The Consumer Financial Protection Bureau (CFPB) has released its report on consumer complaints for January 2017. Of the more than one million CFPB complaints received since the agency’s inception, roughly one-fourth were concerned with mortgages and the way in which they were handled. Debt collection companies, student loan servicers, prepaid card providers and payday loan companies were also in the top five in terms of CFPB complaints.
What Is the CFPB?
Established in 2011, the CFPB provides regulatory support and enforcement for consumers in dealing with the financial industry. Debt collectors are among the most frequent recipients of complaints from consumers and constitute almost a third of all CFPB complaints. Mortgage lenders, however, are also represented in these complaints and must maintain compliance with all applicable rules and regulations established by federal agencies.
Mortgage-Specific CFPB Complaints
During its tenure as a federal agency, the CFPB has received more than a quarter million complaints related to mortgage issues. Some of the most common issues reported by consumers include the following:
- Lost payments and consequent credit repercussions, especially when using online or automatic bill payment services
- Escrow account shortages
- Purchase of redundant hazard insurance or failure to submit insurance payments on time
- Slow response times
Mortgage lenders can protect themselves against action by the CFPB and negative public attention by sticking to the letter of the law and ensuring that all elements of consumer mortgage paperwork are handled properly and according to the best practices in the industry.
The Benefits of Professional Closing and Title Services
Brightline Title can provide expert support for real estate closings and title insurance requirements, allowing lenders to enjoy a streamlined documentation process and smoother closings for their commercial and residential transactions. We work with you to provide the services you need to avoid complaints and enjoy the most positive public reputation possible. Call us today at 813-221-4743 to learn more about the services we provide. We look forward to the opportunity to work with you.
