Based on their respective market shares, Ocwen Financial Corp. and Bank of America Corp. have faced an excessive number of complaints.
From October through December of last year, consumers filed an average of 21,620 complaints per month against financial services providers.
Complaint volume increased compared to the same period during 2014, when an average of just 19,295 complaints were filed by consumers.
The activity was discussed in the January 2016 Monthly Complaint Report from the Consumer Financial Protection Bureau.
While overall complaints were up 12 percent on a year-over-year basis, the increase for just mortgage complaints was only six percent — to 4,074 this year.
The CFPB received 3,839 mortgage complaints during just December, a two percent month-over-month decline.
Since it began tracking mortgage complaints in December 2011, the CFPB has received a total of
209,618 complaints for the mortgage category.
By company, Wells Fargo & Co. received the most complaints: around a monthly average of just over 500 from August through October. The delayed reporting is intended to give lenders enough time to respond to the complaints.
Wells Fargo’s standing as the company with the most complaints
is relative to its ranking as the biggest mortgage originator and servicer.
BofA had the second-most complaints:
nearly 400. BofA ranked as the fifth-biggest originator in the third quarter and the third-biggest servicer.
Close behind was Ocwen, which also had nearly 400 complaints lodged against it. Ocwen did not rank among the 10-largest lenders
and came in as the seventh-biggest servicer.
With around 320 complaints, Nationstar Mortgage LLC landed in fourth position. Although Nationstar isn’t a top-10 lender, it did have the fourth-largest mortgage servicing portfolio as if Sept 30, 2015.
With roughly 300 complaints, JPMorgan Chase & Co. was No. 5. Chase’s standing is impressive given its No. 2 ranking among originators and servicers.
Citibank, N.A., had in the neighborhood of 170 mortgage complaints. Citi was the No. 9 originator in the third quarter and the No. 6 servicer.
With fewer than 25 mortgage complaints, Capital One — which didn’t rank among the top-10 originators or servicers — landed in the seventh spot.
