Struggling Homeowners Still Have Servicing Issues, Bureau Says
May 2, 2016
The CFPB’s latest monthly consumer complaint report finds that borrowers struggling to keep up with their mortgages are still having problems with their mortgage servicers. “Today’s report shows that consumers are still running into too many dead ends and obstacles in resolving issues with their mortgage servicer,” said CFPB Director Richard Cordray. “The bureau will continue to press to make sure that people can get the right information and the timely help they need.” Among the issues the bureau identified, 51 percent of complaints involved problems borrowers faced when they had difficulty making payments. “Consumers complained of prolonged loss mitigation review processes in which the same documentation was repeatedly requested by their servicer,” said the CFPB. Homeowners also said they ...