I find your position on this appalling. All the while we already said/knew banks have T&C that they can do whatever they want. You only knew that now ? It was never about "valid" or "legal".
It is about ethics, and fair practice. You make it sound like it is a matter of course. (To take a cynical tone aka hopeful: to be unethical is business, to be ethical is a favor. well maybe it is becoming a fact, but that cannot be your position.)
And please stop saying "you dun have to sign the doc". all docs have such terms, customer has no choice.
Look I know your business is to sell mortgage. However I know some mortgage brokers who are more sincere and honest, who openly admit that banks indeed can change all rates quoted, it's not exactly fair, but it is what it is in the market. Do you tell your customers that ? Do you tell them the Fixed Rate quoted by banks can be changed ? Do you tell them the FHR composition can be changed any time, to be, among others, re-benchmarked to something else ?
From the very beginning of this thread, you 1st disbelieved Citi is changing the spread. Now with the facts confirmed, you think this is business as usual. My other brokers confirmed with me the case immediately when I asked them. And all of them shared my friend's outrage and my sympathy.
one nice broker as example.
... and hopeful you are indeed one funny guy. yes sure, everything happens, happens for a reason
Btw my friend is not getting anywhere with MAS. But Citi said it is "prepared to waive penalty charges if you wish to refinance with other banks".