more funding they'd get their act together. 725505[/snapback] The funny part of this loan is it is designed for younger people and/or couples as an incentive to stay in New York State. Here's an update on my situation: I called the manager again today and went to town on her voicemail. I held back before but I couldn't take it anymore. Seconds later she called me and in her conversation I caught her staff in a blatant lie with proof documenting what they told me. Needless to say, my application is expect to be finalized by Tuesday. But I'll believe that when I see it.
Crap Throwing Monkey Posted July 19, 2006 Posted July 19, 2006 PREFACE: I need to vent, so I'd do it here. At the end of March this year, I opened up a SONYMA mortgage application with CitiMortgage. SONYMA is a program thru New York State for first time home buyers which I am. The application was registered March 31st. My bid on was reject but on May 10th I made a bid on another house that was accepted. It's my dream house. Everything I wanted that I could afford at this time in my life. The mortgage application was still active so I supplied them with all the goodies they needed to make this deal go down. I went on a three week vacation in June (bad timing) but made sure they had everything they needed from me. Each week I checked in and made sure the application was moving forward. So when I got back home, I received a letter in the mail stating I needed to "jump through hoops" in the next five days or the application will be cancelled. I called up my loan specialist and she assured me the letter was wrong. She then mentioned she's going on vacation for a week but someone else in her department will handle my needs. Then I find out the lawyers never receive a copy of the mortgage commitment letter from Citi. I called them up for three days with no answer. The b*tch filling in didn't want to return my calls or e-mails. So I call a manager on day two. The manager didn't even call me back originally. Finally after refusing to get off the phone until a manager picked up, they apologized and told me that they "accidentally" kept calling the wrong applicant who has the same first name as me. WOW! Are you kidding me? Nevertheless, I got my commitment letter last week about a month after I should have received it. I was supposed to close on the property this Friday which won't happen because the application still needs to be approved by NY State, again, something that should have been done weeks ago. Now the sellers people are calling my realtor and pretty much threatening to rip up my contract. I feel horrible because they are moving to Ohio and are waiting on me but there is nothing I can do at this point. I wanted to get into that house this Friday and had all my deliveries scheduled for then. I bought all new appliances specifically for that house and now I'm in freaking limbo because of the stupidity of the people at Citi. For all the bull crap people can sue for nowadays, here's an example of a company just f-ing with the lives of two families and you can't do crap about it. I wish the :I starred in Brokeback Mountain: smilie was still here because I'd sent to my friends at Citi. </vent off> 725437[/snapback] Just talked to the wife about this. She shared a few things: 1) It's normal. CitiMortgage's no better nor worse in this regard. 2) Her words: you had no business going on vacation for three weeks when you're buying a house. The example of "why not" she gave is: even if the mortgage company had everything they needed, had the state come back saying "We need this, too" (which can happen - happened to us), you'd have been SOL. I tend to agree with her sentiment, if not her phrasing. Bad timing, like you said...but my wife is very unforgiving about things like that, since she has to deal with it on a daily basis from buyers, sellers, developers, lenders... Having bought a house a few months ago, I just can't see how you managed to find time for a vacation. 3) She says you should also ask them to waive their garbage fees - document preparation, application fees, doc review, and such. Least they can do in compensation. 4) The seller would be absolutely insane to rip up your contract and start anew. They've got a buyer in hand (you), so what they're threatening is to start the process over from the beginning over a few days' of scheduling. Also...read your contract carefully. They may not even be able to "rip it up"; as you have the commitment letter in hand, they may have to give you an extra week or two to get the loan approved...or, if they rip it up, you have grounds to sue them on breach of contract (you get your deposit back anyway...but you can go after them for your costs in buying the house and appliances, as well.) But if they seriously threaten to rip up the contract, just reasonably point out that it'll just delay their move to Ohio that much more...
mcjeff215 Posted July 20, 2006 Posted July 20, 2006 Didn't Citi get slammed with agressive lending or whatever it's called a while back? Primerica funneling in and whatnot? Both Citi companies...
