Mortgage problems are the top source of complaints to the Consumer Financial Protection Bureau, according to a report released Tuesday by the U.S. PIRG Education Fund. The report also found that Bank of America was the most complained about company in 45 states and Washington, D.C. for mortgage problems.
“Before the CFPB was created, victims of mortgage errors like misapplied payments and incorrect late fees were at the mercy of the banks,” said Mike Litt, consumer program advocate for the U.S. PIRG Education Fund.
The bureau, which turns four next week, is also improving its consumer resources, Litt said. Last month it began publishing detailed consumer stories in its public complaint database.