Mortgages complaints remain high – but trend could be reversing

by Ryan Smith07 Sep 2016
Mortgages remain one of the most complained-about financial products, but complaint volume is on the decrease, according to a new report by the Consumer Financial Protection Bureau.

According to the CFPB’s monthly consumer complaints report, mortgages were the third most complained-about financial product or service. There were 3,910 consumer complaints about mortgages in July; only debt collection and credit reporting received more. Taken together, complaints about debt collection, credit reporting and mortgages made up about 66% of the total complaint volume in July.

Individual companies were also singled out. Out of the 10 most complained-about companies, seven – Bank of America, Wells Fargo, JPMorgan Chase, Citibank, Ocwen, Capital One and Nationstar – were either banks or nonbank mortgage companies.

It’s not all bad news, however – complaints about mortgages have dropped off significantly. July saw a 9% decrease in mortgage complaints over the prior month. And the three-month average of 4,159 is 7% lower than the average for the same period in 2015.

Individual companies saw their stats improve as well. Nationstar saw a 16% decline in its average complaint volume, and Ocwen saw its complaint volume drop by 24% – the largest drop among the most complained-about companies.


  • by Patricia Hayes | 9/10/2016 10:02:17 AM

    Thats Great thanks to President Obama doing a great job and idea to help our country to get back on track and giving us reform decisions and care through CFPB. Great Job.


Should CFPB have more supervision over credit agencies?