The Consumer Financial Protection Bureau (CFPB) is now accepting mortgage complaints from consumers who have experienced problems across the spectrum of the mortgage universe, i.e. documents, servicing, and foreclosures. The Bureau announced the mechanism for submission on its website, http://www.consumerfinance.gov.
Complaints will be reviewed by CFPB staff and then forwarded to the relevant financial institution for review and resolution. Institutions have 15 days to respond to CFPB regarding each complaint and are expected to resolve the majority of them within 60 days. During the process consumers will be able to check the complaint's status on the website and ultimately will have the option of disputing any resolution.
The Bureau started taking credit card related complaints and inquiries last July and will expand Consumer Response to handle complaints and inquiries about all other consumer financial products and services - including those involving nonbanks such as payday lenders, debt collectors, and credit reporting agencies - by the end of 2012.
In addition to the website, consumers may submit complaints, inquiries, feedback, or just tell CFPB their story via:
- Toll-free call - 1-855-411-CFPB (2372)
- Fax - 1-855-237-2392
- Letter - P.O. Box 4503, Iowa City, IA 52244
New CFPB director Rich Cordray appeared on The Last Word television program Thursday evening and was challenged by host Lawrence O'Donnell to return within six months with proof that the agency is providing transparency and real assistance. Cordray accepted the challenge. Stay tuned.
