Hey, Citi Mortgage? Go to hell.

[Pulsar]

I'm in the process of refinancing my house.

My loan is owned by Citi Mortgage. My new loan will be owned by Citimortgage. Citimortgage is handling the refinance and the loan officers are all Citimortgage. Hopefully you're seeing a trend.

I closed my refinance on Thursday. My old mortgage is paid on the 1st of each month, however because of my refi I do not pay for the the month of August. So at the closing, the loan officer told me to contact Citimortgage - even though the loan officer IS Citimortgage - to have them not take the money out.

Friday morning I called Citimortgage. They told me that wanted at least 7 days notice, and because I was already within that window they were going to take the money out. Even though it was not their money.

This took me aback. I asked to talk to their supervisor. I explained to the supervisor that:
1. Their company is handling the refinance
2. Their loan officer just handled closing
3. I do NOT owe them a payment on August 1 (which he even agrees with)
His response was the same. Less than 7 days, so they're taking the money out even if it's not theirs.

So I told him exactly what was going to happen. I was going to put a stop on any payments out of my account to citimortgage. I did so very politely.

His response was that it would go on my credit record as a missed payment.

To which I upped the anty. I have perfect credit. I have been making house payments for 15 years. If a company chose to try to take money out of my checking account which they were not owed, then tried to hit my credit report for the money which they were not owed, I'd happily file a lawsuit against them.

As of today, August 1st, a stop has been put on the Citimortgage payment. I am waiting to see if they really try to go after me to take money that they admittedly were not owed.

Fuck you citimortgage. Fuck you banks. Fuck you wallstreet.

Cliffs:
1. Citimortgage tries to take money they aren't owed.
2. Stop is put on the account to prevent it.
3. Citi threatens credit report if money they are not owed is not paid.
4. ????????

 

[spacejamz]

7 day notice to cancel an auto-draft seems reasonable. This is an automated process that has nothing to do with you owing a payment or not. The loan office has no control of this process.

How can the payment be missed if it is not owed?

 

[iRONic]

Reason #563895 I never set up autodraft payments.

 

[lupi]

yeah, thinking the autodraft wasn't a good idea.

 

[SpatiallyAware]

+1 never autodraft any payment. The guy can't just wave a wand at a huge company and stop that payment, although customer service-wise they certainly could've handled it better.

 

[Vdubchaos]

- say no to auto drafts
- say no to big banks

 

[DesiPower]

Nvm

 

[SlitheryDee]

Wait, so there's no provision at all for applying that payment to the new loan? They're really just stealing your money?

 

[OutHouse]

as other said never let anybody auto draft from your accounts. ive know way to many people get put in a bad spot because of this and you are one more to add to my list of examples of why auto draft is bad.

and as others have said they need more time to kill the job that does the auto draft.

maybe you should have stopped it when you decided that you were going to refi.

 

[lxskllr]

Wait, so there's no provision at all for applying that payment to the new loan? They're really just stealing your money?

That's what I don't understand. It's all going to same people. Seems like a trivial paper(electronic) problem.

 

[Bignate603]

Wait, so there's no provision at all for applying that payment to the new loan? They're really just stealing your money?

Not stealing, but they will create a credit on the account. After the account is closed he'd have to request that money to be refunded.

 

[SunnyD]

This is like the 4th or 5th story I've seen posted this year complaining about the same thing.

 

[boomhower]

Why is it so hard to stop and auto draft? Isn't this the modern world of fast computers and internet?

 

[KK]

Let me tell you about my experience with citimortgage and their refinance department. Like you, my loan was with citimortgage, and I was doing a refi with them. I had my account set up with auto draft payments, and we were to close toward the end of the month. Around the 20th of the month I get a letter saying that the payment was late. I go into my account and its still set up for autodraft but for some reason, probably because of the refi, it didn't process the payment. I go ahead and make that months payment. The end of the month refi closing comes along and the numbers were all fucked up, because we went from paying PMI based on 15-20% equity on the original loan to paying PMI based on 10-15% of the refi. It was only a couple thousand that would need to be paid down to to keep the PMI at the same levels. So we didn't end up closing at the end of the month, and they dicked around for another couple weeks. In the mean time I was fighting them on having to pay a late fee because it was their autodraft that failed to process the payment. Finally they wiped that out after being persistant. The next payment I wasn't sure the autodraft was going to fire off, after not seeing it fire off, I manually did a payment. Less than a day later, the autodraft fired off a payment, so that kinda sucked. Weeks went by and I didn't hear from citi. In the end, I called the local credit union, got a lower rate, the appraisal came in higher that citi's, and that got rid of the PMI. Fuck citimortgage.

 

[Pulsar]

Yeah, I've learned my lesson with Autodraft.

