CIT BANK, NATIONAL ASSOCIATION

2017-08-14

Bellaire, TX

Getting the loan

Payday loan, title loan, or personal loan: Installment loan

Complaint: XXXXXXXXXXXX said my score has to be above 580 with XXXX and 4 trades line my score is way above that with way more than 4 trades line decline my loan for no reason so if my attorney file a complaint they will have decline same credit tier remember XXXX was sued b/c of discrimination for 100 millions of dollar!!!!!!
Company Response: Closed with explanation

Timely Response

2017-08-14

Chicago, IL

Struggling to pay mortgage

Mortgage: Reverse mortgage

Complaint: On XXXX/XXXX/2017 CIT Bank file foreclosure against the XXXX whom is still living as to date. CIT Bank claiming the XXXXyear-old homeowner failed to pay his property taxes without giving him any resolution to how he can pay if any back taxes or insurance. Financial Freedom Senior Funding provided the reverse mortgage and has charge the homeowner with insurance that exceeds the amount he able to pay. Therefore, CIT file the foreclosure on behalf of the property taxes and insurance. This is unfair to the homeowner as well as his beneficial. To lose his home for reason stated. We are aware that Financial Freedom has defraud many senior homeowners with wrongful foreclosure in order to file insurance claims just to capitalize these innocents victims.
Company Response: Closed with explanation

Timely Response

2017-08-13

San Jose, CA

Problem with a credit reporting company's investigation into an existing problem

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Problem with personal statement of dispute
Company Response: Closed with explanation

Timely Response

2017-08-11

Center Creek, UT

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Credit inquiries on your report that you don't recognize
Company Response: Closed with explanation

Timely Response

2017-08-10

DE

Opening an account

Checking or savings account: Savings account

Unable to open an account
Complaint: I tried to open an online saving account in XXXX XXXX 2017 and XXXX XXXX 2017 with CIT bank ( online ), but they rejected my application without a legit reason. I feel really offended and discriminated during the process. First time ever to have the issue with opening a saving account
Company Response: Closed with explanation

Timely Response

2017-08-09

Meadowview, PA

Opening an account

Checking or savings account: Savings account

Didn't receive terms that were advertised
Company Response: Closed with monetary relief

Timely Response

2017-08-09

Lexington, KY

Trouble during payment process

Mortgage: Other type of mortgage

Company Response: Closed with explanation

Timely Response

2017-08-09

Key Biscayne, FL

Opening an account

Checking or savings account: Savings account

Unable to open an account
Complaint: I tried to open a high yield savings account with CIT Bank. on XX/XX/XXXX I received an email from them saying the following : Thank you for your recent application for a CIT Bank account. Unfortunately, after further review, CIT is exercising our right to decline your application for an account with our institution due to potentially high risk or undesirable activity. If you have any questions regarding this decision, please contact the CIT Bank Application Referrals Department at ( XXXX ) XXXX, Monday through Friday, XXXX to XXXX EST. I called the number above on XX/XX/XXXX to find out more about what they meant by, " potentially high risk or undesirable activity ''. The first guy I spoke to said that they could not verify who I was and that is why the account was rejected. I asked him with whom they tried to verify the information with so that I could contact them and correct any mistakes. His response was, " that is proprietary information that he could not tell me. '' I then asked to speak to his supervisor. The supervisor came on the phone and said they could only discuss what was in the email. I pointed out to him that the email stated, " If you have any questions regarding this decision, please contact the CIT Bank Application Referrals Department, '' and that I wanted to know more about how the decision was reached. He had the same reply that it was proprietary information. I asked him who I could escalate to next and he said there was no one else above him. I would like to know why they are not able to verify me. I have multiple credit cards, a mortgage, and savings and checking accounts with XXXX XXXX XXXX. I have also previously had student and car loans. I find it hard to believe that they are not able to confirm my identity and their reluctance to explain how they could not verify me is very troublesome.
Company Response: Closed with explanation

Timely Response

2017-08-07

Stevenson, MD

Struggling to pay mortgage

Mortgage: Home equity loan or line of credit (HELOC)

