Complaints About Mortgage Servicers

 

Got problems with the company that services your home mortgage — the one that collects your payments, keeps track of your escrow account and lets you know when you’re late?

So your monthly numbers don’t look right? You got blown off by servicing personnel when you tried to get inaccuracies in your account corrected?

Well, move over. You’ve got lots of grumpy company.

As of Jan. 31, just under half of the 187,818 complaints filed with the federal watchdog Consumer Financial Protection Bureau (CFPB) concerned mortgage foul-ups, and the vast majority of these involved servicing, loan modification and foreclosure activities by servicers.

But sometimes the problems go beyond run-of-the-mill ineptitude.

As part of its statutory functions, the CFPB sends investigators into the offices of mortgage-servicing firms to check their accounts for evidence of what it calls “unfair and deceptive practices.”

In their latest series of visits and supervisory audits, bureau auditors found shenanigans that might horrify unsuspecting homeowners: Abuses in mandatory cancellations of private mortgage insurance premiums.

read more at: http://seattletimes.com/html/businesstechnology/2022836681_bizharney09xml.html

disclaimer: for information and entertainment purposes only

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s