Consumers Still Complaining About Mortgage Servicing Practices
February 13, 2017
Mortgage borrowers still have plenty to complain to the CFPB about, especially on the mortgage servicing front, the latest monthly consumer complaint report from the bureau suggests. “The most common issues identified by consumers are problems when they are unable to pay (loan modification, collection, foreclosure),” which were cited by 49 percent, according to the CFPB, followed by issues making payments (loan servicing, payments, escrow accounts), identified by 33 percent. Other homeowners brought up problems having to do with applying for a loan (application, originator, mortgage broker), which was noted by 9 percent, followed by signing the agreement (settlement process and costs), which was highlighted by 5 percent, and receiving a credit offer (credit decision, underwriting [With Two Data Charts]....