CitiMortgage Review
Author: Rob K. Blake | Date: September 25, 2008 | Filed In: Mortgage Servicing
CitiMortgage is a subsidiary retail mortgage lender and servicer of parent Citigroup Inc. (NYSE: C) which has 200 million customer accounts and does business in more than 100 countries. We located a website, seven telephone numbers, and more than a few mortgage servicing complaints.
CitiMortgage Website and Phone Contacts
CitiMortgage Website: http://citimortgage.com
CitiMortgage Phone:
800-667-8424
(800) 283-7918
(800) 667-8424
(800) 283-7918
(636) 256-5000
(636) 261-2484
Address: 1000 Technology Drive, O’Fallon, MO 63368-2240
CitiMortgage Review
Any retail mortgage seller that services their own loans with this many consumer complaints ranging from mis-allocated payments to erroneous late fees should be avoided. They are big pushers of credit cards, home equity loans, and debt consolidation mortgages. Just click the link to read what I think of the debt consolidation mortgage.
From the standpoint of a bank customer who’s looking for a depositor bank, CitiBank even thought they have been hit by the mortgage crisis, should do better than most regional banks. But like all banks, never put more than $100,000 into any single bank.
It appears when I search for complaints against CitiMortgage, there are many. Click the link to see all the CitiMortgage complaints listed in Google.
BBB Activity on CitiMortgage
” The BBB processed a total of 17 complaints about this company in the last 36 months, our standard reporting period. Of the total of 17 complaints closed in 36 months, 0 were closed in the last year.”
See Comments Below to Add/Read Customer Opinions On CitiMortgage
We would really like to hear your experience with CitiMortgage so add your comments in the section below.
Thanks!
PS: If you are facing foreclosure and need information on how to save your home, check out our book, Stop Your Foreclosure Now!
Author: Rob K. Blake
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Rob
I actually financed my present home through you and that mortgage was sold to Citi. I have no complaints to date (knock on wood!).
I am extremely thankful I have a fixed rate 1st and 2nd! (my 2nd mortgage is through USAA FSB). I am glad I listened to you back then. We live in an older neighborhood where most of our neighbors have good financing from “back in the day” and our comps have been pretty stable (re. Zillow.com).
Matt
Citimortgage assessed a $1700 escrow arrearage and increased my escrow payment by 60% based upon the failure to credit escrow payments I already made(and which are reflected on the escrow account statement on their web site)and based on an incredibly bizarre determination that my city property taxes have increased 60% over the period from September, 2008 until October, 2009.The total city taxes in 2007 was $2800, and the total city tax from tax bills just now sent out for 2008 is around $ 3000.Nevertheless, Citibank insists the amount to be escrowed for city taxes has to be almost $4300 for a period through September,2009. Despite two lenghty phone calls to customer service representatives followed by three faxes containing detailed explanations of their errors and containing detailed letters from the city tax office about the amount of taxes due and the actual 2008 tax bills just now due showing clearly the amount of taxes to be paid, Citimortgage refuses to correct their errors, and advised me that I would have to submit 2009 city tax bills. The full amount of 2009 taxes will not be determined or payable until after the current one year escrow period and therefore would have no bearing on the escrow to be collected currently anyway. Customer Representatives offer no explanation as to why they could possibly think that that with current tax bills now out that the actual tax to be paid through escrow should be 60% more than the tax bills shown as owing. I am very concerned that this miscalculation of escrow to be collected is not just an error, but an example of rampant fraud in mishandling of escrow accounts by Citimortgage and other mortgage companies. As an attorney, I intend to investigate the possibility of a class action lawsuit against Citimortgage if this problem is not immediately resolved.I wonder if others are having the same problems.
I am having the same problem with citi and I called a lawyer today I have looked back over several years of escrow amounts before and after citi bought my mort.It does look like fraud to me.I have 5 complaints into the O.C.C.. After I pay for my $80.000 house it will have cost me around $400,000. Yea I would say it is fraud.Read The bottom of your escrow analaysis were it states you can’t get your checks back from your own bank.Because of the way they process your payment and then they add the processing fee to you.Read close.
same exact problem here. they insist on collecting more money from me than they plan to pay… it’s actually the second time it’s happened with my mortgage but i’m just now fed up about it.
i am planning on self-ecrowing (which they say the have to charge me $315 for the pleasure). but hey - at least i can add.
Mary Carden,
By reading vistor comments here, I too believe the servicers are over-reaching on their ability to collect escrows and for whatever reason appear to be over-escrowing on a number of clients. As an attorney you could research the successful lawsuit againist the former lender/servicer named Fleet Mortgage to see how they prevailed…
just a thought…
RKB
I have been fighting with Citimortgage for the last month with almost an identical scenario as yours. My escrow account has almost $4000.00 for property taxes due in Aug the first payment of which will be around $1300.00 by the time Aug rolls around they will have almost $7000.00 for a $1300.00 tax bill.
I have called them 5 times in the last month and all they do is lie to me with a different story every time.
