The Consumer Financial Protection Bureau (CFPB) has released their monthly complaints report for the month of December and it highlights mortgage as having the most number of complaints reported, especially with mortgage companies like Citibank, Wells Fargo and JPMorgan Chase.
According to Inman, the CFPB monthly complaint report has cited mortgage companies with the most number of complaints. Citibank takes the number one spot with 22 percent, followed by Wells Fargo at 20 percent, JPMorgan Chase has 15 percent, Capital One, 13 percent, and lastly, Nationstar Mortgage with about a 6 percent increase in complaints.
Richard Cordray, CFPB Director, said, "Many of the financial services examined in today's report are used by people struggling to make ends meet who can least afford to have issues with their financial products." He also added that the bureau will use all grievances submitted about these financial products to target the bad apple in the financial marketplace.
On the other hand, New Yorkers mostly complained about their debt experiences with TD Bank, Citibank, Ocwen, Capital One, Wells Fargo, JPMorgan Chase and Bank of America. About 25 percent of the complaints are mortgage-related compared to 27 percent of the nationwide average. However, the nation's largest real estate market based on state, which received the biggest number of mortgage-related complaints with a total of 36,348 is California. This means that less populated states have received the lowest number of mortgage-related grievances.
The CFPB noted that companies should respond and take action to resolve grievances of consumers within 15 days. However, the most difficult complaints are anticipated to be closed within 60 days. Consumers can search, filter and distribute their complaints using the proper channels.
Meanwhile in a report by Consumer Financial Services, there were over 20,388 consumer complaints received by the CFPB last December, 68 percent of all grievances which includes a huge list of credit cards, bank accounts and services, private student loans, vehicle loans, money transfers and payday loans.
