This month’s CFPB complaint snapshot spotlighted mortgage complaints. Consumers’ most frequent mortgage complaints were about problems consumers faced when they had difficulty making payments. Consumers complained of prolonged loss mitigation review processes in which the same documentation was repeatedly requested by their servicer and that they received conflicting and confusing foreclosure notifications during the loss mitigation review process. Consumers also complained about confusion over loan transfers and communication issues with servicers.
This month’s snapshot also highlights trends seen in complaints coming from California. According to the report, the U.S. mortgage market is valued at over $10 trillion and represents the largest consumer financial market in the world. As of April 1, 2016 the CFPB has received approximately 223,100 mortgage complaints.