CFPB: Mortgages receive more complaints than any other financial product

by Ryan Smith03 Mar 2016
Home buyers aren’t happy with the mortgage process, according to the Consumer Financial Protection Bureau.

The report, released Tuesday, summarized input from more than 811,000 consumer complaints and found that mortgages were the most complained-about financial product. In fact, according to the CFPB, mortgages, debt collection and credit reporting accounted for 67% of complaints the agency received.

In January, the CFPB received 4,263 mortgage-related complaints, up 12% from December. While mortgage complaints came in second that month to complaints about debt collection practices, mortgages remained the most complained-about product overall.

“Despite strong protections that have been put in place to protect homeowners, this month’s complaint report shows consumers are still having problems when dealing with their mortgages,” CFPB Director Richard Cordray said. “The Bureau will continue to work to make sure that consumers are being treated fairly on their mortgage issues.”

The CFPB report also listed the most complained-about companies – and some of the nation’s largest lenders were well-represented. While the three credit bureaus – Equifax, Experian and TransUnion – topped the list of complaints, they were followed, in order, by Wells Fargo, JPMorgan Chase, Citibank, Ocwen and Nationstar Mortgage.

Since its inception in 2011, the CFPB has received more than 213,861 mortgage-related complaints.


  • by Cheryl M | 3/3/2016 11:56:47 AM

    And....they've done nothing with them! THE END. With no transparency at this agency, the CFPB is a non governmental agency for the government. 2 bad nothing at the CFPB is actually for the consumer. Hopefully, in November this governmental waste land (with the new administration), will ALL be looking for new jobs, leaving to work at the "BIG" banks they advocated (no transparency) to work against. Ohhhhh how hypocrisy lingers. Good, now everyone at the CFPB can sit for month after month nervously wondering how and when will their worlds be turned upside down. A little transparency there....check out the recent LinkedIn account from a high level executive who recently left the CFPB to work for Capitol ONE.....THE WRITINGS ON THE WALL FOLKS....your complaints really went nowhere.

  • by JPerk | 3/3/2016 12:05:19 PM

    Might it be possible that the lion's share of those complaints about the industry came from consumers disgruntled by the very compliance rules and regs being forced down our throats by the CFPB? Since Oct 3rd? Can you say...............TRID?!

  • by Vernon | 3/3/2016 2:37:13 PM

    I am sure have the complaints are like the one you mentioned that TRID (and many other regulation) are creating the problems. Endless loop....look at that Hispanic who asked Hillary why it was so hard to get a mortgage mortgage and she spouts off due to him being discriminated against...biggest crock of $hit I have heard...the reason as everyone knows in the business is due to over regulation!!!!!!!!!!!!!!!


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