Newsroom
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.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Add to Calendar 2024-05-03 09:00:00 2024-05-03 09:00:00 Blind Spots in the Boardroom Listen On: Key Takeaways: [04:19] For a board to change its practices first it needs to be committed to different outcomes. It takes about 30 times for a board to start to be in a new conversation before they start to get their brain rewired to embody the change [07:24] In merger conversations we lose sight of what is important for the member. We need to look at what the continuing organization will look like and what is the leadership the membership and continuing organization need and deserve. [12:39] An educated board and executive team are a sharper team. When you have sharper leaders in the organization good things come from that. [24:22] If we are not taking care of that relationship with the CEO then we are strategically hampered. With a good CEO evaluation, the board is higher performing, the CEO is more attentive to being high performing, and the relationship is high performing and more genitive. Web NAFCU digital@nafcu.org America/New_York public
Blind Spots in the Boardroom
preferred partner
DDJ Myers
Podcast
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Get daily updates.
Subscribe to NAFCU today.