Foreclosure claims dominate CFPB mortgage complaints | HousingWire

 

More than 38% of the 2,300 mortgage complaints sent to the Consumer Financial Protection Bureau in December related to loan modification and foreclosure concerns, the largest share in this category.

The CFPB took nearly 10,000 total complaints across its entire array of monitored financial products since July, which includes payday loans, student loans, credit cards and others.

And the bureau reports that when the CFPB comes calling, mortgage firms largely answer.

The bureau said implicated companies responded to 88% of the complaints. Of these, companies provided relief — in some cases  payment to the borrower — on more than half. Nearly 19% of the relief provided went to mortgage-related complainants.

The CFPB began taking consumer complaints regarding mortgages at the beginning of that month. Of these, 889 regarded problems with mortgage modifications or the foreclosure process, nearly double the next largest category, according a semi-annual report to Congress from the bureau.

Foreclosure claims dominate CFPB mortgage complaints | HousingWire.

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