Aggressive mortgage banker at Citibank - what's the point

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KATNYC
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Aggressive mortgage banker at Citibank - what's the point

Post by KATNYC » Wed Apr 12, 2017 3:29 am

I've been with Citibank since college and have never used their mortgage products since HSBC, Chase & TD Bank always had better rates.
I called Citibank to check on a 10/1 ARM rate after speaking with Chase & TD. I disclosed that I was rate shopping and already spoke with the other banks. The Citi mortgage banker was aggressive and tried to get me to allow a hard pull for a rate quote. This was after starting to explain to me the history and breadth of the Citibank mortgage portfolio. I stopped the conversation to say I knew all that as a long-term customer with $75K in my account (closed taxable accounts this week and had cash sent). Even after that, the I was pressed to allow a hard pull two more times. I ended up not getting the rate quote at all and said have a great night.

I don't understand the aggressiveness and unwillingness to just give me a rate quote without a hard pull. Chase & TD didn't even attempt to do a hard pull and just asked if I knew my credit score.

navyitaly
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by navyitaly » Wed Apr 12, 2017 5:10 am

Since you asked for a rate quote, he was doing his due diligence..he can't give you a true rate quote without knowing your credit score and portfolio...if you had a 530 when he quoted you 4% with no points and 0% origination may not be true as that rate is now 3 points...so if you wanted a rate quote, he needs credit score to provide...

KATNYC
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by KATNYC » Wed Apr 12, 2017 11:45 am

navyitaly wrote:Since you asked for a rate quote, he was doing his due diligence..he can't give you a true rate quote without knowing your credit score and portfolio...if you had a 530 when he quoted you 4% with no points and 0% origination may not be true as that rate is now 3 points...so if you wanted a rate quote, he needs credit score to provide...


I provided my credit score. I was asked by Chase & TD if I knew my score, which I do. The Citi banker, even after I provided my score, wanted to pull my credit report just for a conversation.

I spoke to someone else at Citi today. I was not pressured to pull my credit but only asked if I know my score, which I provided.
TD rates/APR/fees are better.
Last edited by KATNYC on Wed Apr 12, 2017 1:52 pm, edited 1 time in total.

Loik098
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by Loik098 » Wed Apr 12, 2017 11:47 am

delete
Last edited by Loik098 on Wed Apr 12, 2017 7:06 pm, edited 1 time in total.

NoVa Lurker
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by NoVa Lurker » Wed Apr 12, 2017 12:25 pm

Loik098 wrote:
navyitaly wrote:Since you asked for a rate quote, he was doing his due diligence..he can't give you a true rate quote without knowing your credit score and portfolio...if you had a 530 when he quoted you 4% with no points and 0% origination may not be true as that rate is now 3 points...so if you wanted a rate quote, he needs credit score to provide...


+1. Not sure how you can expect to get a rate quote without a credit check. If you secure a loan within 30 days of your inquiries, there is no impact to your credit score at all.....that's why you rate shop all at the same time.

And besides, this guy is trying to land a client; it's his job to hard sell you.


Yes, it's his job, but it was surprising to me, in trying to price around a mortgage, how many lenders simply would not give me an indicative rate, assuming good credit.

(I'm not the OP, and I'm happy to say our mortgage will be fully repaid sometime this summer, but I recall very well not enjoying the process of getting the initial mortgage, or refinancing twice over the years.)

jalbert
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by jalbert » Wed Apr 12, 2017 12:39 pm

It is actually very difficult to compare rates because higher origination fees can buy down the rate. Even with post-2008-crisis changes to lending regulations, this is not as transparent as would be desirable. If you move forward with a mortgage, you at some point get a good faith estimate that may include a net APR that conforms to "truth-in-lending" rules, and when closing the loan, you get a truth-in-lending statement that for sure will have the aggregate APR.

Another twist is that factoring origination fees and closing costs into the rate assumes an expected term of the loan, and if you hold the loan for a different term period your aggregate APR will be different from the APR quoted on the truth-in-lending statement.

If you just compared interest rates, it is entirely possible that the higher interest rate loan had a lower APR.
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goingup
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by goingup » Wed Apr 12, 2017 1:04 pm

KATNYC wrote:I don't understand the aggressiveness and unwillingness to just give me a rate quote without a hard pull. Chase & TD didn't even attempt to do a hard pull and just asked if I knew my credit score.

