Despite a year-over-year increase in average monthly financial services complaints, there was a decrease in mortgage complaints.
For all of November 2016, U.S. consumers filed 23,134 complaints against companies that provide all types of financial services.
That was 14 percent fewer complaints than a month earlier. It was also less than the 21,002 complaints reported for a year earlier.
The Consumer Financial Protection Bureau revealed the latest activity in its December 2016 Monthly Complaint Report.
Mortgage complaints accounted for 3,954 of last month’s total. Mortgage complaints were down just 9 percent compared to October 2016. They were also lower than 4,045 in November 2015.
Since the CFPB began collecting complaints, there have been 256,737 mortgage complaints filed.
The monthly average for overall complaints from September through November of this year was 25,342. The average increased 13 percent from the same three-month period last year.
But average monthly mortgage complaints have retreated 2 percent
to 4,251.
From July 1, 2016, through Sept. 30 — a time frame that allows 60 days for companies to respond to the most-recent complaints — Wells Fargo & Co. had the highest average monthly mortgage complaints. The San Francisco-based firm is the biggest mortgage originator and servicer.
No. 2 was Bank of America Corp.; then Ocwen Financial Corp.; JPMorgan Chase & Co.; Citibank, N.A.; Capital One Financial Corp.; Navient Solutions Inc.; and Synchrony Financial.