The fact that these chuckleheads think it's perfectly OK to take money that isn't theirs just blows me away. Does anyone here really think this would be acceptable if it was happening in the OPPOSITE direction? Say they accidentally sent me a check that I cashed, and my response was that due to my processing system they'd have to wait month to have their money returned.

At this point, if I hadn't closed, I'd be out the door and over to Quicken or any number of other folks.

 

[spacejamz]

Why is it so hard to stop and auto draft? Isn't this the modern world of fast computers and internet?

The system that CITI uses to service their mortgages is run on a mainframe written in COBOL, which is normal for companies who service the volume of loans they do.

This should answer your question.

 

[Pulsar]

The system that CITI uses to service their mortgages is run on a mainframe written in COBOL, which is normal for companies who service the volume of loans they do.

This should answer your question.

Judging by their current level of service, I would have guessed punch cards. Or perhaps a monkey on roller skates.

 

[amdhunter]

Pay your bills.

 

[MagnusTheBrewer]

Yeah, I've learned my lesson with Autodraft.

The fact that these chuckleheads think it's perfectly OK to take money that isn't theirs just blows me away. Does anyone here really think this would be acceptable if it was happening in the OPPOSITE direction? Say they accidentally sent me a check that I cashed, and my response was that due to my processing system they'd have to wait month to have their money returned.

At this point, if I hadn't closed, I'd be out the door and over to Quicken or any number of other folks.

You're looking at it from the perspective of a consumer.
The bank doesn't care about anyone's money but their own.
The bank has no interest in providing customer service.
The bank doesn't care about anyone's money but their own.
The bank doesn't care if you go to another lender, close your account or, bad mouth them til you're blue in the face.
The bank doesn't care about anyone's money but their own.
Are you starting to see a trend here?

Individual accounts and mortgages are too small to register on their quarterly reports. Hell, if you convinced a 1000 individual accounts to leave and go elsewhere, they STILL would not care.

 

[Doppel]

Pay your bills.

This isn't a bill.

 

[Red Squirrel]

Who gets a mortgage at Citi? That's like the place of last resort to go to, like when the bank wont approve because you already have too much debt. They are basically a shark loan company. It's good to know they're there for when you are really stuck, but it should be a last resort at all times.

 

[SSSnail]

Never auto draft - auto pay from your account!

 

[alkemyst]

Yeah, I've learned my lesson with Autodraft.

The fact that these chuckleheads think it's perfectly OK to take money that isn't theirs just blows me away. Does anyone here really think this would be acceptable if it was happening in the OPPOSITE direction? Say they accidentally sent me a check that I cashed, and my response was that due to my processing system they'd have to wait month to have their money returned.

At this point, if I hadn't closed, I'd be out the door and over to Quicken or any number of other folks.

You enter an automated payment system, you have to abide by the terms. The level of work to simple stop a single payment they are going to refund you anyway is rediculous to expect.

Not having at least the amount of a single mortgage payment you can float is sort of scary.

 

[DCal430]

I'm in the process of refinancing my house.

My loan is owned by Citi Mortgage. My new loan will be owned by Citimortgage. Citimortgage is handling the refinance and the loan officers are all Citimortgage. Hopefully you're seeing a trend.

I closed my refinance on Thursday. My old mortgage is paid on the 1st of each month, however because of my refi I do not pay for the the month of August. So at the closing, the loan officer told me to contact Citimortgage - even though the loan officer IS Citimortgage - to have them not take the money out.

Friday morning I called Citimortgage. They told me that wanted at least 7 days notice, and because I was already within that window they were going to take the money out. Even though it was not their money.

This took me aback. I asked to talk to their supervisor. I explained to the supervisor that:
1. Their company is handling the refinance
2. Their loan officer just handled closing
3. I do NOT owe them a payment on August 1 (which he even agrees with)
His response was the same. Less than 7 days, so they're taking the money out even if it's not theirs.

So I told him exactly what was going to happen. I was going to put a stop on any payments out of my account to citimortgage. I did so very politely.

His response was that it would go on my credit record as a missed payment.

To which I upped the anty. I have perfect credit. I have been making house payments for 15 years. If a company chose to try to take money out of my checking account which they were not owed, then tried to hit my credit report for the money which they were not owed, I'd happily file a lawsuit against them.

As of today, August 1st, a stop has been put on the Citimortgage payment. I am waiting to see if they really try to go after me to take money that they admittedly were not owed.

Fuck you citimortgage. Fuck you banks. Fuck you wallstreet.

Cliffs:
1. Citimortgage tries to take money they aren't owed.
2. Stop is put on the account to prevent it.
3. Citi threatens credit report if money they are not owed is not paid.
4. ????????

You sure your current loan is owned by Citi, and not FNMA or FHLMC? These people own most mortgages, like 60 to 70%. Citi might just be a servicer.

 

[DCal430]

Wells Fargo is the servicer of my loan, but my loan is owned by the FNMA.