CFPB: Bank of America Nets Most Mortgage Complaints by Sizable Margin
Reverse Mortgage Daily
December 26, 2012
Data gathered by the Consumer Financial Protection Bureau reveals that Bank of America was the cause behind thousands of mortgage-related gripes referred to the agency. A total of 36,403 complaints in the category were fielded by the CFPB between July 21, 2011, and Sept. 30, 2012 -- 9,930 of them, or about 27 percent, naming BofA as the offending party. Most of the discontent had to do with mortgage workouts, collections, and foreclosures, followed by loan servicing, payments, and escrow issues and, to a lesser extent, application, originator, and mortgage broker problems. BofA generated nearly double the gripes as the Wells Fargo, which drew the second-highest number of complaints. Other big targets of consumer complaints were JPMorgan Chase, Citibank, and Ocwen.
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