Although there has been no reduction from a year ago in overall financial services complaints, the mortgage industry has made an improvement.
From May 1 through July 31 of this year, U.S. consumers filed an average of
23,968 complaints per month against providers of financial services.
That was higher compared to the period from April 1 through June 30, when the average volume of overall monthly complaints came in at 23,906.
But there was hardly any change from the same three-month period last year, when monthly complaints averaged 23,979.
The details were reported by the Consumer Financial Protection Bureau in its Monthly Complaint Report Volume 14.
The latest period’s mortgage complaints averaged 4,159 percent, fewer than the 4,304 average as of the previous report.
The 4 percent month-over-month decline for mortgages
was a bigger improvement than the less than 1 percent drop in overall complaints.
An even bigger decline was made in mortgage complaints compared to the 4,464 reported for a year earlier.
Mortgage complaints have been cut by 7 percent from the same period in 2015, whereas there was no year-over-year change in overall complaints.
During just July 2016, mortgage complaints totaled 3,910, a 10 percent decline from a month earlier.
From March 1 through May 31, there were a monthly average of
fewer than 500 mortgage complaints filed against Wells Fargo & Co., based on a graphic image provided by the CFPB.
While that was the most mortgage complaints for any company, San Francisco-based Wells Fargo is the biggest mortgage originator and servicer.
The two-month lag in complaint data by company allows the firms 60 days to respond once the complaints are filed.
No. 2 Bank of America Corp. had more than 300 average monthly complaints.
Ocwen Financial Corp. also had more than 300 complaints, landing it in third position.
After that was Nationstar Mortgage LLC’s roughly 300 complaints.
Close behind was JPMorgan Chase & Co., also with approximately 300 average complaints.
Citibank, N.A., was next with an average of around a hundred.
Capital One Financial Corp. followed with a monthly average somewhere around a dozen.