It is strange given that the other 2 lenders did not insist on a hard pull. When bankers behave strangely you can bet that they have been incentivized to do so by management. Maybe this is the bank's standard operating procedure.

That pushiness would make me end the conversation.

nick evets
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by nick evets » Wed Apr 12, 2017 1:10 pm

Don't try Quicken Loans, believe me. When we refinanced our home, I called them for a quote, and they were insistent on needing to get a credit report and start the application process before giving me a quote.

Wasn't interested. I think they called every other day for two weeks. THEN, *other* banks began calling me, out of the blue, having got my contact info from Quicken.

guitarguy
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by guitarguy » Wed Apr 12, 2017 1:22 pm

PenFed.

itstoomuch
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by itstoomuch » Wed Apr 12, 2017 1:36 pm

Chase did the same to us. :confused
Discovered that our credit score was not as high as we thought. So we pulled $400,000 (inheritance) from Chase checking and bought property in cash. Seller got his asking price and was paid in two weeks. We had the place rented in 7 days to a professional couple and was an ideal location for them.
Best negative that we ever got. :greedy
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Cobra Commander
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by Cobra Commander » Wed Apr 12, 2017 1:38 pm

navyitaly wrote:Since you asked for a rate quote, he was doing his due diligence..he can't give you a true rate quote without knowing your credit score and portfolio...if you had a 530 when he quoted you 4% with no points and 0% origination may not be true as that rate is now 3 points...so if you wanted a rate quote, he needs credit score to provide...


Disagree that a hard pull is necessary for a quote. When my contract was accepted I e-mailed several lenders asking for a rate quote assuming X purchase price, Y down payment, Z credit score. I asked for a quote using what at the time was market rates (3.25%, 3 3/8% and 3.5%) to see what the breakdown of fees and credits would be for each package. All of them were able to provide this information to me using the information I provided.

KATNYC
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by KATNYC » Wed Apr 12, 2017 1:46 pm

Cobra Commander wrote:
navyitaly wrote:Since you asked for a rate quote, he was doing his due diligence..he can't give you a true rate quote without knowing your credit score and portfolio...if you had a 530 when he quoted you 4% with no points and 0% origination may not be true as that rate is now 3 points...so if you wanted a rate quote, he needs credit score to provide...


Disagree that a hard pull is necessary for a quote. When my contract was accepted I e-mailed several lenders asking for a rate quote assuming X purchase price, Y down payment, Z credit score. I asked for a quote using what at the time was market rates (3.25%, 3 3/8% and 3.5%) to see what the breakdown of fees and credits would be for each package. All of them were able to provide this information to me using the information I provided.


So far, all banks have been able to provide quotes without a hard pull, including Citibank on the second attempt with a different banker.

KATNYC
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by KATNYC » Wed Apr 12, 2017 1:50 pm

jalbert wrote:It is actually very difficult to compare rates because higher origination fees can buy down the rate. Even with post-2008-crisis changes to lending regulations, this is not as transparent as would be desirable. If you move forward with a mortgage, you at some point get a good faith estimate that may include a net APR that conforms to "truth-in-lending" rules, and when closing the loan, you get a truth-in-lending statement that for sure will have the aggregate APR.

Another twist is that factoring origination fees and closing costs into the rate assumes an expected term of the loan, and if you hold the loan for a different term period your aggregate APR will be different from the APR quoted on the truth-in-lending statement.

If you just compared interest rates, it is entirely possible that the higher interest rate loan had a lower APR.


Yes, I'm comparing interest rates, term options, APR, closing costs & outside fees/prepayments.
I told the first Citi banker that I was comparing rates and had a spreadsheet since I was mortgage shopping.
It was just pushiness for no real reason.

Easy Rhino
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Re: Aggressive mortgage banker at Citibank - what's the point

Post by Easy Rhino » Wed Apr 12, 2017 1:58 pm

Sort of similarly, I had a mortgage banker get all fatal attraction on me when I told him I was going to go with a different lender because they had slightly better rates on a refi. I was genuinely confused why he was wasting his time berating me over the phone.

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Re: Aggressive mortgage banker at Citibank - what's the point

Post by LadyGeek » Wed Apr 12, 2017 4:18 pm

This thread is now in the Personal Finance (Not Investing) forum (mortgage).
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