Even though the volume of complaints filed against financial services providers has risen from a year ago, mortgage complaint volume was down.
During the three months ended Oct. 31, U.S. consumers filed
an average of 27,174 complaints per month against financial services providers.
Complaint volume climbed compared to the three months ended Sept. 30, when the monthly average was
26,134 financial services complaints.
The deterioration was even more severe versus the same three-month period last year, when the monthly average came to 23,969.
Those details were reported Tuesday by the Consumer Financial Protection Bureau.
Mortgage complaints filed averaged 4,372 per month during the most-recent period, more than 4,232 in the prior month but down from 4,650 a year prior.
While overall financial services complaints have worsened by 13 percent from the three months ended Oct. 31, 2015, mortgage complaints have retreated 6 percent.
For just the month of October, mortgage complaints fell 3 percent from September to 4,357. That compares to a
3 percent month-over-month increase for all financial services complaints.
A graph presented by the CFPB indicates that the nation’s biggest mortgage originator and servicer, Wells Fargo & Co., had the most average monthly complaints filed during the three months ended Aug. 31.
Complaints by company are reported on a two-month lag to allow 60 days for financial service providers to respond.
Next was Bank of America Corp., followed by Ocwen Financial Corp., JPMorgan Chase & Co., Citibank, N.A., and Capital One Financial Corp.
