CIT BANK, NATIONAL ASSOCIATION

2019-03-08

Pasadena, CA

Attempts to collect debt not owed

Debt collection: Mortgage debt

Debt is not yours
Company Response: Closed with explanation

Timely Response

2019-03-06

Baldwin Hills, CA

Closing an account

Checking or savings account: Checking account

Company closed your account
Company Response: Closed with explanation

Timely Response

2019-03-04

San Diego, CA

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: On XX/XX/2019, I opened escrow on a property with One West Bank 's home mortgage division, this is after multiple calls with the lender to get timelines and list of documents. On the same day, I sent ALL of the documents on the list of required documents to XXXX XXXX, the loan officer, no missing files. On XX/XX/2019, I called XXXX and she informed me that I need to sign some documents online. I immediately went online to sign and notice there was a mistake on one of the forms and told her to get it corrected and send back to me. It wasn't until XX/XX/2019, 10 days later, I called her to followup since I haven't heard anything, she told me that NOTHING has been done on their end and when I logged into their online portal, the wrong form was still in there. I asked her to get the processor to change the form. Effectively, she did NOT followup as she should have, and did not move the process along. 4 days later on XX/XX/2019, the day that I was suppose to sign off my loan contingencies, I received an email from XXXX telling me that the underwriter needed more documents and that the INITIAL review hasn't even been completed yet, and the purchase agreement clearly spelled out sign off of loan contingencies on XX/XX/2019, and that we were closing escrow on XX/XX/2019. On XX/XX/XXXX, initial hasn't even occurred yet. At this point we have wasted 3 weeks of time and nothing was moving along, AND she did not communicate or inform me or did ANYTHING to push things along. I then called her manager XXXX, who promised me that he would make some calls and move things along. Then I was emailed by another processor, XXXX who then 3 days later send me another LONG list of documents required by the underwriter. Both XXXX and XXXX seems very incompetent, and neither could explain to me what the underwriter wanted. They each gave me a complete different answer regarding a particular document that was needed. Their lack of understanding and knowledge of the underwriting process was absolutely ridiculous and unprofessional. After I had provided all the document requirement only to find out a day later when i proactively called the processor that she still needed 2 pieces of documents from the escrow and that she wasn't proactively obtaining, and refuse to submit the documents from underwriter until all of the documents are done. XXXX and XXXX, the processor are both non-communicative and I have to call them constantly just to get information, as they continue to hender process and extend my closing date. Their competence is costing me $ XXXX of earnest deposit that I owe to the seller and escrow, and this is unacceptable. I have over 100 emails and call logs regarding this process, not able to upload all of them. Thank you for your investigation into this matter.
Company Response: Closed with explanation

Timely Response

2019-03-01

Cave Spring, VA

Managing an account

Checking or savings account: Savings account

Banking errors
Company Response: Closed with explanation

Timely Response

2019-02-27

Old Westfield, NY

Closing on a mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-02-21

Managing an account

Checking or savings account: Checking account

Problem accessing account
Company Response: Closed with explanation

Timely Response

2019-02-14

Managing an account

Checking or savings account: Savings account

Problem accessing account
Company Response: Closed with explanation

Timely Response

2019-02-13

Old Westfield, NY

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-02-08

Camano Island, WA

Managing an account

Checking or savings account: Other banking product or service

Deposits and withdrawals
Company Response: Closed with explanation

Timely Response

2019-02-07

Baltimore, MD

Managing an account

Checking or savings account: CD (Certificate of Deposit)

Funds not handled or disbursed as instructed
Company Response: Closed with explanation

