Commitment to Fair Lending Practices

Mortgages Rank Third Among Consumer Complaints in Latest CFPB Snapshot

By Brian Honea | DSNews

Mortgages were the third-most complained about financial product nationwide in July, according to the Consumer Financial Protection Bureau (CFPB)’s monthly consumer complaints snapshot for July released Tuesday.
As of August 1, 2015, the Bureau has handled 677,200 consumer complaints across all products in slightly more than four years of operation, according to the snapshot.
In July 2015, the Bureau handled 26,704 complaints. Approximately 17 percent of those complaints in July were on mortgages (4,498), making it the third-most complained about financial product during the month. The top two categories were debt collection (8,224, or 31 percent) and credit reporting (6,696, or 25 percent). CFPB found that the top three companies receiving the most complaints for a three-month period from March to May 2015 were Equifax, Experian, and Bank of America.

Source: DSNews | Read the full article here.