Crap Throwing Monkey Posted July 20, 2006 Posted July 20, 2006 Didn't Citi get slammed with agressive lending or whatever it's called a while back? Primerica funneling in and whatnot? Both Citi companies... 725683[/snapback] It depends. As far as I know, "predatory lending" is determined on a state-by-state basis. Citi hasn't been nailed in this area for it, and shouldn't be, to the best of my knowledge...but other jurisdiction may define it differently. (And yes, all lenders are predatory to some degree. REAL predatory lenders, though - the "Oh, you were late paying your credit card last month? Your interest rate's now 30%" type - are pure evil.)
#89 Posted July 20, 2006 Posted July 20, 2006 just wait. CITI bought my mortgage this year and promptly raised it $70
plenzmd1 Posted July 20, 2006 Posted July 20, 2006 just wait. CITI bought my mortgage this year and promptly raised it $70 725842[/snapback] What, they can't raise your mortgage arbitrarily. You either have an ARM or something similiar, or your getting hosed and need to do something bout it. I have always said services mortgage loans has to be the best business in the world. Not originating, but servicing. Great thing is once you have someones loan, only way they switch their business is to get a new mortgage. And if your locked in at low rate, no matter how bad the customer service is , there is no way your switching. Man, what an exit barrier!!!!!!!!!!
PTS Posted July 20, 2006 Author Posted July 20, 2006 Unfortunately, this vacation was planned about four years ago. I went to Germany for the World Cup. Like I said, before I left I made sure they had everything. Not only that, I got a Power of Attorney to allow my girlfriend to execute and supply the mortgage company any information required while I was gone. She had all my files and any information they could possibly ever need access to. Couple that with me calling in each week, I don't think me being away had anything to do with it other than the fact I was there to call them everyday. However, it shouldn't be my job to make sure they are doing their job. 2) Her words: you had no business going on vacation for three weeks when you're buying a house. The example of "why not" she gave is: even if the mortgage company had everything they needed, had the state come back saying "We need this, too" (which can happen - happened to us), you'd have been SOL. I tend to agree with her sentiment, if not her phrasing. Bad timing, like you said...but my wife is very unforgiving about things like that, since she has to deal with it on a daily basis from buyers, sellers, developers, lenders... Having bought a house a few months ago, I just can't see how you managed to find time for a vacation. 725619[/snapback]
taterhill Posted July 20, 2006 Posted July 20, 2006 Unfortunately, this vacation was planned about four years ago. I went to Germany for the World Cup. Like I said, before I left I made sure they had everything. Not only that, I got a Power of Attorney to allow my girlfriend to execute and supply the mortgage company any information required while I was gone. She had all my files and any information they could possibly ever need access to. Couple that with me calling in each week, I don't think me being away had anything to do with it other than the fact I was there to call them everyday. However, it shouldn't be my job to make sure they are doing their job. 725973[/snapback] I have heard lenders want you to avoid spending too much time in the can, before your loan closes....
