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CFPB Ombudsman Helps with Mortgage Complaints

December 22, 2016

washington-d-1607774_640As 2016 winds down, many government bureaus and departments are releasing their fiscal or year-end reports. One in particular could prove helpful to homeowners dealing with mortgage concerns. The Consumer Financial Protection Bureau Ombudsman’s Office (CFPBO), has released its report for 2016. The Ombudsman’s Office is the next resource for Americans when working with the CFPB doesn’t end in a satisfactory way. While the Bureau is there to take on initial financial product and service complaints, including those about mortgages, the CFPB Ombudsman’s Office is there to help achieve complaint resolutions and make suggestions to the Bureau for how they can improve their own processes as well.

As recently reported by DS News, the latest report shows that mortgage complaints are still the most common type received. Over 40% of claims filed in 2016 to the CFPBO, were mortgage related. As a governmental department created to protect consumers, there are also efforts done each year to reach out to the public, to educate about the services available from the CFPBO. The Ombudsman’s Office also reviews their internal processes and databases each year, to better understand what consumers are looking for when it comes to assistance, and to make the process flow better. Within the annual report, you can find not only data about complaints received, you can find out about the latest findings being used to improve consumer experiences.

Regarding mortgage complaints filed online to the CFPBO website, there will be some new-1572668_640changes in store. Currently, the website has inconsistency regarding submenus when it comes to submitting a complaint form. Under Mortgages, there are fewer options than consumers surveyed would like to have. The Ombudsman’s annual report includes their suggestions on how the Bureau can improve the database parameters.

For homeowners who need to seek assistance with mortgage complaints, the anticipated changes to the CFPBO’s complaint databases should make the process easier to manage. If you find yourself in a situation where you need resolution assistance regarding your mortgage, or other financial products and services, the Consumer Financial Protection Bureau and the CFPBO are effective resources you can connect with. You can also begin at the state level, through the Consumer Federation of California.

When you are ready to sell your home, you want a Realtor® who understands the latest industry trends and local real estate market. My team and I are ready to help you through the entire process. Our goal is to make your experience both easy and pleasurable. Contact us today at (925) 634-7820, or by email at realestate@cecily.com.

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