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CFPB Mortgage Complaints Hold Steady

Writing on Paper BHThe volume of mortgage-related complaints received by the Consumer Financial Protection Bureau (CFPB) is holding steady, according to the CFPB’s most recent Monthly Complaint Report, which showed a 0 percent change between November 2015-January 2016 and November 2016-January 2017.

Seeing the most increase in complaints over that same period were student loan products, which experienced a 388 percent jump. Consumer loans, bank accounts/services, credit cards, and credit reporting rounded out the top five. Payday loans saw the biggest decrease, dropping 26 percent since January 2016.

But just because mortgage complaints didn’t see a huge jump doesn’t mean they’re not complained about; they remain one of the top complained-about financial products month after month.

In January 2017, for example, there were 4,195 mortgage-related complaints—almost four times as much as consumer loan products and nearly twice as much as credit cards.

The most mortgage-related complaints were reported for Wells Fargo, Bank of America, JPMorgan Chase, Citibank, and Capital One. Wells Fargo also saw the biggest increase in overall complaints (63 percent), followed by Equifax, TransUnion, and Experian.

Reacting to the report, Tom Goyda, Senior-Level Communications Strategist and Manager for Wells Fargo, told DS News: "What [the CFPB] is not showing are complaints that come in month by month. They show a three-month rolling average. The February report actually shows September, October, and November 2016 averages. It’s a lagging indicator.  If you look on a month by month basis, since September, the complaints against Wells Fargo have been going down."

Overall, complaints increased the most in Georgia (59 percent), South Dakota (43 percent), Mississippi (34 percent), Missouri (32 percent), and Louisiana (31 percent). The biggest declines were in Delaware (-8 percent), New Hampshire (-8 percent), and Hawaii (-4 percent.)

As of this month’s report, the CFPB has handled more than 1.1 million complaints. Over 264,000 of those have been mortgage-related. The top states for mortgage-related complaints have been California (45,239 to date), Florida (28,663), New York (16,668), Texas (12,997), and New Jersey (11,895).

To see the CFPB’s full monthly report, visit ConsumerFinance.gov/complaintdatabase.

About Author: Aly J. Yale

Aly J. Yale is a freelance writer and editor based in Fort Worth, Texas. She has worked for various newspapers, magazines, and publications across the nation, including The Dallas Morning News and Addison Magazine. She has also worked with both the Five Star Institute and REO Red Book, as well as various other mortgage industry clients on content strategy, blogging, marketing, and more.

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