Timely Response

2019-02-07

Bohemia, NY

Closing on a mortgage

Mortgage: Conventional home mortgage

Complaint: This is a complaint against One West Bank , Inc., a subsidiary of CIT Bank. The complaint involves this bank 's practices when it comes to locking in a mortgage rate. My wife and I received our first closing disclosure on XX/XX/XXXX, which noted the amount we were responsible for with regard to the point ( s ) we needed to pay to buy down our loan rate. As of this date, there was no issue with the amount shown on the CD as this was consistent with the rate lock that was applied on XX/XX/XXXX. As of XX/XX/XXXX, we had submitted what we needed to close on our loan. Just as we were slated to get through underwriting, we were notified that the bank wanted proof that the solar panels, attached to the roof of the property we were attempting to purchase, were fully paid off. Both our attorney, and the sellers ' attorney, informed the bank that the title search came back clear and that there were no encumbrances against clean title. Despite being told this, One West Bank refused to accept this as validation. They proceeded to tell us, and our attorney ( s ), that they wanted a letter/statement stating that the panels were owned free and clear. The sellers of our property needed to get the purchase contract, from the solar panel company, for the bank which took a week to receive as the contract needed to be mailed ( not faxed or scanned in ). Mind you that while this is all going on, our rate lock was set to expire on XX/XX/XXXX. Once we received the contract, we forwarded it to the bank which showed that, although the panels weren't fully paid for yet, they had no liens or security interests against them. This was consistent with what the title search showed in the first place. However, the bank again chose to fight us, and our respective attorneys, on this for what seemed to be another few days. On XX/XX/XXXX, One West Bank extended our rate lock without our permission. In doing so, they also added a 0.125 % lock extension cost to our closing disclosure which added another {$370.00} to our closing costs. On, XX/XX/XXXX, after receiving our second closing disclosure on XX/XX/XXXX, I contacted XXXX XXXX about the increase in points. XXXX had been the primary contact for us during this process, albeit not the only individual we dealt with. I questioned XXXX about the increase in cost, and I pointed out to her that it must be some mistake. At this point, she informed me that it indeed wasn't a mistake, and that it was due to the rate lock being extended for a week, until XX/XX/XXXX. She also informed me that they were going to extend it again on XX/XX/XXXX. I informed XXXX that not only did she not have our permission to extend the rate lock, but that we also weren't interested in extending it since mortgage rates had come down significantly from their XXXX highs. In fact, the rate could have been upwards of 0.25 % -0.35 % less than our original lock rate based on what I had seen in noted financial literature. I also asked XXXX what the current rate was, on the phone and in email, and she refused to divulge this information to me because " it didn't matter since we wouldn't be eligible for a lower rate without starting a whole new application and waiting 30 days to 'lock a rate in again ' ''. I explained to XXXX that we were under no legal obligation to extend a rate lock, and that it was at our discretion to do so to protect ourselves from rising rates. As it stood, and because the bank took unnecessary time to move our loan to closing, it benefited us to not keep the rate locked any longer. There was no argument about what we had paid up until XX/XX/XXXX, however there was a major disagreement about what occurred after that. I informed XXXX that what she was doing was highly unethical, if not down right illegal. She used the threat of pulling our loan from us if we didn't maintain the rate lock that we were in, one which we never agreed to extend in the first place. I informed her, through email and over the phone, that we wanted our rate to float freely until closing. XXXX told me, " that's not the way this works, you can't allow a rate to float freely this close to closing ''. I told XXXX that we had no firm closing date, and that her bank was repeatedly delaying our closing through numerous missteps on their end. Hence, we wished to allow our rate to float freely since it would've been much more conducive to us for this to be the case. She couldn't have told me, on XX/XX/XXXX, when we were closing on our house because there was no date set, nor did she have a firm date in hand. Our loan hadn't even gotten out of underwriting yet as of XX/XX/XXXX, so her argument that we were " too close to closing '' was moot. Based on her actions, XXXX caused us great financial hardship by not allowing us to take the lower rate we would have been entitled to. Her manager, XXXX XXXX, spoke to my wife, and he was attempting to explain himself in this situation. He attempted to explain to her the process involved when they lock a rate in, and from what I gather he was referring to purchasing some type of forward contract, or interest rate swap. I didn't personally speak to him, but this is the gist that I got from her when I spoke to her. Regardless, and according to their own admissions, that contract expired on XX/XX/XXXX, and again they were never given permission to extend the rate lock, verbally or written. We have all email chains from our communications with members of this bank. Amongst other things, they seemed to be quite ignorant to New York real estate law. Our attorney even needed to apprise them of this in an email, going as far as to tell them they didn't understand how real estate law worked in New York. We have all supporting emails to back up everything that was stated in this complaint, a fact that both XXXX and XXXX was made aware of on XX/XX/XXXX.
Company Response: Closed with explanation

