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The CFPB has released a consumer survey full of riveting information.  Tune in to see what’s up!



additional comments on
"CFPB Conducts Awesome Consumer Survey"

  1. Fred says:

    The most dangerous agency in the Government.

  2. Leigh York says:

    As usual, these guys are on target. However, I suspect that some of the 'payment' complaints have to do with servicing. In 5 years, Chase has yet to get my escrows right or pay the right tax bill. Wells Fargo gets it right about 1 out of 3. I understand and save for their shortage. I can only imagine how frustrating it is for the consumer who doesn't understand and doesn't see it coming.

  3. I just noticed Frank has a tattoo on his right bicep. It is a word that looks like Brian. Please tell me you don't have your partner's name on the underside of your arm?

  4. Mark Wise says:

    I think it wouldn't take much to make these figures more meaningful. What if the complaint number was shown as a ratio of total loans originated? If mortgage company A has a total of 100 originations, and 75 complaints, that would be a high ratio number; if they make an additional 50 loans next month and only have 2 complaints, the ratio would reflect that relationship. I realize it isn't perfect, but I like the idea of transferring social gossip about mortgage lenders to something that has a real number behind it–most people complain when they aren't happy, whether it is their fault or their mortgage lender's fault. I am sick to death of Quicken Loans advertizing their financially purchased JD Power and Associates awards while killing loans 3-4 days before a closing.

    As to repayment, Leigh, I agree with you. I think these compliants aren't "Oh, geesh, my mortgage payment is so high," it is more like, "I made an extra principal payment 6 months ago and it still isn't on my statement!" I also think when people have genuine hardship–their spouce is diagnosed with terminal cancer and they are fired because they take too much time off of work and now they can't pay their mortgage–mortgage lenders are completely unrelenting. I had a former client have this exact issue and when she informed the bank (on the CFPB list mehtioned above), they told her she had two weeks to get out of her house or they were going to evict her even though she was only 90 days in arears!

  5. Mark Brown says:

    It would appear to be simple self-justification. They are releasing statistics about consumers that shows they care about consumers, and their very concerns prove they should exist (oh yeah, and expand, expand expand). It matters little to them that the statistics are unrealistic and misleading, only that it furthers an agenda.

  6. Looks like "Brenda" to me.

  7. Thank you guys! You guys are the ombudsmen of the industry. Leaders in the charge against the tyranny of the elite few (which, by the way, this survey of CFPB seems like a bunch of kids experimenting with dangerous toys and releasing it to the public for no viable use). Nevertheless, emphasis your strength by conducting your own voting campaigns about the uselessness or viability of certain issues, products, programs and proponents. I'd definitely be on board with that as you'd make it easier for others to voice their opinon. Then you can post your polls right here.

  8. Monique says:

    Betcha didn’t know that Freedom Mortgage and Loan Care servicing are one and the same!

    1. Brianne says:

      I think Loan Care services for other lenders besides Freedom

  9. Brianne says:

    I think Loan Care services for other lenders besides Freedom Mortgage though

  10. Excellent reply, Mark. You obviously gave this some thought.

  11. Lee Reynolds says:

    I agree that it's just more smoke to justify their existence (and their lawless re-interpretation of old and new regs). I'm placing my hope in the DC Circuit.

  12. Dora Griffin says:

    Yeah, good thing the cfpb started out with the origination process, complicating that for the consumer

  13. Bryan Buck says:

    What these surveys show is that the CFPB should be abolished.

  14. It says Brenda, that is his beautiful wife!

  15. Michael says:

    Perhaps the “other” is the predatory lenders in the Pay-Day-Loan industry ?

  16. Michael says:

    Perhaps the “other” group is those lecherous Pay-Day Loans… CFPB also regulates these as well now the Native American Bankers… they are really outrageous and they as much as tell you so. Some different rules there… next Sharia Loans for the Muslims…

  17. Perhaps the "other" type are the "Pay-Day" lenders who prey on desparate borrowers or the recent Native American scalp'm mortgage which I am not even sure is regulated under this made up office. Sure could not be the immerging Sharia Loans for Muslims.

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