Servicer Issues
(RECAP: Mortgage servicing remains a sore spot for consumers, especially those having problems paying their loans. The Consumer Financial Protection Bureau (CFPB) has released its latest monthly consumer complaint snapshot, putting a spotlight on mortgage complaints. Since CFPB launched its Consumer Complaint Database in June 2012, it has handled over 850,000 complaints across all financial products. As of April 1, 223,100 of those complaints were mortgage related. The Bureau has grouped mortgage complaints into three categories – problems when consumers are unable to pay; confusion over loan transfers, and communication issues involving servicers. “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 Cordray. “The Bureau will continue to press to make sure that people can get the right information and the timely help they need.”)
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