Complaint: The subject Loan is a HELOC and is collateralized by a second deed of trust lien on a single family home property located at, XXXX, Maryland XXXX ( Property ) and was originated by XXXX XXXX in XX/XX/XXXX. The Loan had a maximum credit limit of {$130000.00}. In early XX/XX/XXXX the Loan was frozen, with a balance of approximately {$120000.00}, thus, no further disbursements could be made against the account. On XX/XX/XXXX XXXX was closed and placed in receivership controlled by the FDIC. In XX/XX/XXXX XXXX was purchased at auction by OneWest Bank. OneWest purchased the loans, including the subject Loan, at various discounts based on type of loan and payment status. The purchase price of the various loan pools is outlined on schedule XXXX of the loan sale agreement. The subject Loan was current and paying as agreed, therefore, I believe the Loan was purchased at 58 % of the outstanding balance. The subject Loans outstanding balance at that time was approximately {$120000.00} which would have resulted in a purchase price of {$70000.00}. In XX/XX/XXXX OneWest Bank was acquired by CIT Bank for approximately {$3.00} XXXX dollars. According to CITs ( Bank ) XX/XX/XXXX Annual Report, page 24, the Bank utilized the purchase method of accounting to record the purchase of the loans, including the subject Loan. We knew that the Loans monthly payments would increase after the interest only period due to an adjustment in interest rate and the addition of an amortization period. We attempted several times with several different financial institutions to refinance and combine the existing first deed of trust loan and the Loan into a new loan. Given the market conditions of home prices in the area, the combined loans exceeded the value of the Property. Therefore we were never able to secure a loan since the Property was severely under water. On XX/XX/XXXX, we received correspondence that CIT acquired XXXX XXXX XXXX and that OneWest would be the servicing agent for the Loan. Knowing that the interest only period was expiring within the next 12 to 18 months, we were desperate for help and reached out to OneWest Bank via registered mail on XX/XX/XXXX, but received no response. On XX/XX/XXXX, another letter was sent via registered mail requesting assistance on the Loan. On XX/XX/XXXX, we received an email from CIT and a call from a XXXX XXXX XXXX. In the conversation with XXXX XXXX, I went over the looming problem of not being able to afford the increase in the monthly payment amount following the expiration of the interest only period. My wife and I exchanged several emails and information with OneWest, however according to OneWest, CIT would not be able to help unless we qualified for a 1st mortgage modification - a specific program designed for individuals who were behind on their first mortgage and nearing foreclosure. We were not in that situation and did not qualify for the modification. We complained and our issue was escalated to XXXX XXXX XXXX for assistance. We again laid out our situation for XXXX XXXX. XXXX XXXX asked for a hardship letter which we provided. Again, it came back that CIT bank could not help us. We received a letter on XX/XX/XXXX, going over various details and rational for declining our request for a short payoff. The letter also recommended we speak to its lending department for refinance options. We followed her suggestion and the CIT loan officer said they could not help in any way due to the loan to value ( LTV ) exceeding 100 %. The expiration of the interest only period is expiring on many of the HELOCs originated prior to the financial crisis of XX/XX/XXXX resulting in escalating defaults by borrowers and financial institution absorbing large loan losses. The Office of the Comptroller of the Currency ( OCC ), who regulates your bank, stated in a XXXX XXXX XXXX article dated XX/XX/XXXX, that financial institutions should strive to resolve matters with HELOC borrowers in order to mitigate financial damage to both borrowers and financial institutions. Current : We received a letter from CIT dated XX/XX/XXXX that informed us of the increase in the payment to approximately {$1500.00} and that if there is a potential hardship, to contact the bank to discuss options. We did contact the bank in XX/XX/XXXX and XX/XX/XXXX and were able to speak to a representative who instructed me to contact the Short Sale workout staff. They instructed me to put together a reasonable offer of a reduced final payment of my Loan and fax it to this number XXXX as well as mail it to the processing center in XXXX, TX. They did not provide a name to contact. We are in the process of refinancing the property in order to attempt to pay off the Loan held by your institution. We are working with XXXX XXXX and are quite far along in the process. Application, preliminary approval, and an appraisal were ordered by XXXX, under the guidelines and regulations of Dodd-Frank. On XX/XX/XXXX, we received a copy of the appraisal ordered by XXXX XXXX XXXX XXXX and paid for by us. Under the XXXX XXXX guidelines, as established in the Dodd-Frank legislation, our loan will be considered cash out refinance and we are limited to borrow a maximum of 90 % loan to value. According to the appraisal ordered by XXXX, the Property appraised for {$500000.00} ( see attachment 4 ). Based on the appraisal and XXXX lending guidelines, we can borrow a maximum of 90 % of the appraised value of the Property or {$450000.00}. After paying transaction costs and paying off the existing first lien, we have remaining funds of approximately {$80000.00}. ( which was low but a starting point ) On Monday XX/XX/XXXX, I called CIT bank and was informed I was denied the ability to work some kind of settlement. I spoke with XXXX who said I did not sent the package to the proper place. I then put together a package with my Taxes, proof of employment, pay stubs, a budget and an offer. This was faxed on Tuesday XX/XX/XXXX. I called on XX/XX/XXXX and found out I was denied again ... all because I was current on my payments. I spoke with XXXX ( ID number XXXX ) .... I was told that CIT policy is not to settle on any loan that is current and that for any settlement I had to fall behind in my payments or be in default and then contact the bank for a NON-GUARANTEED settlement offer. My ability to make payment is hampered moving forward and I HAD the ability to refinance and resolve this problem IF CIT would take a short payoff. I lowballed the offer and was NEVER able to speak to someone who help. No person contacted me directly at all. I find the unwillingness to negotiate a slightly reduced payoff unless I am in default unreal. They MIGHT deal IF I stop paying, ruin my credit and then be UNABLE to qualify to refinance. No one is thinking this through unless I am caused severe pain and TRUE hardship.
Company Response: Closed with explanation

