Compared to a year ago, complaints filed by consumers against residential loan firms have risen more than complaints filed against all types of financial services providers.
Average monthly consumer complaints against financial services companies worked
out to 21,619 from the period that started on Dec. 1, 2015, and ended on Feb. 29.
Consumers filed 10 percent more complaints against financial services firms — including mortgage companies — than they did in the same three-month period a year prior.
Findings were presented in the March 2016 Monthly Complaint Report from the Consumer Financial Protection Bureau.
But when just considering mortgage complaints, the monthly average ascended 18 percent to 4,211 as of the most-recent period.
It was a similar trend for monthly activity, with mortgage complaints during just February rising 6 percent from January to 4,529 in February versus the 5 percent month-over-month increase for overall complaints.
The CFPB’s report included average monthly complaint data for the 10 most-complained about firms during the period from Oct. 1, 2015, through Dec. 31. The lag in reporting is intended to allow for the 60 days companies have to respond to a complaint.
The latest period included six mortgage companies,
one less than the prior monthly average.
Wells Fargo & Co. — the nation’s biggest mortgage originator and servicer — had the most average mortgage complaints:
approximately 430.
No. 2 was
Ocwen Financial Corp. with a monthly average of around 320 complaints.
Next was Bank of America Corp., where monthly mortgage complaints also averaged about 320.
With roughly
230 average complaints, JPMorgan Chase & Co. landed in the fourth spot.
After that was Citibank, N.A., which averaged approximately
105 complaints.
No. 6 was Capital One Financial Corp.,
with in the neighborhood of a 15-complaint monthly average.