Timely Response

2019-02-03

NH

Managing an account

Checking or savings account: Savings account

Banking errors
Complaint: In a number of ads that I saw, CIT Bank said, quite simply, that they would pay 2.45 % interest to anyone who opened up their " Savings Builder Account '' with an initial deposit of {$100.00} a month, and then continued to make a deposit of at least {$100.00} a month thereafter. Let me stress the word " MONTH '' ; nowhere in any of the ads that I've seen ( and I copied three different ones ) do they use the term " Evaluation Period. '' I made a deposit of {$100.00} on the following date : XX/XX/XXXX ( two separate deposits of {$100.00} each ) ; XX/XX/XXXX ; and XX/XX/XXXX. for a total of {$400.00} On XX/XX/XXXX, I made a deposit of {$75.00}, and on XX/XX/XXXX, I made a second deposit of {$2000.00} CIT bank claims that only {$75.00} was deposited to the account within the number of days that make up their " Evaluation period, '' and that the {$2000.00} payment THAT THEY RECEIVED DURING THE MONTH OF XX/XX/XXXX " doesn't count! '' Again. their ads -- clearly -- state " month '' ; not " Evaluation Period '' ( or any such nonsensical term ). Additionally, trying to " communicate '' with CIT is like pulling teeth! In the main. they respond to only one of the several ( or more ) issues/questions/requests that you have included in your message to them, and then just simply ignore making an effort to address the other issues that were raised ( or questions asked/requests made ). Additionally, while I see that their site says that it " MAY '' take up to four ( 4 ) days for an ACH transfer THAT THEY INITIATE to get credited to an account, they seem to believe that the word " MAY '' is a synonym for " ALWAYS WILL! '' I have made at least two separate requests for assistance on how I can cancel the recurring payments from my bank to this account, and the only instructions that were provided allowed me to cancel only ONE of the recurring payments ( the one that's scheduled for later this month ) ; nothing in the instructions received allowed me to cancel all of the remaining recurring payment ( two a month, through the month of XX/XX/2019 ). Even getting them to provide the state that granted them a charter was akin to pulling teeth. I'm left with the feeling that dealing with, say, XXXX would be easier. If CIT is going to say -- in at least three of their ads ( if not more ) that all a customer has to do is deposit {$100.00} a month in order to keep the advertised rate of 2.45 %, then they should not hide -- '' in the small print, '' so to speak -- that the {$100.00} payment has to be made in a single transaction ( and that two payments of {$75.00} a month -- for a monthly deposit that is 50 % higher ( {$150.00} ) than the minimum monthly deposit referred to over and over again " don't count as meeting the advertised requirement for " {$100.00} a month. '' In dealing with CIT, I get the feeling that I've run into the modern day version of that guy at the carnival of old who'd always show up with his folding table and those three walnut shells.
Company Response: Closed with explanation

Timely Response

2019-01-23

Santa Cruz, CA

Closing an account

Checking or savings account: Savings account

Company closed your account
Company Response: Closed with explanation

Timely Response

2019-01-18

CA

Trouble during payment process

Mortgage: Conventional home mortgage

Complaint: In connection with my purchase of a new home, I entered into a loan agreement with OneWest Bank, a division of CIT Bank, N.A. In order to benefit from a small rate reduction, I agreed to setup automatic payments from my CIT account ( CIT is a division of OneWest ). My first mortgage payment is not due until XX/XX/2019, however, OneWest withdrew funds from my account on XX/XX/2019. I did not request nor approve OneWest withdrawing these funds. I called OneWest to resolve the issue and I was told they would credit these amounts to my XXXX payment. This is not an acceptable resolution as the effect of such a correction would be my providing OneWest an interest free loan of $ XXXX, and, in addition, I would lose any interest I would have earned on the $ XXXX during XXXX. For these reasons, I advised this solution would not work for me. OneWest did not offer any other solution. I can not believe that a lender has discretion to reach into a borrower 's bank account, without the borrower 's knowledge or consent, withdraw funds that are not due under the loan and then refuse to correct the " mistake '' in a manner that makes the borrower whole.
Company Response: Closed with explanation

