The Consumer Financial Protection Bureau highlighted mortgage complaints in its latest monthly complaint snapshot, which is the second most-complained-about product by consumers, with approximately 260,500 mortgage complaints filed since July 21, 2011.
Mortgages might be the second most-complained-about product by consumers, but it is the largest consumer financial market in the world, coming in at a value of more than $10 trillion.
This year alone, the CFPB handled approximately 1,080,700 consumer complaints across all products nationwide; approximately 260,500 of those were mortgage-related complaints.
“Today’s snapshot shows that consumers continue to report running into issues when making payments on their mortgages or when trying to overcome obstacles to keep themselves in their homes,” said CFPB Director Richard Cordray.
Of all the mortgage-related complaints filed, more than 80% of them had to...