CFPB Report Highlights Increase in Mortgage Complaints in Florida

The Consumer Financial Protection Bureau (CFPB) is a federal enforcement agency covering consumer financial laws. The CFPB’s jurisdiction includes banks, credit unions, securities firms, payday lenders, mortgage-servicing operations, foreclosure relief services, debt collectors and other financial companies operating in the United States.

Every day, consumers submit complaints to the CFPB about a wide variety of consumer financial products and services. Complaints received by the Bureau help its work to regulate consumer financial products or services, enforce laws, and educate and empower people to make better-informed financial decisions. 

This past January, the CFPB released their Complaint Snapshot on Mortgages, covering complaints from the previous two years.  The bureau received 71,000 complaints in the period, and approximately 11% of complaints were about mortgages.  Of the five most populated states, Florida had greatest complaint volume increase (11%). 

Issues included not receiving mortgage statements on time, servicers not applying payments to their loan accounts as intended, escrow accounts indicating shortage of funds and pay off information requests not being addressed and/or inaccurate. Approximately 85% of all mortgage complaints were sent to the lending/servicing companies for review and response. The remaining complaints were sent to regulatory agencies, were incomplete or are pending with the CFPB or other regulators.

HOPE recognizes the importance of fair lending compliance in mortgage servicing and loss mitigation. Efforts will continue to inform, educate and counsel consumers, pre and post home purchase, on fair housing and fair lending through outreach and enforcement activities.