Timely Response

2017-07-26

DC

Trouble during payment process

Mortgage: Reverse mortgage

Complaint: I am now XXXX years old and I live in XXXX, XXXX and own my home since XX/XX/XXXX. Back in XX/XX/XXXX, I began the process to get a reverse mortgage. My broker person works out of XXXX XXXX in XXXX. I was to finalize on this reverse in XX/XX/XXXX and then they kept finding different things that I had to provide them that pushed the date off and now we are in XX/XX/XXXX and we have not gotten there yet ... I informed my mortgage company -- CIT Bank of my plans and in XX/XX/XXXX they stopped taking my mortgage payments, I believe to push me into foreclosure. However, I wasnt worried about this because I knew that they knew that I was going to the reverse mortgage and get out of the relationship with them. The problem is that we are going into XX/XX/XXXX and I still have not closed on this new reverse mortgage, and my company -- while not allowing me to pay my mortgage, ( which also includes some shady stuff, which is the reason I want OUT from this company altogether! ), they are increasing the amount of money I am to pay them to have this mortgage by LEAPS AND BOUNDS!!! And I am not getting ANY real explanation from my broker .... or at least a reason that is reasonable!! Our last pay off deadline was XX/XX/XXXX and from XX/XX/XXXX to XX/XX/XXXX my company has increased the money I am to bring to the table {$6000.00}!! WHAT!!? The amount of money changes from one day to the NEXT day, where the pay off amounts from CIT are concerned! I believe I need some assistance from your bureau in this matter! One of my biggest concerns is that this process is offered to seniors -- persons over XXXX years old, so the banks probably believe they can tell old people ANYTHING and to PAY ANYTHING and they will pay it, REGARDLESS!! I really want to get the reverse mortgage, BUT I dont want to be SCAMMED! I believe they will retaliate against me if I push them on this because of how they, 1. stopped taking my mortgage payments -- then they wrote me & told me they sent me a check, WHICH THEY DID NOT DO!, 2. they will make it impossible for me to get the reverse because they will cost me out of it -- charging me so much that I wont have the money to pay it, and XXXX ... .AND by then, I will be in foreclosure, and not able to do ANYTHING! I think I am being SCAMMED! the CIT bank is a hard bank to talk to -- they are just out right MEAN and I hate to talk to them! they call me 40 times a day! the calls are intimidating ... Please help me! Thank you, XXXX XXXX XXXX XXXX XXXX XXXX XX/XX/XXXX XXXX
Company Response: Closed with explanation

Timely Response

2017-07-26

East Windsor, NJ

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-07-24

Co Spgs, CO

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Credit inquiries on your report that you don't recognize
Company Response: Closed with explanation

Timely Response

2017-07-20

Weston, CT

Closing an account

Checking or savings account: CD (Certificate of Deposit)

Can't close your account
Complaint: Complaint about CIT XXXX Customer Call center regarding account closing I had a 2-year $ XXXX CD with the CIT bank, which matured on XX/XX/XXXX. I never received a notice/reminder which the bank is supposed to send me well in advance. I called the bank on XX/XX/XXXX Saturday, to close out of the account but I was n't able to reach a human customer service after a long wait. I called back on XX/XX/XXXX, the first business day after the grace period ( ending XX/XX/XXXX, which is a Saturday ). The customer care team refused to close the amount without charging me penalty that 's the equivalent of 6 month interest. I requested to speak with the supervisor and anyone who has authority to close the account for me, despite the fact that I was a few hours past the " grace period. '' I was told the people I 'm speaking with do have the authority to close the account but they simply choose not to do so because they do not have to based on the CD terms. I was told that they will only make the exception if I, the account holder, was dead. The individuals I spoke with claimed to be XXXX XXXX and XXXX XXXX the call center manager. I requested a higher ranking officer at the bank and was given the name of XXXX XXXX, who was supposed the Vice President of the XXXX center. I looked up the names. It appears that XXXX is just another customer care manager. At the end of my wit, I inquired if I may switch to a shorter term CD. While they offer 6-months CD, XXXX told me the shortest they would let me do is 1 year. So I opted for that. Afterwards, I looked up online, CIT publishes a policy of option to withdraw full balance and interest after 7 days of CD funding date. I believe the call center staff refused my request to close the CD account and withdraw money not per policy, but out of fear of losing business and hurting performance. The customer service was abysmal and perhaps downright fraudulent.
Company Response: Closed with monetary relief

