CFPB Received 2,300 Mortgage Complaints in December: Official

February 24, 2012
American Banker 
consumer financial protection bureau news

The Consumer Financial Protection Bureau fielded roughly 2,300 grievances about mortgage service firms in December, the month it started taking complaints online, and has received about as many every month since then, a top agency official said. Christopher Haspel, a senior adviser for securitization and servicing at the CFPB, confirmed that borrowers' most common complaint is that servicers repeatedly request documentation even when borrowers already have submitted assorted forms multiple times. He said some of these types of issues are easily resolved, however, since many servicers can access documents electronically from a loan file. After a consumer files an online complaint with the CFPB, the bureau reviews the servicer and then forwards the complaint to the company, giving it 15 days to respond. The majority of complaints are settled within two months, Haspel noted.
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