The Bureau of Consumer Financial Protection released a snapshot of mortgage complaints on their website filed by consumers. This report allows everyone to see the trends in mortgage complaints being filed and the progress.
These complaints received allows the Bureau of Consumer Financial Protection to regulate consumer financial products or services under existing federal consumer financial laws, enforce those laws judiciously, and educate and empower people to make better-informed financial decisions.
Bureau of Consumer Financial Protection
This report reveals many interesting data points about complaints submitted by consumers:
- Between November 1, 2016, and October 31, 2018, approximately 11 percent of complaints were about mortgages.
- Most mortgage complaints were about “trouble during payment process” (42 percent) and “struggling to pay the mortgage” (36 percent).
- Compared to the monthly average during the past 24 months, people submitted 18 percent fewer mortgage complaints in October 2018.
- There were 15 percent fewer mortgage complaints from August 2018 to October 2018 compared to August 2017 to October 2017.
Download the full report.
Bureau of Consumer Financial Protection also offers resources to help consumers through useful tools and resources for homeowners and homebuyers.