Richard sent a message to Jane Fraser CEO, CitiMortgage that said:
Dear MS Fraser:
Citimortgage has held my mortgage for the past eleven years so when I decided to refinance I went to them first. The following list are my credentials in reference to a re-finance.
1. I have a FICO score hovering around 800.
2. The new loan would have been 48% loan-to-value.
3 I have a perfect eleven year record of payment with CitiMortgage.
4. The cash flow from my tri-plex pays the mortgage, taxes and insurance, with a surplus every month.
5. I have additional net income that is nearly twice the income of my property, some of which are guaranteed pensions.
6. I have the resources to cash out this property if I choose to.
There is no reason why I would not have been a shoe-in for refinance; EXCEPT for your underwriter. He/She asked for three, then four years of tax information. He/She asked for a list of eight additional documents -six were duplicates of what I has already faxed in. When Susanne Dowers (the loan officer) informed me "that the underwriter was having a difficult time figuring out your income." I gave up and went to my local bank. My taxes include totally legal depreciation and deductions; it is easy to understand.
A few days later, Citimortgage informed me via a letter that, my loan was "rejected due to insufficient funds" which is patently not true.
I am sharing this information because your mortgage loan department lost a perfectly qualified long time borrower due to their incompetence - and you should know this.
Thank you for your time.
Respectfully,
Richard
