Is the CFPB really swamped with mortgage complaints?

Julie C. Nichols General

HousingWire.com – Trey Garrison

Just weeks after the Consumer Financial Protection Bureau was called out for its secrecy and closed-door policies, and days before a House investigation into allegations of discrimination and abuse at the regulatory agency, the CFPB published its annual Consumer Response Annual Report. The CFPB is in the complaint business, after all, and this report certainly shows they are busy taking complaints. (The full report can be read or downloaded here.) The problem is, anyone can make a complaint. As a HousingWire reader points out in a letter to the Editor:

“Every time I read the CFPB’s press releases in the form of news articles I realize the CFPB is trying to justify their existence. I am not saying there are not bad players in the industry but I am saying there are more bad players in government.”

“Our little servicing group has received two complaints in the last four months. For the most part, we get things right. Of the two complaints, none of them were valid. One person complained that we call too frequently and that is a direct result of the new regulations from HUD and the CFPB. Another complaint is that we didn’t build a wheelchair ramp on the house according to the purchase agreement. (Well, we are the company that gave him the loan to purchase the house and not the party that entered into that contract but try telling this guy that.) My point is, how many of those … complaints are valid? Just because the CFPB received … complaints doesn’t mean any of those complaints are valid.”

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