Apr 01

New Database Allows Americans to Post Mortgage Gripes

New Database Allows Americans to Post Mortgage Gripes.

New Database Allows Americans to Post Mortgage Gripes. Image courtesy of imagerymajestic / FreeDigitalPhotos.net

New Database Allows Americans to Post Mortgage Gripes. Image courtesy of imagerymajestic / FreeDigitalPhotos.net

 

Americans have a lot of gripes when it comes to mortgages. Of the 90,000 consumer complaints that have been filed so far to the Consumer Financial Protection Bureau’s new consumer complaint database, 50,000 have related to mortgage issues. Complaints over loan modifications, foreclosures, and other servicing issues dominate.

The CFPB launched a database on Thursday to field consumer complaints — the nation’s largest public database for consumer financial complaints. The database captures individual complaints on everything from mortgages to credit cards, student loans, bank accounts, and other financial services.

The public can view the complaints in the database by mortgage issue and product type and even organize the issues by name of the lender or servicer. The identity of the person who posted the complaint is not included in the database.

“By sharing these complaints with the public, we are creating greater transparency in consumer financial products and services,” says Richard Cordray, CFPB director.

The agency’s Web site notes, however, that it does not verify “all the facts alleged in these complaints but we do take steps to confirm a commercial relationship between the consumer and company.”

Source: “Loan mod, foreclosure complaints dominate CFPB consumer reports,” HousingWire (March 28, 2013) and “CFPB enhances transparency with consumer complaint database,” HousingWire (March 28, 2013)

 

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