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David Lykken: Just fix it: The CFPB's complaint database

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Mortgage Professional America | 29 May 2014, 12:06 AM Agree 0
Mortgage pros tend to view the CFPB's complaint system as a hassle -- but what if they saw it as an opportunity?
  • Anna Lorrimer | | 29 May 2014, 09:24 AM Agree 0
    Hello, will someone please send me the link or the email address to submit my concerns/complaints/frustration with OWEN? I would greatly appreciate it. Thank you!
  • Mortgage Guy | | 29 May 2014, 09:28 AM Agree 0
    Of course if the complaints are unfounded, "crying over spilled milk", and based on a lack of understanding of general mortgage standards and qualifications, then should lenders really be spending resources to satisfy such concerns, they could perhaps overall spend that energy and money on overall better customer service to each applicant?
  • Cheryl M | | 29 May 2014, 09:49 AM Agree 0
    I have walked many of my consumers through the cfpb process and have had 97% complete positive outcomes (and over "spilled milk" too) The process can take a few weeks; but use your customer service skills (it may be repeat/refer business) Anyway their contact is online www.consumerfinance.gov at (855) 411-2372. I prefer online. In all my consumer cases their complaints have all been perfectly founded. Most are violations of the Fair Credit Reporting Act all covered by the CFPB. You do need to have experience in this arena or some common sense about consumer/law rights. Their site will lead you through the process in submitting a complaint, be sure to have your attachments, complaint ready to attach you will be timed out in some cases. The CFPB site is not for frustration or concerns because you're not getting what you want; however, complaints regarding real violations of RESPA, Banking laws, Consumer Laws etc. The CFPB site will guide you to that. GOOD LUCK!
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