The average volume of mortgage complaints has fallen from a year ago versus a rise in overall complaints, though there’s recently been a flip flop.
Consumers filed a monthly average of 26,134 complaints against providers of financial services during the three months ended September
2016.
Complaint volume worsened compared to the
same three-month period last year, when there were an average of 24,845 complaints filed.
Those findings were described in Volume 16 of the Monthly Complaint Report from the Consumer Financial Protection Bureau.
There were an average of 4,232
mortgage complaints filed during the most-recent period. Mortgage complaints have receded from a year earlier, when the average was 4,659.
The 9 percent year-over-year drop in mortgage complaints was far better than the 5 percent year-over-year increase in complaints for all financial services.
More recently, however, there were
4,501 mortgage complaints filed during just September. The total was up 5 percent from the prior month versus a 7 percent decline for all financial services.
From May 1, 2016, through July 31, Wells Fargo & Co. had more mortgage complaints than any other company. The San Francisco-based company is the biggest mortgage originator and servicer.
The CFPB provides data by company on a 60-day delay to allow time for responses.
No. 2
was Bank of America Corp. — the third-biggest originator and servicer.
Ocwen Financial Corp., which is the eighth-largest servicer and doesn’t even rank among the 10-biggest originators,
had the third-most mortgage complaints.
JPMorgan Chase & Co., which is the second-biggest originator and servicer, was No. 4 on the CFPB’s list.
Next was Citibank, N.A. Parent-Citigroup Inc. is not among the 10-largest originators but did rank as the sixth-biggest servicer.
No. 6 on the CFPB’s ranking was Capital One Financial Corp., which isn’t among the 10-biggest originators or servicers.
