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Mortgage servicer complaint? Take a number

Complaints mount against servicers

file cabinent

According to an article in the Washington Post, as of Jan. 31, almost half of the nearly 190,000 complaints filed with the Consumer Financial Protection Bureau since it started the database involve mortgage foul-ups, and the vast majority of these involved servicing, loan modification and foreclosure activities by servicers.

In the CFPB’s latest series of visits and supervisory audits, bureau auditors found shenanigans that might horrify unsuspecting homeowners.

But it’s not only the CFPB that is turning up servicing issues such as these. Kevin Stein, associate director of the California Reinvestment Coalition, says his group’s surveys of housing counselors suggest that servicers’ practices continue to pose serious problems, especially for non-wealthy homeowners, people of color, handicapped individuals and those who have sought or obtained loan modifications.

Source: Washington Post
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