CIT Group Reviews

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Can't find my account number on poorly constructed wed site

I deposited money in CIT Bank and waited a couple of weeks to get an account number. Finally I contacted CIT Bank by phone and I was told how to get the account number on the web site but found only a blank page. They gave me my account number but I can not find it on the page after log in. And there appears to be no way to find it. Someone needs to help CIT Bank establish a customer friendly web site. I have other online accounts with other banks and have no problem navigating their sites. CIT Bank site is not user friendly.
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#1133152 Review #1133152 is a subjective opinion of poster.
Cit Group Website
Reason of review
Poor customer service
New Reviewer

CitiMortgage Refuses FHA Refi Opt. Program

Here is a new kicker for you. The US Dept of Housing and Urban Development Refinancing program for homeowners not facing foreclosure but their loans are underwater. This program is voluntary, unlike the choice we had to give a bailout to the banks, and CitiMortgage is refusing to participate at this time. Here is more info on the program: _________________________________________________________________________ FHA Launches Short Refi Opportunity for Underwater Homeowners RISMEDIA, August 9, 2010--In an effort to help responsible homeowners who owe more on their mortgage than the value of their property, the U.S. Department of Housing and Urban Development provided details on the adjustment to its refinance program which was announced earlier this year that will enable lenders to provide additional refinancing options to homeowners who owe more than their home is worth. Starting September 7, 2010, the Federal Housing Administration (FHA) will offer certain "˜underwater' non-FHA borrowers who are current on their existing mortgage and whose lenders agree to write off at least ten percent of the unpaid principal balance of the first mortgage, the opportunity to qualify for a new FHA-insured mortgage. The FHA Short Refinance option is targeted to help people who owe more on their mortgage than their home is worth – or "˜underwater' – because their local markets saw large declines in home values. Originally announced in March, these changes and other programs that have been put in place will help the Administration meet its goal of stabilizing housing markets by offering a second chance to up to 3 to 4 million struggling homeowners through the end of 2012. "We're throwing a life line out to those families who are current on their mortgage and are experiencing financial hardships because property values in their community have declined," said FHA Commissioner David H. Stevens. "This is another tool to help overcome the negative equity problem facing many responsible homeowners who are looking to refinance into a safer, more secure mortgage product." FHA published a mortgagee letter to provide guidance to lenders on how to implement this new enhancement. Participation in FHA's refinance program is voluntary and requires the consent of all lien holders. To be eligible for a new loan, the homeowner must owe more on their mortgage than their home is worth and be current on their existing mortgage. The homeowner must qualify for the new loan under standard FHA underwriting requirements and have a credit score equal to or greater than 500. The property must be the homeowner's primary residence. And the borrower's existing first lien holder must agree to write off at least 10% of their unpaid principal balance, bringing that borrower's combined loan-to-value ratio to no greater than 115%. In addition, the existing loan to be refinanced must not be an FHA-insured loan, and the refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent. Interested homeowners should contact their lenders to determine if they are eligible and whether the lender agrees the write down a portion of the unpaid principal. To facilitate the refinancing of new FHA-insured loans under this program, the U.S. Department of Treasury will provide incentives to existing second lien holders who agree to full or partial extinguishment of the liens. To be eligible, servicers must execute a Servicer Participation Agreement (SPA) with Fannie Mae, in its capacity as financial agent for the United States, on or before October 3, 2010.
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Your Bank Did

Los Angeles, CA 90045

#200406 Review #200406 is a subjective opinion of poster.
Silver Spring, Maryland
New Reviewer

Accepted Falsified Documentation

Citimorgage accepted falsified mortgage documentation from my ex-wife and now will not assist we with accurate documentation that I need in order to clear my credit report. My ex-wife had not been paying the mortgage for a home that we shared which caused the mortgage to be behind for several months. The judge order my ex-wife to pay back mortgage and to buy me out. Now that the mortgage is current, I requested Citimortgage send me documentation stating the mortgage was current. To no avail, I did not receive the documents, they sent me a copy of a agreement enter they enter with my ex-wife.
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#160613 Review #160613 is a subjective opinion of poster.
Upper Marlboro, Maryland

Change in terms over 21% increase

We have excellent credit but today received a change in terms notice taking us from a 8.24 apr to a 29.99 apr. This is the same as the default rate. At no time have we ever been late or defaulted. I use to think Citi was great up until this. I can't believe they can change our rate at an increase of over 21%. I have filed a complaint with the BBB and the OCC. I understand in these times a need to increase some rates but this is over the top. 3 to 5 % is reasonable but 21%?
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We had this same issue this week. Our credit is excellent, we've ALWAYS paid on time and our rate went up to 29.99 apr. We're going to close our account and will also file complaints against Citi where we can.

#159675 Review #159675 is a subjective opinion of poster.
Hopewell, Virginia

Gave adjustable rate when it should've been fixed rate

A loan Officer from C.I.T came to my home and talked to an adjustable rate. I told him I changed my mind and wanted a fix rate. I called the office for an entire week, Finally Mark showed up at my home instead of Leon who was the original Rep. for the company. Mark told me Leon picked up his check and was not seen again. Nothing that I signed was explained to me, no notary public was present at the signing of the paper, nor were their anyone present at the signing to witness signature Mark who worked for C.I.T stated that he would return with papers notarized. A month later after making one payment to C.I.T my payments was sold to America's Servicing Company without my knowledge. It was an adjustable rate, which he was supposed to change to a fixed rate. We should all file a class action lawsuit now I am in modification because A.S.C is playing games with me. C.I.T has asked me to complete a life insurance application and these are the people that sold my mortgage to ASC. Something is wrong legally here how can a company that sold my mortgage to another company after they sold it contact me and ask me about taking out life insurance so that my house would be paid for if I die. If you check the Internet you will find that Wells Fargo is also part of ASC.
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#145454 Review #145454 is a subjective opinion of poster.
Germantown, Maryland

CIT CIT Specialty Finance Group Provides terrible service. We have a really good credit history and payment history. When we bought our new home, our loan package should have been approved easily. CIT repeatedly delayed our closing by asking for more documentation and verification of income. Every time we got an extension on the closing for our home, they would ask for one more piece of documentation. many times, they've asked for the documents that they already have. They simply don't have underwriters and operations managers that understand tax documents to determine income. To make up for this they keep asking for the same tax return documents and delay repeated while they are making up their mind whether or not to give the loan. We would have closed FASTER and gotten better rates at our bank.
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#79031 Review #79031 is a subjective opinion of poster.

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