Timely Response

2019-01-17

Cheverly, MD

Took or threatened to take negative or legal action

Debt collection: Mortgage debt

Threatened or suggested your credit would be damaged
Complaint: XXXX XXXX XXXX XXXX XX/XX/XXXX I believe I Im a victim of predatory lending. To explain my situation, I will explain from the begging. In XX/XX/XXXX I join the military. While on XXXX XXXX my wife had a power or attorney on my behalf. Regrettable she was inexperience with such responsibility. When she inquired about getting a home in XXXX, I was making Approximately {$1100.00} every 2 weeks and {$1400.00} every month in basic housing. The lender sold her an idea that we could cover the cost to of such property at {$220000.00} PLUS a home owners association fees approximately {$250.00}. Somehow my other military incentives pay such as separation and specialty pay. These incentives were temporary and should not have factored in as income. Under this circumstance we should not have qualified for such property. I found that out the hard way after factoring the course after the fact. I attempted to rent the property however after 3 month the renter refuse to pay and cause some damage to the property. So, I have to terminate the rental immediately. I reached out to XXXX so we could refinance and was denied. After exhausting all options even when I enquired of the XXXX XXXX XXXX which was privileged to me as a member of the Armed Forces on XXXX XXXX I was illegally turned down. After consulting to my Caplin he recommended I requested a finial hardship to be XXXX from the military in order to look for a different line of work to be able to financial support my family. I would like you to know from the first statement up to XXXX I paid the mortgage some time a few days late, but I paid. In XX/XX/XXXX I was release from the military on XXXX XXXX. I began working for XXXX XXXX which is a XXXX XXXX. However, I have been trying to find many was to bring down the cost of owning the property. Late XX/XX/XXXX I began inquiring to the bank of my options. I was making a little more money, however, I was borderline pay check to paycheck. Around the time President Barack Obama past a bill to bail out the banks and asist the banks I made contact to the bank. The bank agreed to the loan modification, however after follow up to commence the process the bank denied ever received paperwork for modification. And ask to resubmit the documentation. However, at that time the bank denied the request. I reached out for short sale the property but the sale of the property price the bank denied. The first sale the bank denied because was below price. However, the bank asserted an amount that they would settle for the property. A second attempt for the sale with that amount was denied. A third amount was made significantly higher amount, the bank denied. I voluntarily asked the bank to release interest and ownership by leaving the property they asked me to sign a liability statement online stating that I will not destroy the property and don't removed or take any of the copper or utilities in the property. I left the property on XX/XX/XXXX. I notified XXXX tax office that the property is now no longer in my possession. XXXX XXXX agreed to take possession of the property at XXXX XXXX XXXX Fl XXXX In XX/XX/XXXX. It appear the bank did not pay the property Association fees and any taxes Associated with the property. I have never owed XXXX XXXX on any unpaid taxes. The taxes were never escrowed and paid by me toward the end of every year. After the agreement to relinquish the property it appeared the bank still put the property in foreclosure. Obvious reporting me as delinquent to the 3 credit bureaus. In XXXX I reenlisted in the military and I credit came into questions. The property was still showing on my credit report. However, I was pending a removal status on my report. I have furnished the current report as of XX/XX/XXXX as proof that this debt is no longer on my Credit Report. I would like to add that due to my current position with the government I have been granted a XXXX XXXX XXXX and my finances are constantly monitored. If I should make liable for this property, I have not had any interest ( personal gain ) since XXXX. I would lose my current position and would be in this same predicament. I have only tried to do the right thing and being cheated by a bank with such negative reputation as XXXX. My lawyer is asking me to sign paper work for cash for keys and accept {$2000.00} for a property I dont ' currently own and had no interest in. Note XXXX XXXX agreed that me leaving the property back in XXXX would not make me liable. Its been 11 years that this property was in possession of another party I should not be responsible and no actions should be taken against me to repay this dept.
Company Response: Closed with explanation

Timely Response

2019-01-17

Lancaster, PA

Managing an account

Checking or savings account: Savings account

Deposits and withdrawals
Complaint: I transferred funds from my XXXX Bank account to my CIT Bank account. The receipt shows that the funds were to have been transferred on XX/XX/XXXX : Confirmation : XXXX Transfer from : XXXX, XXXX Transfer to : MONEY MARKET ACCOUNT, XXXX Transfer on : XX/XX/XXXX On XXXX the funds were not in my CIT account so I sent a message through the web site asking why. They didn't answer, so on XX/XX/XXXX I sent them another message, asking them to respond to my message of XX/XX/XXXX. Then I logged into my XXXX account and saw that the funds had been removed, so I sent another message asking what happened. Then I called CIT Bank and spent an hour on hold ( yes really ) before they answered the phone and told me that the funds had been transferred. On XX/XX/XXXX they responded via the message center on their web site that the transfer had been completed on XX/XX/XXXX. On XX/XX/XXXX I saw the funds in my account but they were not available. I sent another message asking them, why it took 3 days for the transfer to be performed ( on XX/XX/XXXX rather than on XX/XX/XXXX per my receipt ), and why aren't the funds available now? They haven't responded. Today XX/XX/XXXX the funds are still not available.
Company Response: Closed with explanation

