Has anyone recently requested or had approved a subordination with CitiBank? I am trying to gauge how long it may take and also looking for their subord checklist. Thanks.
by SRPFORME April 14, 2009 5:44 PM
It has been a year and a half or so the last time I subordinated a loan with Citibank and they are where fairly quick about it then.
1. You need full and complete approval from the first mortgage company
2. You will need to find out what Citibank guide lines on their seconds are
Citibank will only subordinate according to their guide lines on what ever secondary financing they offer.
As I have not delt with them in a while I do not even know if they are still offering seconds.
I hope this helps you out
by tomaghiran April 14, 2009 6:26 PM
I just completed one last week.....took 5 weeks to get the agreement out of them (that's with a full package sent to CITI aka the devil up front). Your escrow officer should have their requirements in his/her data base....GOOD LUCK!!
by jimmyboy April 14, 2009 6:28 PM
Am in the process of doing one, was quoted 30 day turn time, am into it 3 weeks and they wanted some more info and we sent it back the same day.
by CaymanDM April 14, 2009 7:51 PM
submitted one on 12/26 and finally got it on march 6th.
you'll probably want to call the number at the bottom and get an updated one.
by jwinter April 14, 2009 10:52 PM
I got one back in less than two weeks, the one that was really difficult was B of A (three and a half months). They never read anything we sent them, then again when I took it over the request I got it done in about a month, but it was like the first two and half months not a thing happened.
by NoBalogne April 14, 2009 11:55 PM
I am refinancing and tried to get CitiBank to subordinate. My bank sent the request on 5/22/09 and as of 6/1/09 they tell me it will be another 21 BUSINESS days to complete!!! This is a huge problem because loan locks are only good for 30 days. I have lost my refinance terms and am very upset. The customer rep told me that Citibank gets no income from subordinations so there is no company incentive to speed up the process. I will never do business with them again.
I filed a complaint with the FTC at:
I recommend you do the same if you get the same bad experience.
by dralph01 June 4, 2009 5:25 PM
So far, Citibank will do everything humanly possible to prohibit you from speaking to anyone in authority who has the ability to initiate a request for help with delays in a subordination. They claim that no one has the authority to expidite a request. I have been in business for over fourty years and you would have to be a moran to believe that. I have been working on this problem for three weeks now. You can send a letter from your client by fax to: (718)248-3200 and address it to Citibank 1 Court Square, 15th Floor, Long Island City, NY 11120. Make sure you put your Equity Line loan number on it. You can also send an email to: email@example.com
I was told this morning 6/8/09 that because of their internal compliance requirements, no files will be expidited. If your loan is locked, Pray.
by NewLew June 8, 2009 12:57 PM
Tried to get a subordination request and finally talked with someone AND told the truth. Citibank was told to lie and tell title and escrow 7-10 days. Now, they are allowed to tell the truth, are you sitting down? The new turn around time is 75 days. Have fun sharing this with your brokers. And everybody doing re-fi's will be having fun locking in their rates.
With the gov't in charge, should we really have been surprised.
by sdflipper June 17, 2009 9:47 AM