Mortgages Top CFPB's List Of Complaints in April

May 05, 2020

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Director of Events

In April 2020, the Consumer Financial Protection Bureau received 42,774 complaints, the highest number of complaints in the history of the Bureau's complaint system, according to a report from USA Today. The number of complaints received by the CFPB in April was 15% higher than the total amount received in March. Unfortunately, mortgage concerns and credit cards complaints were the top issues, as folks continue to struggle to understand the details of mortgage forbearance as the COVID-19 pandemic continues to stretch into the month of May.

"Consumers were typically concerned about their ability to pay a lump sum once their mortgage forbearance ends," according to the report. "About 60% of the mortgage complaints related to the coronavirus are from people struggling to pay their home loans," said Kathleen L. Kraninger, director of the CFPB.

To make this process a little more clear for borrowers, the CFPB is working with the Department of Housing & Urban Development to streamline information to borrowers, ensuring that they know their rights. Kraninger also told the publication that the Bureau will "take an aggressive posture against those who are not accommodating consumers the way they should."

Click here to read more about the CFPB's increase in mortgage-related complaints.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

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May 05, 2020

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