I put over 30% down on my property just just 4 months ago and still have lots of equity but they refused to close the account and let me pay my own taxes.
They stated some RESPA guidelines but I do not have a HUD loan. It was my choice to sign up for an escrow account because I thought it would be convenient. This was a big mistake they’re keeping way way too much money and lieing to me every time I call them up. I hope they recorded all the phone contacts because I want to get copies of them.
I’m in on any class action law suit, they deserve to be sued, the way they treat good customers. This is the worst bank I have ever dealt with.
Have had a home loan (APR) with Citimortgage for past 6 years and have never had a LATE payment. The loan is for a small amount ($137,000). Responded to a promotional letter that THEY sent to my via overnight mail which stated for a $250 processing fee I could switch my APR loan to a FIXED. This would save me approximately $100 a month in payments. After faxing and sending all of the required forms which included Tax returns, proof of income, etc, over a 2 month period,they Denied the loan stating we do not grant credit under the terms and condition you have requested. I never asked for any terms or conditions. They processed it as a 30 year fixed which is what I responded to. Makes no sense to deny it if I am already faithfully making payments that are $100 higher versus restructuring the loan to a fixed that would have meant a $100 less payment. Now, I’m wondering what other Class A borrowers got screwed out of $250….Am now looking for a “reputable” company to re-fi at a fixed rate.
I feel your pain. I have a relatively small mortgage on my parent’s house. They are both deceased. Citimortgage bought the mortgage from ABN-AMRO and now it wants to almost double payments on this account for an escrow amount I dispute. I have sent them documentation showing that I have the requisite insurance and that I have paid the taxes (in fact I have a credit on the tax account because I have overpaid that). Same routine - constant calling; automated voicemails. When I try talking to these people they are like The Stepford Wives - they never have notes relating to your account so you always have to start from scratch; they never have a record of any documentation you’ve sent; they never know anything. I believe it is a deliberate tactic - if they bother you enough you’ll give in and send funds you don’t owe them. In my case it gets even more emotional - they keep asking for my father when it’s my name they have on file as the contact. Like I need to constantly be reminded that he’s dead? I’ve blown my stack with quite a few of them and am looking at other options for a remedy. These days when these corporate incompetents are getting bailouts we who are actually paying our bills should not be subjected to this behavior. I’m in on a class action or in the alternative a multi-party action. Any other avenues to follow? I’m working on my legislators as well. Thanks for listening.
What class action do you speak of ? Can we have that information?
Miriam,
Dont’ forget to report their behavior to your respective State Attorney Generals Office, the Federal Attorney General and HUD.
Hopefully with enough consumer pressure a government lawsuit could happen.
I had a mortgage with citimortgage
I tired to get help to save my home,but they did nothing but force me to sell and I lost my home and 10 acres..
I came out with nothing.. They,never returned my calls.. are try and help me..Now, Iam homeless with my daughter..
I to am having major difficulties with CitiMortgage! I am SO fed up and don’t know where to start or who to turn too. I live in Mississippi and after my mortgage was sold from my previous mortgage company to CitiMortgage, after Katrina my escrow has gone up 4 times. CitiMortgage does NOT send me letters advising me of the escrow increase, nor have they sent me a payment hike or a new coupon book. I have requested this many, many times and have yet to receive any of these items. They have failed to contact me on anything other then to day that I am late on payments when I have documentation stating that my payments were made, received and cashed. I actually no-longer send them checks in the mail or pay via automated services. I instead for the past year been going through my bank and having Official Checks sent expedited mail to them to assist in keeping better track and control of things. Again, this too has not helped! I have spoken to their Customer service representatives almost daily and for months have gotten no-where. Just this Friday I finally, while at the bank to get a pre-approved loan on a new vehicle learned that my credit score had gone from just under 700 to just above 500. Apparently, CitiMortgage has now reported me to the credit Bureaus and after getting on the speaker phone with the loan officer and CitiMortgage, for the first time in MONTHS I was advised that it “LOOKS” like my escrow had been raised AGAIN and therefore, without any notification from CitiMortgage, I am now behind by $628 after they include “UN-APPLIED FUNDS” in the amount of just over $500″ which has been sitting there for who knows how long, are added to the $628 payment???? Can they report you to a Credit Bureau for unpaid and unadvised escrow increases? Apparently, they have been taking money from my monthly payments and applying them to previous monthly escrow charges since March, making my regular monthly payments incomplete resulting in late fees and “late” payments! This is my first home so they are really working a number over on me and I just don’t know where to turn or who to ask for assistance to get this all straight, because I can honestly say that CITIMORTGAGE does NOT care about their customers and are only in it for their own earnings which are fraudulently made off of hard working citizens and not from any proper business ethics! Please advise me if you have any possible solutions. Thank you respectfully for your time!
Christine,
How about a campaign of all Citimortgage servicing clients reporting their atrocious behavior their respective State Attorney Generals Office? Combine that with a campaign to the Federal Attorney General and HUD…and you’ve covered all the bases and maybe build some momentum toward a government lawsuit.