Complaint / review text:
I started the process of refinancing my mortgage with CitiMortgage (my current lender) early this year. My loan is in good standing, and I was able to document enough income to qualify for the refinance. The apartment was appraised, and I received a document indicating the mortgage was approved in March 2009 and that I would receive a call from the load coordinator to schedule the closing.
A series of mishandling and lack of communication on CitiMortgage's part delayed getting a closing date and caused the need for a second appraisal. The second appraisal came back significantly lower than the first, and the loan has now been declined based on the loan-to-value ratio. My current interest rate is 6.5%, and I was locked at 4.875%. Now, not only am I continuing to pay at the higher rate, but I've also paid a $500 application fee as well as filing fees to the bank's attorney, The Gulotta Law Group, PLLC, of an additional $360.