The CFPB's monthly complaint snapshot
focused on the mortgage industry. The CFPB states that as of
September 1, it handled approximately 192,500 mortgage-related
complaints.
The CFPB highlighted the most common complaints from among those it
receives, including:
- Issues with preventing foreclosure: Over 50%of mortgage complaints have to do with problems consumers face when they are unable to make payments. Other issues include problems negotiating loan modifications, and creditors beginning the foreclosure process during the modification review.
- Lack of information when loans are transferred: Issues include a lack of information regarding the timing and effect of loan transfers, as well as increases in loan payments after transfer.
- Difficulty making payments: The CFPB states that roughly 30% of mortgage complaints came from consumers saying that they have trouble making the proper payments on their mortgage loans, or that payments were not properly applied.
More generally, the CFPB stated that for August 2015, the most
complained-about financial product or service was debt collection,
representing about 29% of complaints submitted. According to the
CFPB, the second most complained-about consumer product was credit
reporting.
The CFPB also found that in a year-to-year comparison of a
three-month time period (June-August), consumer loan complaints,
which include pawn loans, title loans, and installment loans,
showed the greatest percentage increase – 47%. Payday loan
complaints showed the greatest percentage decrease – 12%
– over the same time period between 2014 and 2015.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
