Boston real estate news: Mortgage service complaints on the rise
ton real estate news: Mortgage service complaints on the riseThe Consumer Financial Protection Bureau (CFPB) released a report this week showing that mortgage complaints to the government agency have risen to their highest level in three years.
The CFPB received approximately 38,100 mortgage origination and servicing complaints from January 1, 2020 through March 31, 2021, which is about 5% of all complaints the CFPB received during this period. The volume of overall mortgage complaints increased to more than 3,400 complaints in March 2021—the greatest monthly mortgage complaint volume since April 2018.
Many consumers complained that servicers did not provide clear and accurate information about their options. In particular, consumers reported that servicers were not providing information about loss mitigation until after the consumer’s forbearance had ended, and that the information provided about post-forbearance options was confusing and incomplete.