CFPB: Bank of America Nets Most Mortgage Complaints by Sizable Margin

Between July 21, 2011 and September 30, 2012, U.S. consumers filed 36,403 mortgage-related complaints against various lenders, banks, servicers, and other mortgage companies, according to a data collected by the Consumer Financial Protection Bureau (CFPB). 

Bank of America accounted for 27% of complaints, the most out of any bank accounted for in CFPB’s data.

Of the 9,930 mortgage complaints filed against Bank of America, 6,430 related to loan modifications, collections and foreclosures. Loan servicing, payments and escrow accounts recorded 2,044 complaints, while complaints regarding application, originator or mortgage broker issues tallied 542. 

Bank of America received nearly twice as many complaints as No. 2-ranked Wells Fargo, the nation’s largest mortgage lender, who recorded 5,051 mortgage-related complaints in the CFPB study’s time frame. 

Of the total number of complaints CFPB recorded among mortgage companies, 20,000 were filed against lenders and servicers regarding loan modifications, collections and foreclosures.

Issues relating to loan servicing, payments and escrow represented 9,000 complaints. A little more than 7,000 complaints were filed for other mortgage-related issues such as application processing, settlement signing processing and underwriting problems. 

Among the other companies receiving a substantial number of complaints include J.P. Morgan Chase (10% of all complaints), Citibank (5%) and Ocwen (4%), reports the CFPB. 

Written by Jason Oliva

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