Tag Archives: Mortgage Complaints

According to an analysis of Census data, consumer complaint submission patterns were found to vary by demographic characteristics.

The latest CFPB Monthly Complaint Report shows older Americans face a unique set of financial difficulties compared to their younger counterparts. The group regularly cites reverse mortgage concerns—specifically servicing issues and difficult changing loan terms—when lodging complaints with the CFPB. Older Americans also cite financial scams, confusion around deferred- and zero-interest credit cards, and being charged unauthorized add-on products as frequent financial complaints.

After over five years of operation, the CFPB reports that they have handled their one millionth consumer complaint in their Monthly Complaint Report.

Mortgages are no longer the most complained-about financial product as the CFPB nears one million complaints handled in in the past five-year.

For the first time since the CFPB began accepting consumer complaints nearly five years ago, mortgages did not top the list of complained-about financial products.

Ocwen Financial's activities have been the subject of much scrutiny. According to the CFPB's latest report, things may be looking up for the servicer.

On a positive note, the CFPB reported that overall complaints declined 9 percent month-over-month, while mortgage complaints fell 7 percent from the prior month.

Ambiguity and/or delays in the loan modification process were a frequent subject of the complaints, while others said they were not considered for all loss mitigation options available, they were incorrectly denied a modification, or the terms of the modification were unfavorable.