Mortgage Madness Continues? CFPB Receives 4,300 Mortgage Complaints per Month
By Consumers Union on Thursday, March 20th, 2014
Last February, Steve Antonakes, Deputy Director of the CFPB, noted that the agency’s “mortgage complaint volume . . . remains high and averages around 4,300 complaints per month.” He made these remarks while speaking before the U.S. Chamber of Commerce.
According to a recent blog by Housingwire, these numbers “show little improvement in the volume of mortgage-related complaints the CFPB has handled over the last few years.”
Consumers Union is looking forward to seeing the impact of common sense CFPB mortgage rules which went into effect on January 10, 2014. An important protection in the new rules requires lenders to more carefully underwrite loans, determining a borrower’s ability to repay before making a loan. It’s no secret that irresponsible mortgage lending practices lead to many failed mortgages. The CFPB’s new rules requiring prudent underwriting before making the mortgage will take awhile to bear fruit, but when they do, we hope the number of complaints related to irresponsible lending is greatly reduced. We will continue to monitor these trends and push for full enforcement of the new rules and will keep you posted on what we learn.
What about you? Are you having a problem with your mortgage lender that is driving you mad? Tell us in the Comments section below.