Monthly CFPB snapshot keeps focus on mortgage complaints

September 24, 2015

WASHINGTON (9/25/15)--Mortgage-related complaints, particularly involving banks, exceed those of any other product according to the Consumer Financial Protection Bureau’s (CFPB) monthly snapshot released this week. This month’s report examines mortgage complaints, as well as a geographic spotlight on consumer issued in Denver.

According to the bureau, it has has handled approximately 192,500 mortgage-related complaints since it started in 2011 up to Sept. 1.

Findings in the snapshot include:

  • More 50% of mortgage complaints involve problems consumers face when they are unable to make payments. Consumers complain of delays and a lack of information when applying for a loan modification, and that servicers often move forward with foreclosure proceedings while the modification application is still under review;
  • Consumers report experiencing confusion and frustration about where to make payments when loans are transferred, and lack if information about the transfer. When the loan transfers occur, consumers complain that payments often increase unexpectedly;
  • Nearly a third of mortgage complaints came from consumers saying that they have trouble making the proper payments on their mortgage loans; and
  • The most-complained-about companies are Wells Fargo, Bank of America and Ocwen. Between April and June 2015, the three companies averaged around 430 complaints per month.

In August, the most-complained-about financial product or service was debt collection, representing about 29% of complaints submitted. Overall, the CFPB received 972 fewer complaints in August than in July.

The spotlight on Denver showed that the city mirrors national trends, with mortgages being the most-complained-about product from 2011 to Sept. 1.

 According to the bureau, it has handled more than 702,900 total complaints as of Sept. 1.