Mortgage-related consumer complaints are submitted to Consumer Financial Protection Bureau The CFPB’s consumer complaint database declined between the first and second quarters of this year, according to a review of the CFPB’s consumer complaint database. house line.
Between January 1 and March 31, 2024, the bureau received a total of 5,652 mortgage-related complaints.
More than 3,000 complaints were attributed to conventional mortgages in the second quarter, while federal housing administration (FHA) Mortgage Received 847 Complaints U.S. Department of Veterans Affairs (VA) mortgages prompted 446 complaints. Another 365 complaints were related to home equity lines of credit (HELOCs), while only 74 complaints were related to reverse mortgages.
The vast majority of recorded complaints (2,721, or 54.3% of the total) were attributed to “problems with the payment process,” with the majority stemming from issues related to taxes, escrow or insurance.
The second largest share in this segment relates to borrowers expressing frustration when communicating with companies to resolve loan administration or servicing issues.
The second largest group of complaints – 1,169 of them – mainly involved borrowers struggling to pay their mortgages, after problems with the payment process. The database shows 484 specific complaints involving consumers trying to communicate with a company “to resolve issues related to modifications, forbearances, short sales, deeds in lieu, bankruptcy or foreclosures.” There were 300 complaints specifically related to foreclosures in this section.
Nearly all complaints in the second quarter of 2024 (4,965 out of 5,005 complaints) received a timely response from the company, while only 40 did not receive a timely response. Some customers agree to provide more identifying information in their complaints. This shows that 620 complaints were filed by U.S. service members, 583 complaints were filed by U.S. seniors, and 226 complaints were filed by both.
