Lender Problems? Call CFPB

Well, the Consumer Finance Protection Bureau, CFPB if you like initials, has just released its latest report on complaints from consumers. While it's showing that things may be slowly improving in financial services, including mortgages, it's also showing that there's a long way to go until every institution is walking the "straight and narrow". Complaints rose 80% in 2013 from 2012, reaching a total of 167,300. Not al of these are mortgage related, but 37% of them are. Over half of these were related to borrower inability to pay or loan mods and foreclosures. Eight per cent of mortgage complaints were from consumer complaints on application related issues. These included rate-lock disagreements and lenders charging penalty fees when a loan failed to close or to close "on time". So, the advice from here is that if you feel you have a gripe over your mortgage in any way, get in touch with the CFPB. That's what it's there for and it may be able to help you get that issue resolved. Good Luck.