The third installment of the CFPB’s monthly complaint snapshot highlights mortgage complaints and takes an in-depth look at consumer complaints in Denver, CO. The report shows that consumers face problems with mortgage servicing, particularly during certain circumstances, such as when they apply for a loan modification to avoid foreclosure.
Mortgage debt is the largest consumer debt category, according to the New York Fed. The CFPB has collected more mortgage complaints than any other category, totaling approximately 192,500 complaints received since 2011. This month’s snapshot features segments on continued problems preventing foreclosure, lack of information when loans are transferred, trouble making payments and most-complained-about companies.