The CFPB’s Complaint of the Month: Mortgages
In recent months, the Consumer Financial Protection Bureau (CFPB) has chosen to highlight a specific emerging issue each month with the release of data from the agency’s consumer complaint database. For the month of August, the Monthly Complaint Report’s product spotlight focused on mortgage issues. To date, the CFPB has received nearly 200,000 complaints pertaining to mortgage products. In August, consumers filed more than 4,500 mortgage complaints.
Complaints collected reflect continued problems in loss mitigation and foreclosure prevention. Consumers also reported receiving inadequate information when their loan was transferred from the lender to its servicer or from one servicer to another. Consumers expressed problems processing mortgage payments.
In August, the CFPB handled over 25,000 total complaints, down about 1,000 from July.
CFPB Press Release:
Monthly Complaint Report: