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Mortgage Complaints Outperform Overall Complaints

Average mortgage complaints down 14%

April 25, 2017

By Mortgage Daily staff

Average monthly complaints filed for home loan products are doing better on a year-over-year basis than overall financial services complaints.

In just March 2017, there were 27,980 complaints filed against U.S. financial service providers. Activity increased 7 percent from the previous month.

Compared to the same three-month period last year, overall financial services complaints have moved higher by 9 percent.

The Consumer Financial Protection Bureau provided the statistics in its April 2017 Monthly Complaint Report.

Monthly complaints against mortgage providers were also up 7 percent from February 2017 to 3,965. Also like overall complaints, there was a 9 percent year-over-year rise.

During the three months ended March 31, 2017, overall monthly complaints averaged 27,590 per month, rising 19 percent from the same three months last year.

But mortgage complaints receded 14 percent during the same period to a monthly average of 3,902 in the latest report.

On a two-month delay, which allows companies 60 days to respond, Wells Fargo & Co. had the most complaints of any mortgage provider. Bank of America Corp. was next, then JPMorgan Chase & Co., Citibank, N.A., and Capital One Financial Corp..

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