CFPB: Mortgages receive more complaints than any other financial product

by Ryan Smith03 Mar 2016
Home buyers aren’t happy with the mortgage process, according to the Consumer Financial Protection Bureau.

The report, released Tuesday, summarized input from more than 811,000 consumer complaints and found that mortgages were the most complained-about financial product. In fact, according to the CFPB, mortgages, debt collection and credit reporting accounted for 67% of complaints the agency received.

In January, the CFPB received 4,263 mortgage-related complaints, up 12% from December. While mortgage complaints came in second that month to complaints about debt collection practices, mortgages remained the most complained-about product overall.

“Despite strong protections that have been put in place to protect homeowners, this month’s complaint report shows consumers are still having problems when dealing with their mortgages,” CFPB Director Richard Cordray said. “The Bureau will continue to work to make sure that consumers are being treated fairly on their mortgage issues.”

The CFPB report also listed the most complained-about companies – and some of the nation’s largest lenders were well-represented. While the three credit bureaus – Equifax, Experian and TransUnion – topped the list of complaints, they were followed, in order, by Wells Fargo, JPMorgan Chase, Citibank, Ocwen and Nationstar Mortgage.

Since its inception in 2011, the CFPB has received more than 213,861 mortgage-related complaints.
 

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