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Mortgage Complaints Sink Despite Overall Rise

Monthly complaints against all financial services providers up

June 1, 2018

By Mortgage Daily staff



Despite a year-over-year increase in complaints filed against financial services companies, a plunge was reported in complaints filed against mortgage firms.

The Consumer Financial Protection Bureau reported that it received 30,263 complaints against financial services companies during March.

Complaint volume, which reflects 11 categories including mortgages, worsened compared to the previous month by 7 percent.

Volume also climbed from 27,980 in March 2017.

Complaints filed against just mortgage firms numbered 2,804, increasing 11 percent from February. Mortgage complaints plunged, though, from 3,956 one year earlier.

Since the CFPB began tracking complaints in July 2011, it has received 309,476 complaints filed against home lenders and servicers.

From Jan. 1 through March 31 of this year, an average of 29,583 overall complaints were filed per month. The rolling average increased 8 percent from the same period last year.

But for just mortgage complaints, the 2,626 three-month average plummeted almost a third from the monthly average during the first quarter of last year.

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