Mortgages among top CFPB complaints

by Francis Monfort02 Nov 2017
Servicemember complaints to the Consumer Financial Protection Bureau (CFBP) about mortgage products ranked second by volume among all financial products, according to a report by the agency.

Among servicemembers, the top five products by volume of complaints were debt collection at 39%, mortgage at 17%, credit or consumer reporting at 15%, and credit card and checking or savings both at 7%.

The CFPB said that it has handled more than 91,000 complains from servicemembers since 2011, or an average of 15,000 complaints each year. The CFPB classification includes servicemembers, veterans, and their families.

According to the CFBP, factors related to the military careers of servicemembers often complicate the challenges they face. Complaint data showed instances where the experience of servicemember families differed from that of non-servicemember families.

Nationally, the CFPB analysis found that servicemembers are more likely to submit complaints about debt collection when compared to non-servicemembers. Only 26% of all complaints from non-servicemembers are about debt collection, compared to 39% for servicemembers.

Additionally, servicemembers are less likely to submit complaints than non-servicemembers about the other top four types of complaints, such as those related to mortgages and credit reporting.

The CFPB also found regional differences in servicemember complaint data. For example, servicemembers in California submit more complaints about debt collection than any other product. Meanwhile, North Dakota servicemembers complain about credit or consumer reporting the most.

Complaints by servicemembers and their families show a range of problems with financial products and services, the CFPB said. For example, servicemembers have complained about debt collectors calling their superiors about debts without authorization.


Related stories:
Dems appeal to colleagues: Keep CFPB strong to protect vets
Mortgage is top CFPB complaint category among older consumers
 

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