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CFPB: Mortgages receive more complaints than any other financial product

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Mortgage Professional America | 03 Mar 2016, 06:02 AM Agree 0
The CFPB says it's collected more complaints about mortgages than any other financial product
  • Cheryl M | | 03 Mar 2016, 11:56 AM Agree 0
    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.
  • JPerk | | 03 Mar 2016, 12:05 PM Agree 0
    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?!
  • Vernon | | 03 Mar 2016, 02:37 PM Agree 0
    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!!!!!!!!!!!!!!!
  • Jeff C in NJ | | 04 Mar 2016, 09:10 AM Agree 0
    The regs in effect have only hurt the consumer.
    It's made costs higher, and time frames longer.
    Appraisal costs rose and turn times increased after HVCC.
    The LE & CD that replaced the GFE and Hud1 are harder to understand. The regulators should have left the original GFE alone and merely enacted/enforced the rules against abuse. The waiting periods for closing, and never ending redisclosures are hurting everyone. Wake up!
  • #TRUTH | | 04 Mar 2016, 10:26 AM Agree 0
    The complaints are indirectly directed at the CFPB... little to the clients' knowledge! Mortgage lenders have the privilege of being the face that the clients are pointing at, while the overpaid pencil pushers at the CFPB (who probably have never worked in the field to know what stress is put on a client during a mortgage process) play chess with pawns they don't understand!
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