In a report to be released today titled Analysis and Study of CFPB Consumer Complaint Data Related to Mortgage Servicing Activities, Black Knight Financial Services and the Five Star Institute seek to provide context and insight to mortgage complaints received by the CFPB by comparing the Bureau's two predominant mortgage complaint categories, servicing and default, with loan trends. The report includes publicly available data from both the CFPB and mortgage servicers, as reported from the CFPB database.
The need for such a report was first proposed by Five Star President and CEO Ed Delgado, who conferred with Black Knight as the report findings were gathered. The report showed that for 2013 and 2014, CFPB received an average of about 13 complaints for every 10,000 non-performing mortgage loans in the category of loan modification, collection, and foreclosure. In the category of loan servicing, payments, and escrow accounts, CFPB received only one complaint for every 10,000 current loans.
Fannie Mae announced on Thursday that it will begin offering up for sale pools of non-performing single-family mortgage loans to interested buyers in an effort to clear out deeply delinquent loans from its portfolio. The GSE said in the announcement that it will be targeting non-profit organizations, smaller investors, and minority- and women-owned businesses for some of the NPL purchases. Fannie Mae's fellow GSE, Freddie Mac, has sold nearly $2 billion worth of NPLs in the last eight months.