The Consumer Financial Protection Bureau has received 50,000 consumer complaints about mortgages lenders, brokers and servicers since November 2011.
And now the bureau has opened its
Overall, the CFPB has received 90,400 consumer complaints regarding mortgages, credit cards, student loans and other consumer financial products. Over half (55%) of the complaints involve mortgages.
“By sharing these complaints with the public, we are creating greater transparency in consumer financial products and services,” CFPB director Richard Cordray said at an Iowa field hearing.
Cordray noted that there is a secure government portal that allows other federal and state enforcement officials to review the data base.
And it is possible to “slice and dice” the data. “In Iowa, about two-thirds of all complaints concern mortgages or credit cards. One in 10 of Iowa mortgage complaints has to do with mortgage brokers and mortgage applications,” the CFPB director said.
CFPB verifies whether the consumer has a commercial relationship with the company before posting a complaint in the data base. No personal data about consumers is provided except ZIP codes.
Of the 50,000 mortgage complaints listed, 58% were closed with an explanation and 21% were closed without any form of relief. Another 16% were closed some form of relief and just 1,318 or 2.6% of mortgage complaints resulted in monetary relief.
