Mortgages remain one of the most complained about financial products, according to the Consumer Financial Protection Bureau. Mortgage provider complaints fall into four main categories:
- Complaints about the foreclosure and loan modification. Consumers complain that the loan modification process is slow and confusing. Additionally, that mortgage companies move quickly toward foreclosure, while loan modification applications are being processed.
- Confusion about transferred loans. Have you ever gotten a notice in the mail that your mortgage is being transferred from one company to another? These companies are called “processors,” but to you and me they are often just the big financial institutions we’re already used to: Chase, Wells Fargo, Bank of America.
Sources
Consumer Financial Protection Bureau. CFPB Monthly Complaint Snapshot Spotlights Mortgage Complaints. September 22, 2015. https://www.consumerfinance.gov/about-us/newsroom/cfpb-monthly-complaint-snapshot-spotlights-mortgage-complaints/
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