Since the Consumer Financial Protection Bureau began accepting mortgage complaints in 2012, it has received more than 12,500 mortgage complaints from servicemembers, veterans, and their families. In a new report, the CFPB reviews and analyzes about 1,800 of those complaints related to mortgage refinancing.
The report finds that veterans complain that "the solicitations and advertisements they receive are often misleading. Many complain that lenders fail to deliver on the promises made during the application process. And the quick underwriting often results in the borrower’s failure to clearly understand important loan details, like how the new escrow account will be set up."
The report is here.