WASHINGTON (MarketWatch) — If you’ve been just dying to find someone to listen to your beef with the company that services your mortgage, now’s your chance. The new federal Consumer Finance Protection Bureau is open for business and ready to accept complaints and inquiries related to home loans.
For the first three months of its existence, the CFPB has been collecting credit-card complaint data. And boy, has it heard an earful. More than 5,000 folks have taken their beefs to Washington.
The good news is that in more than 3,100 of the cases, the companies in question said they resolved the complaints. Only in about 400 instances — less than 13% of the time — did consumers dispute the adequacy of the company’s follow-through.
The agency expects to handle complaints for all kinds of financial products and services by the end of next year. But right now, it is ready to turn its attention to mortgages and the companies which originate loans and those which service them.
“When consumers contact us, we get a snapshot of how the consumer finance markets are working,” said Raj Date, special adviser to the Treasury Secretary at the CFPB.
To lodge a complaint, go to the bureau’s website, http://www.consumerfinance.gov. Click on “submit a mortgage complaint.” There’s also an online chat function on the site.
The agency says its U.S.-based call centers — you won’t get someone in some distant land — handle calls with little or no wait time. It can assist the public in 191 languages, plus there are services for the hearing- and speech-impaired.