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CFPB Monthly Snapshot Spotlights Mortgage Complaints
Thursday, February 9, 2017 6:45 AM

On Wednesday, the Consumer Financial Protection Bureau released a monthly complaint snapshot highlighting consumer complaints about mortgages. The snapshot shows that consumers continue to report experiencing problems with mortgage servicers.

As of Jan. 1, 2017, the bureau handled approximately 1,080,700 consumer complaints across all products nationwide. The top three companies that received the most complaints from August through October 2016 were Equifax, Wells Fargo, and TransUnion.

“Today’s snapshot shows that consumers continue to report running into issues when making payments on their mortgages or when trying to overcome obstacles to keep themselves in their homes,” said CFPB Director Richard Cordray. “The Bureau will continue to work to ensure that mortgage servicers give consumers the timely and effective assistance they deserve.”

View the Monthly Complaint Report

With a value of over $10 trillion, the U.S. mortgage market is the largest consumer financial market in the world. Over the past three years, the CFPB has created new protections for consumers such as requiring lenders to determine that consumers can afford to repay their mortgages. The CFPB has also introduced new consumer-friendly forms to help people shop for mortgages and avoid unexpected issues at the closing table. As of Jan. 1, 2017, the Bureau handled approximately 260,500 mortgage-related complaints. Some of the findings in the snapshot include:

  • Consumers continue to report problems with mortgage servicing.
  • Consumers complain about funds being misapplied.  
  • Consumers report issues dealing with servicers when trying to resolve loan problems.
  • Companies with the most mortgage-related complaints.

In June 2012, the CFPB launched its Consumer Complaint Database, which is the nation’s largest public collection of consumer financial complaints. When consumers submit a complaint they have the option to share publicly their explanation of what happened. For more individual-level complaint data and to read consumers' experiences, visit the Consumer Complaint Database at: consumerfinance.gov/complaintdatabase.

Company-level complaint data in the report uses a three-month rolling average of complaints sent by the Bureau to companies for response. This data lags other complaint data in this report by two months to reflect the 60 days companies have to respond to complaints, confirming a commercial relationship with the consumer. Company-level information should be considered in the context of company size.