According to the Consumer Financial Protection Bureau’s CFPB 2015 Consumer Response Annual Report, there were 50,800 mortgage complaints handled by the CFPB in 2015 and 80% of them were servicing related. What’s amazing is that 81% of all those mortgage complaints closed with just an explanation to the customer from the mortgage company. Think about that for a minute, four out of every five mortgage complaints to the CFPB in 2015 were resolved with just an explanation to the customer. The report further states that approximately 71% of all CFPB consumer complaints were submitted through the CFPB’s website. What do you think would have happened if a servicer had a conversation with their customer before they filed a complaint?
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You can view the entire CFPB report by clicking the hyperlink below:
Consumers’ mortgage complaint data is listed on page #22 -26 and Table 14 can be found on page #43.