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East Coast Mortgages Borrowers Complain Most

Across the country, mortgage complaints accounted for a smaller share of overall complaints last year than in 2016. States where the share of mortgage complaints are highest are all on the East Coast.

Of all complaints filed by consumers with the Bureau of Consumer Financial Protection during 2017, just 12 percent were filed against mortgage companies.

That’s significant because the preceding year, the bureau
reports that complaints filed against mortgage companies made up 18 percent of the annual total.

The BCFP discussed the findings in its Complaint Snapshot: 50 state report.

Among the states with the biggest mortgage shares were New York and Maryland, where 15 percent of complaints last year were for mortgages,. New York’s share was reduced from a fifth in 2016, while Maryland’s was cut from 22 percent.

In New Hampshire and Massachusetts, 16 percent of all complaints received by the BCFP in 2017 were mortgage-related. The share in New Hampshire thinned from 19 percent the prior year, while Massachusetts’ rate was slashed from 22 percent.

Eighteen percent of all complaints received last year by the regulator from consumers in New Jersey were for mortgages. The share dropped from 24 percent in 2016.

Rhode Island had the biggest share of mortgage complaints during 2017: one-fifth. The state’s share was shaved from 21 percent in 2016.

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