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Mortgage Complaints Down as Overall Complaints Up

Mortgage News

Although the average volume of financial services complaints worsened from a month earlier and year earlier, mortgage complaints declined.

In its Monthly Complaint Report, the Consumer Financial Protection Bureau reported
26,262 financial services complaints filed in February.

Volume diminished from the prior month, when the total was 29,679. But the number of complaints filed accelerated from 22,788 a year prior.

Zeroing in on just mortgage complaints, last month’s count of 3,718 was down from both 4,195 in January and 4,529 in February 2016.

Based on a monthly average for the period from Dec. 1, 2016, through Feb. 28, 2017, total financial services complaints came to 26,064,
more than 25,073 for the previous monthly average and 21,619 from the same period last year.

But while overall average complaints were up
4 percent from the last report, average monthly mortgage complaints declined 3 percent to 3,864.

Similarly, although overall complaints worsened
22 percent on a year-over-year basis, average monthly mortgage complaints retreated 7 percent.

For the period from Oct. 1, 2016, through Dec. 31, 2016 — which allows lenders 60 days to respond to complaints — the most mortgage complaints were filed against Wells Fargo & Co..
Given the San Francisco-based company’s standing as the biggest mortgage originator and servicer, its No. 1 ranking with mortgage complaints is proportionate.

Second on the mortgage complaint list was Bank of America Corp.; followed by JPMorgan Chase & Co.; Citibank, N.A.;
Capital One Financial Corp.; Synchrony Financial; and Navient Solutions LLC.

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