Crap Throwing Monkey Posted July 20, 2006 Posted July 20, 2006 Unfortunately, this vacation was planned about four years ago. I went to Germany for the World Cup. Like I said, before I left I made sure they had everything. Not only that, I got a Power of Attorney to allow my girlfriend to execute and supply the mortgage company any information required while I was gone. She had all my files and any information they could possibly ever need access to. Couple that with me calling in each week, I don't think me being away had anything to do with it other than the fact I was there to call them everyday. Like I said...I have no problem with it. I don't see how you found the time, because I certainly couldn't have...but I have no problem with it. My wife's the one who takes issue with it...but she's unforgiving like that. Fortunately you don't have to live with it. Sounds too like you did everything you could have done to make things go smoothly while you were away. Most people wouldn't have even thought of giving someone a P of A. However, it shouldn't be my job to make sure they are doing their job. 725973[/snapback] You'd think...but you'd be wrong. One thing my wife continually tells buyers is that it is their job to make sure their lender is doing their job. When we bought, we were in contact with the lender every single day making sure they weren't dicking around with our loan. It is utterly amazing to me how many lenders will simply slack off and do nothing if the borrower cuts them any slack whatsoever. And as the lending industry goes, that's minor. Not infrequently, my wife gets the loan paperwork from the lender half an hour AFTER the closing starts (federal law requires them to provide it 72 hours before, because all parties should be getting a copy of the HUD-1 48 hours before...but no one ever enforces the law), with the explanation that "We're late because we want the borrower over a barrel so they'll accept our loan." One closing she had a few months ago, the mortgage company delivered the paperwork late...and jacked up the buyer's rate by a point, added a hefty refinance fee, and said "Take it or leave it...but we know you have to close right now since you're living in a hotel." Utterly corrupt...my wife reported those ass holes to the authorities. And the moral of the story is: RIDE HERD ON YOUR LENDER. You. Now. Still. Find out what title company's doing the closing, find out who's doing the closing, ask them when you can expect your HUD-1 (not the real number of the form - it's something like HUD form 993 Revision A (2003) or such, but everyone calls it the HUD-1), don't accept "You'll see it at the table" for an answer, and you personally make sure that your lender is getting your paperwork done and to the title company on time...because otherwise they won't. And no, it ain't right. It's just reality.
PTS Posted July 20, 2006 Author Posted July 20, 2006 Like I said...I have no problem with it. I don't see how you found the time, because I certainly couldn't have...but I have no problem with it. My wife's the one who takes issue with it...but she's unforgiving like that. Fortunately you don't have to live with it. Sounds too like you did everything you could have done to make things go smoothly while you were away. Most people wouldn't have even thought of giving someone a P of A. You'd think...but you'd be wrong. One thing my wife continually tells buyers is that it is their job to make sure their lender is doing their job. When we bought, we were in contact with the lender every single day making sure they weren't dicking around with our loan. It is utterly amazing to me how many lenders will simply slack off and do nothing if the borrower cuts them any slack whatsoever. And as the lending industry goes, that's minor. Not infrequently, my wife gets the loan paperwork from the lender half an hour AFTER the closing starts (federal law requires them to provide it 72 hours before, because all parties should be getting a copy of the HUD-1 48 hours before...but no one ever enforces the law), with the explanation that "We're late because we want the borrower over a barrel so they'll accept our loan." One closing she had a few months ago, the mortgage company delivered the paperwork late...and jacked up the buyer's rate by a point, added a hefty refinance fee, and said "Take it or leave it...but we know you have to close right now since you're living in a hotel." Utterly corrupt...my wife reported those ass holes to the authorities. And the moral of the story is: RIDE HERD ON YOUR LENDER. You. Now. Still. Find out what title company's doing the closing, find out who's doing the closing, ask them when you can expect your HUD-1 (not the real number of the form - it's something like HUD form 993 Revision A (2003) or such, but everyone calls it the HUD-1), don't accept "You'll see it at the table" for an answer, and you personally make sure that your lender is getting your paperwork done and to the title company on time...because otherwise they won't. And no, it ain't right. It's just reality. 726030[/snapback] I appreciate the advice and will definitely use it. I need to close by next Friday!
aussiew Posted July 20, 2006 Posted July 20, 2006 I appreciate the advice and will definitely use it. I need to close by next Friday! Definitely follow CTMs advice. Stay on them every day!!! Don't assume anything.
John from Riverside Posted July 20, 2006 Posted July 20, 2006 Didn't Citi get slammed with agressive lending or whatever it's called a while back? Primerica funneling in and whatnot? Both Citi companies... 725683[/snapback] You might be thinking of "CitiCorp" that dealt with Primerica (an evil evil company) Go through the history files for my nightmare in this area.... Citi Mortgage has actually been decent to me.....
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