Given their ranking among mortgage firms, Bank of America Corp. and Ocwen Financial Corp. have a high number of mortgage complaints against them.
Based on a monthly average of complaints filed from July 1 through Sept. 30, there were 25,165 complaints filed against financial services companies last month.
Complaint volume has worsened compared to the same three-month period during last year, when the monthly average came in at 21,807.
The details were spelled out in volume 4 of the Monthly Complaint Report from the Consumer Financial Protection Bureau.
Mortgage complaints accounted for 4,747 of the latest month’s activity, worsening from 4,291 a year earlier.
However, despite the 11 percent year-over-year increase in mortgage complaints, the average increased less than the 15 percent rise for overall financial services complaints.
Just during September, 4,700 mortgage complaints were filed with the CFPB, seven percent fewer than in August. This was worse than overall complaints, which declined nine percent on a month-over-month basis.
More mortgage complaints were filed against
Wells Fargo & Co. than any other company — though given the San Francisco-based company’s standing as the biggest mortgage originator and servicer, the volume of complaints is not out of line.
The ranking by company reflects activity from the period May to July to allow 60 days for companies to respond to complaints.
BofA was hit with the second-most complaints.
BofA was the fourth-largest originator in the second-quarter 2015, while it was the No. 3 servicer.
Third on the CFPB’s list was Ocwen
— which didn’t even rank among the 10-biggest mortgage originators and held the seventh spot among second-quarter servicers.
Nationstar Mortgage
LLP had the fourth-most mortgage complaints. The Lewisville, Texas-based company
was not among the 10-largest originators, but it did rank as the No. 4 servicer.
JPMorgan Chase & Co., which is the second-biggest originator and servicer, was No 5 on the mortgage complaint list — an excellent rank given its size.
No. 6 Citigroup Inc.
was the ninth-biggest originator in the second quarter and the fifth-biggest servicer.
Capital One, which didn’t place among either the largest originators or servicers, had the seventh-most complaints.