Timely Response

2019-01-11

Slidell, LA

Managing an account

Checking or savings account: Savings account

Deposits and withdrawals
Company Response: Closed with explanation

Timely Response

2019-01-09

Syringa, VA

Struggling to pay mortgage

Mortgage: Other type of mortgage

Complaint: Have been trying to get a short sale done since XX/XX/2018. Ive gotten three contracts/offers on the property, and the mortgage company has been negligent in processing the sale each time. They continue to ignore me and my realtor, and have passed us around to more than a dozen different people, making it impossible to complete the transactions. Ive lost two potential buyers due to their incompetence. And each offer has gotten lower and lower. I was laid off from my job on XX/XX/18, and really would like to get the short sale done. CIT bank is the worst!
Company Response: Closed with explanation

Timely Response

2019-01-09

Ladera Ranch, CA

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-01-08

Grosse Ile, MI

Closing an account

Checking or savings account: Savings account

Can't close your account
Complaint: CIT Bank Contacted bank about higher interest rates published, but my account receiving a lower rate, asked bank to extend the higher rate, they said you must open a new account, even thought the existing acct was identical in structure, terms, fess etc to the new account. Instead i asked to close my account and transfer all funds to the external account on file. CIT claimed it would take over 1 week before they could close account and transfer funds. 4 days later they asked for the external account routing and acct numbers, which they already had, or they would send a paper check. CIT is very underhanded and difficult to work with, easy as 1,2,3 to set up an account very challenging to close an account and get your funds.
Company Response: Closed with explanation

Timely Response

2019-01-04

Seattle, WA

Trouble during payment process

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2019-01-03

Ewa Beach, HI

Closing on a mortgage

Mortgage: Conventional home mortgage

Company Response: Closed with explanation

Timely Response

2018-12-28

Washington, DC

Managing an account

Checking or savings account: Checking account

Deposits and withdrawals
Company Response: Closed with explanation

Timely Response

2018-12-21

Granite Bay, CA

Managing an account

Checking or savings account: CD (Certificate of Deposit)

Funds not handled or disbursed as instructed
Company Response: Closed with explanation

Timely Response

2018-12-20

RI

Applying for a mortgage or refinancing an existing mortgage

Mortgage: Conventional home mortgage

Complaint: I applied with this company for a refi and the appraisal process took very long because their XXXX made major mistakes. I initially received a commitment letter with just a couple of conditions which I was fine with sending. After the appraisal issue was resolved and I agreed to pay down the mortgage to meet their requirements I received another request for information that I couldn't provide without sending information I knew would not be accurate. There was no exchange or any additional documentation I gave them after the original request but they required information beyond the initial approval. Then they told me I would have to pay thousands in rate extension fees. I specifically told the originator NOT to extend my rate because rates had gone down. I wanted to let the rate expire and relock, not at the lower rate now available but at the same rate without the thousands in fees. I was told I could either pay the fees or my loan would be terminated. I simply asked they release the appraisal I had payed for to go to a different lender to avoid the fees or honor our original agreement and I would close at the higher rate. They refused both. I have been a XXXX for 23 years and have never seen this policy. It became evident it was a some type of " bait and switch '' based on a rate they never intended to honor. This is clearly a company praying on consumers who really know no better than to be baited in by their iitail quote but then pay the fees they require or they will terminate the process. I simply asked to have them release the appraisal and I would move on but they refused. Companies like this are a detriment to our industry and cause consumers harm. How many people agree to pay their additional fees that are not disclosed because they do not have the knowledge I do with my industry experience. If they simply allowed me to take my appraisal to another lender or honor the current higher than market rate I would have moved forward. In my opinion these internet based companies are a detriment to honest lending.
Company Response: Closed with explanation

Timely Response