CFPB report spotlights mortgage complaints

The Consumer Financial Protection Board on Tuesday released its latest monthly consumer complaints snapshot, which highlights mortgage complaints. According to the report, consumers continue to face problems with mortgage servicing, particularly during certain circumstances, such as when they apply for a loan modification to avoid foreclosure.

The CFPB report finds the consumers continue to experience difficulty preventing foreclosure and complain about a lack of information when loans are transferred. Nearly a third of mortgage complaints came from consumers saying that they have trouble making the proper payments on their mortgage loans.

The report also notes that Wells Fargo, Bank of America, and Ocwen were the three companies about which the CFPB received the most mortgage-related complaints.

The report is here.

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