CFPB

The Consumer Finance Protection Bureau (CFPB) received approximately 51,200 mortgage-related complaints in 2016, an increase of 400 from 2015, according to the agency’s 2016 annual report released yesterday. Mortgage-related complaints were once again the third most common complaint the agency received after debt collection and credit reporting.

The largest share of those complaints (35 percent) were labeled “other,” but the second-largest share (31 percent) were in regard to conventional, fixed-rate loans, followed by FHA loans (13 percent) and conventional ARMs (10 percent). These percentages were all very similar to the 2015 findings.

The largest share of consumer complaints (40 percent) concerned the ability to make payments, followed closely (38 percent) by the problems when unable to make payments.

Between its inception in July 2011 and March 1, 2017, the CFPB has handled more than 1.1 million complaints.

Click here to read the CFPB’s 50-page report.

CFPB: Mortgage Complaints Up Slightly From 2015

by Banker & Tradesman time to read: 1 min
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