Solving the Post-Close Challenge with Intelligent Automation

Join our upcoming webinar as SoftWorks AI CEO and Avanze CEO explore the advances in tech that allow for greater levels of automation and cost reduction, especially in support of post-close and pre-fund review.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

The 100-years-war over real estate commissions

HousingWire plunges down the rabbit hole of residential real estate commissions, uncovering the past, present and future of this wholly unique part of the economy.

How borrower education can make housing more attainable

The current housing market is making it difficult for prospective buyers to afford a home. Housing professionals need to find ways to better meet buyer needs.

Mortgage

Here’s a snapshot of the CFPB monthly mortgage complaints

Two charts show state of mortgage complaints

The Consumer Financial Protection Bureau highlighted mortgage complaints in its latest monthly complaint snapshot, which is the second most-complained-about product by consumers, with approximately 260,500 mortgage complaints filed since July 21, 2011.

Mortgages might be the second most-complained-about product by consumers, but it is the largest consumer financial market in the world, coming in at a value of more than $10 trillion.

As of the start of this year, the CFPB handled approximately 1,080,700 consumer complaints across all products nationwide; approximately 260,500 of those were mortgage-related complaints.

“Today’s snapshot shows that consumers continue to report running into issues when making payments on their mortgages or when trying to overcome obstacles to keep themselves in their homes,” said CFPB Director Richard Cordray.

Of all the mortgage-related complaints filed, more than 80% of them had to do with issues consumers run into when they were making payments, or when they were unable to pay their mortgage.

And as a result, Cordray noted that the bureau will continue to work to ensure that mortgage servicers give consumers the timely and effective assistance they deserve.

This first chart shows the types of mortgage complaints reported by consumers.

Click to enlarge

cfpb

(Source: CFPB)

The CFPB broke down the reasons behind the consumers complaints related to mortgage servicing, which deals with the paying the loan, and cited top explanations they received. Here’s only example:

Consumers having difficulty making their mortgage payments reported their encounter with servicers while trying to negotiate loss mitigation assistance on their loans. Consumers stated their efforts to obtain assistance went unresolved as servicers were slow to respond, made repeated requests for documents that had already been submitted, and provided denial reasons that were ambiguous.

Looking at different companies, the bureau stated that the top 24 most-complained-about companies for mortgage received about 80% of all mortgage complaints The bureau noted that company size and/or market share should be taken into context.

Here’s a table of the most-complained-about companies for mortgages.

Click to enlarge

cfpb

(Source: CFPB)

Most Popular Articles

Fannie and Freddie set dates for their new refi option

Fannie and Freddie revealed new dates for their refi options targeted to low-income borrowers set to be available this summer.

May 05, 2021 By

Latest Articles

What a dismal jobs report means for the housing market

April’s U.S. jobs report on Friday was dismal at just 266,000 new jobs, but economists say they’re not worried about the housing or mortgage market. HW+ Premium Content

May 07, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please