Foreclosure Claims Dominate CFPB Mortgage Complaints

January 31, 2012
Housing Wire 
consumer financial protection bureau news

According to the Consumer Financial Protection Bureau, more than 38 percent of the 2,300 mortgage complaints submitted to the agency in December were based on loan modification and foreclosure problems. Since its startup in July 2011, the agency has fielded nearly 10,000 grievances across its scope of monitored financial products, including payday loans, credit cards, and student loans. The CFPB reported that companies in question responded to 88 percent of the complaints, providing relief in more than half of the cases; almost 19 percent of the relief went to mortgage-related complainants. Out of the mortgage complaints, 889 were related to problems with loan workouts or foreclosures. Additionally, 501 complaints were tied to payments, escrow accounts, and loan servicing.
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