Citifinancial / Unethical business practices
My wife and I were refinancing our house with Citi. We locked in a rate of 5.875. The lock in period is 30 days. Citi had admitted to loosing our paper work in underwriting according to the emails between my broker and Citi. Yet when the lock in period expired due to there negligence they were not willing to honor the percentage rate we signed contracts for. They even told my broker they would allow a free extension period so the loan would be completed but then retracted that offer later. The rates at the time my loan was supposed to close were going up rather fast. Citi could have honored that rate and should have if they were a company of good morals. Financial institutions like Citi have been known too allow lock in periods to expire when they know rates are going to climb higher and this seems to be a classic case of that. Citi in my opinion is completely unethical and does not care about the people they do business with. Maybe if huge company's like Citi would do business properly and with a certain degree of ethics instead of just steam rolling over the very people that allow these companies to become the giants they are, this country would be a better place to live in. I hope Citi does the right thing and allows the loan to close with the original rate they quoted me; but knowing there track record I highly doubt it.
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