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September 22, 2015
CFPB complaint snapshot highlights mortgages
CFPB's September consumer complaint report, released Tuesday, focuses on mortgage complaints and notes ongoing issues for consumers when applying for loan modifications to avoid foreclosure.
"Despite strong protections that have been put in place to protect homeowners, this month's complaint report shows consumers are still having problems dealing with their mortgages," said CFPB Director Richard Cordray.
The bureau said it has handled about 192,500 mortgage-related complaints as of Sept. 1, 2015. The most complained-about mortgage servicers overall have been Wells Fargo, Bank of America and Ocwen, with a combined average of around 430 complaints filed about these institutions each month from April through June. No credit unions were mentioned in the report.
CFPB reported that more than 50 percent of mortgage-related complaints deal with trying to prevent foreclosures. Consumers report delays and a lack of information from servicers when seeking loan modifications, and consumers report servicers moving forward with foreclosure proceedings despite modification applications being under review.
The snapshot report also noted that in August, the most complained about issue was debt collection – totaling about 29 percent of all complaints. The most complained about companies since April have been Equifax, Experian and Bank of America.
"Despite strong protections that have been put in place to protect homeowners, this month's complaint report shows consumers are still having problems dealing with their mortgages," said CFPB Director Richard Cordray.
The bureau said it has handled about 192,500 mortgage-related complaints as of Sept. 1, 2015. The most complained-about mortgage servicers overall have been Wells Fargo, Bank of America and Ocwen, with a combined average of around 430 complaints filed about these institutions each month from April through June. No credit unions were mentioned in the report.
CFPB reported that more than 50 percent of mortgage-related complaints deal with trying to prevent foreclosures. Consumers report delays and a lack of information from servicers when seeking loan modifications, and consumers report servicers moving forward with foreclosure proceedings despite modification applications being under review.
The snapshot report also noted that in August, the most complained about issue was debt collection – totaling about 29 percent of all complaints. The most complained about companies since April have been Equifax, Experian and Bank of America.
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