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CFPB orders bank to pay millions in penalties

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Mortgage Professional America | 14 Aug 2015, 06:30 AM Agree 0
The CFPB has fined the bank recently ranked second in the nation for mortgage servicing satisfaction
  • Half Empty Nowadays | | 20 Aug 2015, 04:37 PM Agree 0
    You cannot trust any of those ranking statistics because banks, just like Chase Bank, set those up to be unfair. Chase ties employee compensation to the survey responses that are used for those rankings and they add many questions to the survey and tell the employee if you do not get a 90% or higher on these certain questions, your bonus goes down. So basically, when the customer is dissatisfied, they are steered to answer the "other" questions honestly but to answer those particular questions based on how happy they were with the employee. Since most customers like the employee but do not like the bank practices, they will rate the employee questions high and rate the "other" questions low and write all the negative comments in the comment section thinking that it is making a difference.

    Then when the rankings come out, they are not accurate and have been guided. It's all a bunch of BS and politics. The banks have no problem being sleezy and finding ways to get what they want to distort the facts. As long as they are making all the money, they do not care about YOU the customer.
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