Complaints About Your Mortgage Lender? You are Not Alone.

Do you have complaints about your mortgage lender or servicer?

Here is a summary of the highlights of a consumer complaint from Consumer Financial Protection Bureau (CFPB).  The April, 2016 consumer complaint report highlights consumer complaints related to mortgages. Unfortunately the report shows that consumers are still having problems with their services/mortgage companies when they are unable to make payments.
As of April 1, 2016, the Bureau has handled approximately 859,900 complaints across all products.

“Today’s report shows that consumers are still running into too many dead ends and obstacles in resolving issues with their mortgage servicer,” said CFPB Director Richard Cordray. “The Bureau will continue to press to make sure that people can get the right information and the timely help they need.”

Mortgage Spotlight:
At this time there is more than $10 trillion in U.S. mortgage loans.  This is the largest consumer debt in the world. To help avoid another real estate mortgage melt down the CFPB has established requirements for lenders.  Such as confirming a borrower can afford a mortgage before making the loan.  CFPB also created consumer-friendly forms which help potential borrowers shop for mortgage loans and avoid surprises at the closing table.
As of April 1, 2016 the Bureau had received approximately 223,100 mortgage complaints. Some of the findings in the snapshot include:

• Problems when consumers are unable to pay
• Confusion over loan transfers
• Communication issues with servicers
• Most-complained-about mortgage companies: Wells Fargo, Bank of America, Ocwen, and Nationstar Mortgage.

Submit a complaint to CFPB
 
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