Timely Response

2017-07-18

Town Center, NJ

Struggling to pay mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-07-17

City Of Sunrise, FL

Trouble during payment process

Mortgage: Reverse mortgage

Company Response: Closed with explanation

Timely Response

2017-07-15

San Jose, CA

Incorrect information on your report

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2017-07-12

Oxford, GA

Managing an account

Checking or savings account: Savings account

Banking errors
Complaint: I OPENED MY SAVING ACCOUNT WITH CIT BANK ON XXXX XXXX,2017.THEY PROMISED ME BONUS AFTER THREE MONTHS OF OPENING ACCOUNT. SO FAR I DID NOT GET ANY THING FROM THEM. THEIR CUSTOMER SERVICE IS VERY BAD & ONE HAS TO WAIT FOR LONG TIME. IT LOOKS LIKE A SCAM TO ME.THIS BANK IS NOT TRUSTWORTHY AT ALL.
Company Response: Closed with explanation

Timely Response

2017-07-12

Newhall, CA

Managing an account

Checking or savings account: CD (Certificate of Deposit)

Problem with fees or penalties
Company Response: Closed with monetary relief

Timely Response

2017-07-12

Cape Coral, FL

Communication tactics

Debt collection: Other debt

Frequent or repeated calls
Company Response: Closed with explanation

Timely Response

2017-07-11

MT

Closing an account

Checking or savings account: Other banking product or service

Funds not received from closed account
Complaint: I am encountering difficulty with OneWest Bank, a division of CIT Bank, N.A. <P/>My mother XXXX XX/XX/XXXX of this year leaving the proceeds of an IRA to be divided amongst three beneficiaries. One of the three was already XXXX, the bank was given proof of this along with mother 's XXXX certificate. <P/>As my wife and I have been retired for some years now, my desire was to have OneWest Bank cut a check and mail it to me in Montana. OneWest Bank insists that in order for me to receive this inheritance I must open an IRA with them so that they might transfer the funds to that account in order to close that account ( a {$25.00} fee ) to send me a check. This being their policy. This strikes me as being both circuitous AND superfluous. <P/>What can be done to facilitate matters in this situation, getting them to simply send the specified amount?
Company Response: Closed with explanation

Timely Response

2017-07-10

Plymouth, FL

Closing an account

Checking or savings account: Other banking product or service

Funds not received from closed account
Company Response: Closed with explanation

Timely Response

2017-07-06

Cooper City, FL

Struggling to pay mortgage

Mortgage: Reverse mortgage

Company Response: Closed with explanation

Timely Response

2017-07-05

Jacksonville, FL

Trouble during payment process

Mortgage: Reverse mortgage

Company Response: Closed with explanation

Timely Response

2017-07-03

MA

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: This complaint is based on my attempt to obtain a conventional home mortgage loan from OneWest Bank, a division of CIT Bank. The loan officer pre-approved me for the required mortgage amount upon submission of relevant financial documentation. I also electronically signed and acknowledged the CIT Privacy Policy. A copy of the same is included herewith. As stated in the privacy policy, CIT does not share personal information with third party non-affiliates. When the mortgage application was sent over for underwriting, I received an additional credit authorization form. A copy of the same is also included herewith. The new credit authorization form requires the applicant to authorize release of personal information to any third party non-affiliate the bank chooses to do so. I was told I can not restrict sharing this information or decline accepting this condition. Based on talking to my legal counsel, it appears this indirect attempt by CIT Bank to force customers to authorize disclosure of personal information to third party non-affiliates may be illegal. I was urged to report this matter to the CFPB for further investigation. Considering the second authorization was disclosed only after the application goes into underwriting, most applicants may in the interest of time provide their consent. I value my privacy and protection of my personal identifiable information. Had to find an alternate lender who never required me to provide a similar third party disclosure consent. My closing was delayed by over two weeks and the sellers insisted I pay for the holding costs resulting from the delay. Would never have proceeded with the CIT Bank mortgage application if they had disclosed the second credit authorization form along with the original privacy policy.
Company Response: Closed with explanation

Timely Response

2017-06-19

La Vernia, TX

Improper use of your report

Credit reporting, credit repair services, or other personal consumer reports: Credit reporting

Credit inquiries on your report that you don't recognize
Complaint: i have about XXXX credit hard inquiries that were randomly on my account all within a weeks time frame. I did not make these inquiries as I was building my good credit starting at a score of XXXX , and these inquiries knocked me down to a score of about XXXX I have contacted the credit bureaus as well as the credit companies who processed the hard inquiries. They said it was authorized, although this was online transactions, that I did not do! I have authorized XXXX inquiries but at the time my ID was stolen by a former roommate, so I am assuming it was inquiries by this individual who no longer lives with me ... if not it has to be hackers!!
Company Response: Closed with non-monetary relief

Timely Response